The Calgary real estate market continues to struggle in the month of June 2018 when using 2017 and long-term averages for June as a comparison. Residential sales for the month totalled 1,896 units. This is 11 per cent below last year and 12 per cent below long-term averages. New listings continued to rise, with further inventory gains and months of supply now at 4.7 months.
“While our economy is no longer in a recession, persistently high unemployment rates, concerns over long-term growth, rising lending costs and stricter qualifications are all weighing on the housing demand,” said CREB® chief economist Ann-Marie Lurie.
The higher inventory levels and lower sales totals are beginning to weigh on home and condo markets which are causing downward pressure on pricing. The city-wide benchmark price for June was $436,500 which is 1.13 percent below 2017 levels.
The detached segment of the market accounts for over 60 per cent of overall sales activity and makes up over 54 per cent of the inventory, with 4,817 units as of June. While sales have fallen and inventory has been rising across most price ranges, inventory levels for homes priced under $500,000 remain well below peak levels.
CTA: You’ll be worry and hassle free when you choose Jesse Davies as your next realtor. Contact us today and see how we can make your dream home a reality!