Sales fell. New listings rose, and the average price declined last month. Calgary Real Estate Board statistics from April released revealed a resale real estate market exhibiting a balance between supply and demand, where the benchmark price of a home in the city fell a little more than one per cent year over year. Read More
The tightest segment remains single-family detached homes, which has just dipped out of a seller’s market.
The tightest segment remains single-family detached homes, which has just dipped out of a seller’s market.
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Sales fell. New listings rose, and the average price declined last month. Calgary Real Estate Board statistics from April released revealed a resale real estate market exhibiting a balance between supply and demand, where the benchmark price of a home in the city fell a little more than one per cent year over year.
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At the end of April the benchmark for all housing types was $591,100, continuing a trend of falling prices as demand has gradually pulled back from previous years of elevated sales driven by record or near-record high migration.
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At the same time, sales fell more than 22 per cent in April compared with the same month last year. Last month, the Calgary resale market saw 2,236 sales — which is still above the long-term average for April, traditionally among the busiest months of the year for real estate.
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New listings — homes that came up for sale during the month — grew nearly 16 per cent year over year to 4,038 homes.
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The sales-to-new-listings ratio, which determines whether a market favours sellers or buyers, was 55 per cent in April. That reflects a balanced market — typically considered a healthy environment for buyers and sellers.
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The tightest segment remains single-family detached homes with a ratio of 58 per cent, two percentage points shy of seller’s market territory. For much of the past five years, the overall resale market in Calgary has favoured sellers with a ratio sometimes reaching 100 per cent.
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What’s more, benchmark prices for the four housing segments — single-family detached, semi-detached, row and apartment — all saw year-over-year gains. The largest increase was for semi-detached up nearly four per cent to $691,700. The second most sizable percentage gain was in the detached market where the price grew about two per cent to $769,300.
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The apartment segment was largely flat (0.1 per cent) at $336,000, and row gained less than one per cent to $457,400.
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