A recent RBC report said resale housing activity in Calgary has stabilized suggesting the worst may be over for the market.
And more evidence of that can be found in the June MLS data put together by the Calgary Real Estate Board.
Total MLS sales in the city were down by 17.84 per cent to 2,183 during the month, the slowest pace of year-over-year decline in 2015. New listings also fell by 17.82 per cent to 3,122 and the average sale price of $483,398 was down 1.67 per cent. The median price, however, rose by 0.7 per cent to $430,000.
“There’s still a sense of uncertainty in the real estate market right now— the decline in oil prices and questions about the economy are still influencing consumer sentiment. There are some positive notes though. Benchmark home prices in May improved in comparison to the previous month and inventory has eased off, signs the market might be moving towards more balanced conditions,” said Grace Yan, realtor with Sotheby’s International Realty Canada.
“Even though overall sales activity is slower than recent years, what many people aren’t aware of is that there are several neighbourhoods where demand has been stable, including prime areas in the inner city and neighbourhoods like Lake Bonavista. Also, if sellers have adjusted pricing to match today’s market and if homes are properly showcased, people can for the most part, expect their homes to sell in a reasonable time frame. Accurate pricing to suit today’s market is really key.”
Active listings of 5,070 at the end of the June are up 6.53 per cent from a year ago. The average days on the market to sell a property rose from 29 last year to 40 this year which is a hike of 37.93 per cent.
Yan said the market ebbs and flows with the season and historically it slows during the summer months but the industry will be able to better gauge the market for the rest of the year in the fall after the Bank of Canada makes an announcement on interest rates, after employment figures are released and following the provincial government’s release of the budget.
Here are the number of MLS sales and year-over-year change for the months of 2015:
January – 880, -38.85 per cent
February – 1,217, -34.22 per cent
March – 1,782, -28.17 per cent
April – 1,957, -22.37 per cent
May – 2,190, -25.46 per cent
The following are the average MLS sales price and year-over-year change for the months of 2015:
January – $460,933, -0.51 per cent
February – $462,294, -4.24 per cent
March – $474,251, -2.19 per cent
April – $470,254, -1.38 per cent
May – $478,790, -1.51 per cent
mtoneguzzi@calgaryherald.com
And more evidence of that can be found in the June MLS data put together by the Calgary Real Estate Board.
Total MLS sales in the city were down by 17.84 per cent to 2,183 during the month, the slowest pace of year-over-year decline in 2015. New listings also fell by 17.82 per cent to 3,122 and the average sale price of $483,398 was down 1.67 per cent. The median price, however, rose by 0.7 per cent to $430,000.
“There’s still a sense of uncertainty in the real estate market right now— the decline in oil prices and questions about the economy are still influencing consumer sentiment. There are some positive notes though. Benchmark home prices in May improved in comparison to the previous month and inventory has eased off, signs the market might be moving towards more balanced conditions,” said Grace Yan, realtor with Sotheby’s International Realty Canada.
“Even though overall sales activity is slower than recent years, what many people aren’t aware of is that there are several neighbourhoods where demand has been stable, including prime areas in the inner city and neighbourhoods like Lake Bonavista. Also, if sellers have adjusted pricing to match today’s market and if homes are properly showcased, people can for the most part, expect their homes to sell in a reasonable time frame. Accurate pricing to suit today’s market is really key.”
Active listings of 5,070 at the end of the June are up 6.53 per cent from a year ago. The average days on the market to sell a property rose from 29 last year to 40 this year which is a hike of 37.93 per cent.
Yan said the market ebbs and flows with the season and historically it slows during the summer months but the industry will be able to better gauge the market for the rest of the year in the fall after the Bank of Canada makes an announcement on interest rates, after employment figures are released and following the provincial government’s release of the budget.
Here are the number of MLS sales and year-over-year change for the months of 2015:
January – 880, -38.85 per cent
February – 1,217, -34.22 per cent
March – 1,782, -28.17 per cent
April – 1,957, -22.37 per cent
May – 2,190, -25.46 per cent
The following are the average MLS sales price and year-over-year change for the months of 2015:
January – $460,933, -0.51 per cent
February – $462,294, -4.24 per cent
March – $474,251, -2.19 per cent
April – $470,254, -1.38 per cent
May – $478,790, -1.51 per cent
mtoneguzzi@calgaryherald.com
