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Market Update May 2015

Posted by Arshad Rashed on Monday, May 4th, 2015 at 4:38pm.

New Listings Decline as Home Prices Stay Stable.
Benchmark prices for detached homes totaled $510,200 in April, which represents an unadjusted decline of 0.7% from last month and 1.9% higher than April 2014. The apartment benchmark price is $291,300 a decline of 0.7% and a year over year decline of 0.2%. The attached benchmark price is $353,300 up 3.36% year over year.  Overall sales for the month totaled 1,957 units, compared with 2,521 during the same period last year.

"While conditions continue to favour the buyer, both the months of supply and the sales to new listings ratio, which represent measures of market balance, tightened in April," said CREB chief economist Ann-Marie Lurie "If this trend continues, it should help prevent resale inventories from rising to previous highs and limit some of the downward price presses we've been seeing."

The detached sector continues to be the most balanced out of the three market sector.  For the second month in a row, the sale to new listing ratio and the month of inventory moved to levels that are more consistent with balanced conditions.

Inventory climbs in Airdrie's housing market. Year-over-year new listing growth increased to 371 units from 183. Here is a quick market snapshot for April 2015.

The benchmark price for April is $375,500 up 5.42% from last year. Overall sales for the month totaled 138 units, compared with 169 during the same period last year.

Call Jeff Campbell 403-275-3331



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