June an­other slow month on MLS

Calgary Sun - Homes - - Homes - Myke Thomas CALGARYSUN

Calgary’s re­sale hous­ing mar­ket was slow again in June, ac­cord­ing to the Calgary Real Es­tate Board. Here is CREB’s over­view of the mar­ket.

n Sin­gle-fam­ily sales eased while new list­ings rose af­ter the first half of the year, keep­ing in­ven­to­ries el­e­vated.

n As of the sec­ond quar­ter, the sin­gle-fam­ily bench­mark price was $504,033, 0.41 per­cent below last year’s lev­els. The north­east, north, north­west and south districts recorded year-over-year quar­terly price de­clines.

n Af­ter the first half of the year, apart­ment sales reached 1,396 units, nine per­cent below last year. A de­cline in list­ings lim­ited fur­ther in­ven­tory growth. As of June, there were 1,872 apart­ment units in in­ven­tory, caus­ing an av­er­age months of sup­ply of 6.8.

n While most ar­eas of the city are strug­gling with over­sup­ply, there does ap­pear to be some im­prove­ments. In the sec­ond quar­ter, the months of sup­ply edged down over first-quar­ter lev­els in the city cen­tre, north, north­west, west, south and east districts.

n The eas­ing of the over­sup­ply in most districts helped pre­vent fur­ther de­clines in quar­terly bench­mark prices. How­ever, over­all sec­ondquar­ter prices re­main over three per­cent below last year’s lev­els, and nearly 14 per­cent below the quar­terly high.

n Year-to-date sales fell for semi-de­tached and row prod­uct, but new list­ings re­mained sim­i­lar to last year in the row sec­tor, while in­creas­ing by 22 per­cent for semi-de­tached prop­erty types. This re­sulted in stronger in­ven­tory gains in the semi-de­tached mar­ket. There are 5.5 months of sup­ply in the row mar­ket.

n Semi-de­tached and row bench­mark prices av­er­aged $419,000 and $301,833 in the sec­ond quar­ter. Row prices were nearly two per­cent higher than the pre­vi­ous quar­ter. Semi-de­tached prices were sim­i­lar to the first quar­ter, but over two per­cent below 2017 lev­els.

For CREB’s full re­port, see page 5

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