Here's what else you need to know
It’s a seller’s market right now and with minimal inventory, there is an upward pressure on home prices. The total unadjusted benchmark price is now at 550,800 which is nearly 2% higher than last month and a new monthly record high for Calgary. Chief economist Anne-Marie Lurie says “While sales activity is performing as expected, the steeper pullback in new listings has ensured that supply levels remain low,” and “the limited supply choice is causing more buyers to place offers above the list price, contributing to the stronger than expected gains in home price”. The Calgary market is very active and If you’re thinking about selling, it’s still a great time to put your home on the market as the seller is currently holding the cards. This can mean different things for different people depending on many factors including the type of property they're trying to sell, learn more about each segment below.
It’s tight and new listings have eased across all price ranges in the detached market, with the most significant declines occurring for homes priced below $700,000. The persistently tight market conditions have contributed to further price growth. In April, the detached benchmark price reached a new record high at $661,900 with every district except the City Centre reporting a new record high price in April.
Semi-Detached & duplexes
Lowest April inventory levels seen since 2007! As conditions are tighter than last year, it is not a surprise to see further price growth. The unadjusted benchmark price in April reached a new record high at $593,200, reflecting a 2%gain over last month’s and last year’s prices. While all districts posted a new record high price this month, the strongest gains occurred in the most affordable North East and East districts.
Row properties faced the tightest market conditions in April with a sales-to-new-listings ratio of 95% and months of supply under one month. Sales have eased over last April’s record high, but with 416 sales, activity is still far stronger than long-term trends. Relative affordability has supported the strong demand in this sector but the persistently tight market conditions have placed significant pressure on home prices. After four consecutive monthly gains, the benchmark price reached a new record high of $387,400, over 7% higher than last year. Like other areas, the steepest price growth occurred in the most affordable districts of the North East, East and South.
Apartments & Condos
Thanks to a boost in new listings in April, the apartment condominium sector was the only sector to see sales activity rise over last year’s levels. With 953 new listings and 734 sales, inventories did trend up over the previous month but remained below the levels reported last year at this time. With a sales-to-new-listings ratio of 77% and a month's of supply of 1.5, conditions are not as tight as other property types in the city but it still reflects sellers’ market conditions and has been driving up prices.
It's a seller's market out there, we can tell you what your property could sell for so you can make an informed decision on whether it's time to list right now.
Keeping you connected to the Calgary Real Estate Market,
---Claire for DM Real Estate