At iDEAL Calgary Homes, we have been saying it for a while, but now it's official:
New data from the Calgary Real Estate Board shows that unadjusted benchmark prices improved from the previous month. The monthly rise of 0.55% (0.96% year-over-year) means a benchmark of $454,100 in May. Although sales activity is still slower a reduction in listings over the past three months has stabilized prices.
New listings in the city of Calgary totaled 3,161 units in May, 27% fewer than May last year. Meanwhile, total inventory levels for the month were 5,342 units, 16% higher than last year, but 8% lower than May levels recorded over the past five years. In May, the months of supply decreased to 2.43, while the sales to new listings ratio was 69%, both within the norms for balanced conditions.
Detached sales activity in May totaled 1,366 units, with the majority of transactions occurring below $500,000 while apartment sales totaled 1,383 units with a benchmark price of $294,800; up 1.2% from April but 0.2% below the May 2014 price.
In short, at iDEAL Calgary Homes we can safely say anyone waiting for a further drop in the Calgary Real Estate market would have to wait until seasonal conditions roll in, maybe this summer, and then again in the dead of winter. The Calgary housing market is now balanced, with a low inventory generally matching lower demand.