A Slight Inventory Decline:
There have been no significant changes occuring in sales activity, but the number of new listings coming onto the market continues to ease relative to 2018 levels.
The slight adjustment in supply levels has helped support further reductions in the months of supply, which was 4.6 months in April. While this level still represents oversupply in our market, it does reflect improvement from the nearly seven months of supply that we saw at the start of the year.
As of April, the total residential benchmark price in Calgary was $415,900. This is slightly higher than last month, but nearly 5% lower than last year.
Demand remains relatively weak in the resale market. However, if supply levels continue to adjust, this could help reduce the amount of oversupply and eventually support some price stability.
Citywide sales were 1,547 units in April which is 2% higher than last year. Year to date sales remain nearly 6% lower than last year and are 26% below long term averages.
Sales have been improving mostly in the lower price ranges, causing tighter supply conditions in that segment. This will likely have a different impact on price trends in the lower price ranges, depending on location.
* Detached home sales improved by 3% in April compared to last year due to gains in homes priced under $500,000. However, with 930 sales, activity still remained 24% below long term averages.
* In April, there was growth in the NE, NW, S and SE districts of the city.
* April detached inventories citywide continue to remain just above levels recorded last year.
* Prices remain lower than last year's levels across all districts.
* Apartment condominium prices in April totalled $250,400.
* The easing inventories have also caused the months supply to decline, just above 6 months. While this is still a buyer's market, this trend could help ease the downward pressure on prices if it continues.
* Attached sales activity improved compared to last year for a second straight month, almost offsetting the declines occuring in the first 2 months of the year. Year-to-date sales were 1,113 units, nearly 1% below last year's levels and 14% below long term averages.
* Year to date sales have improved in most districts.
* Improved sales and easing listings have helped prevent further inventory gains in this sector and overall months of supply have trended down to 5 months.
To view the entire CREB forcast, visit www.creb.com