Sellers Continue to Adjust Pricing Expectations!
With the seven months of consecutive price declines, sellers are beginning to adjust to the current market reality with re-considering lowering their expectations on price. While detached sales activity has fallen by over 3.4% in 2016 compared to last year the sales to new listing ratio improved in April. This caused months of supply to move toward more balanced levels in the detached market.
Since the start of the price declines monthly benchmark prices have declined 4.1% for detached homes, apartment prices have declined by 7.6%, and semi, row have declined by a respective 5.9%, 4.6%.
The detached benchmark price for April is $501,500 a decrease of 3.02% year-over-year. The apartment benchmark price is $280,400 a decrease of 4.40% and the attached benchmark price is $333,300 a decrease of 3.95%. Overall sales for the month totaled 1,764 units, compared with 1,963 during the same period last year.
The City of Calgary home market has 4.39 months of inventory and the sales to new listings are at 43.4%, meaning 56.6% of homes are not selling. The sale price to list price ratio is 96.77% and 45 days on market.
Airdrie’s inventory increased to 490 from 447 units, sales increased by 22 to 138 for April. The benchmark price for April $363,400 a decrease of $12,100 from last year. Overall sales for the month totaled 138 units, compared with 138 during the same period last year.
The City of Airdrie home market has 3.55 months of inventory and the sales to new listings are at 57.74%, meaning 42.26% of homes are not selling. The sale price to list price ratio is 97.90% and 54 days on market.
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