Edit: It seems 2 SFH sales were expunged from June 2010 so the year-over-year % changes I give don’t reflect that)
Metro-Calgary sales surged higher in June, but prices came down from May and the previous year.
A total of 1398 single family homes sold which was up +6.5% from May and an almost +32% increase from last June which had only 1061 sales (Edit: CREB’s most recent stat package now shows only 1059 sales) It was also the most SFH sales since July 2009.
The average price was $479,580, down nearly $10k from last month (-2%). Year-over-year, prices remained fairly static, down -0.5% from the $481,964 recorded last June.
The median price was off $6k from last month to end up at $417,250. Last June the median was at $418,900.
Inventory remains far lower than last year. With a month-end inventory of 4744, it’s down nearly -21% from June 2011 when inventory reached 5991.
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Metro-Calgary Condos
For the first time since April 2010 condo sales were up year-over-year. A total of 581 units were sold, matching March’s 2011 high. Year-over-year, sales were up +30.5%
Condo average prices reached $296,501 which was the highest level since May 2010. Prices were up +3% from May and up +1.5% YoY.
The median price was $265,000, down -1.3% from the previous month and down -1.8% from last June.
Inventory trended downward, ending up at 2023. That’s down -23% from last June.
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Those inventory numbers look manipulated. Nearly 200 SFH listings pulled on the last day of the month? Including 50 “unoccupied” listings. Just from local observation, there are quite a few empty homes that are unlisted and unrented. Just waiting for these to come on the market. From my rough estimate it might be around 2% of the entire inventory.
And, what kind of analysis can you give on the falling prices in relation to the “tight” inventory? The entire set of statistics looks fishy and a little unstable.
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Mike Fotiou says: I addressed your “inventory is manipulated” comment two months ago when you last brought it up. And inventory isn’t “tight” – it’s just much lower than last year. Inventory absorption range is still in balanced territory, but much closer to a buyer’s market than a seller’s.
Steady as she goes ! If I had to sum it up in a one liner. Still I think prices will head lower by the end of sept there should be 20 g HAIRCUT accross the board.
Love to guess
“prices will head lower”… and so will the quality of inventory. As Einstein said “It’s all relative”.