Housing Supply Swells in Spring Market!
Calgary’s housing inventory was on the rise again in May as new listing climbed and sales slowed. Inventory levels rose by more than 14% in May. Every product type is experiencing these gains but the largest inventory growth has occurred in the apartment and attached categories. Together, these sectors represent half of all resale inventories in Calgary.
The detached benchmark price for May is $500,500 a decrease of 3.4 % year-over-year. The apartment benchmark price is $278,500 a decrease of 5.6% and the attached benchmark price is $332,100 a decrease of 4.3%. Overall sales for the month totaled 1,923 units, compared with 2,186 during the same period last year.
The City of Calgary home market has 4.07 months of inventory and the sales to new listings are at 46.55%, meaning 53.54% of homes are not selling. The sale price to list price ratio is 96.87% and 44 days on market.
Airdrie’s inventory decreased to 485 from 490 units, sales increased by 7 to 145 for May. The benchmark price for May $359,100 a decrease of $4,300 from last year. Overall sales for the month totaled 145 units, compared with 152 during the same period last year.
The City of Airdrie home market has 3.34 months of inventory and the sales to new listings are at 66.82%, meaning 33.18% of homes are not selling. The sale price to list price ratio is 97.8% and 48 days on market.
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