June another slow month on MLS
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