Calgary real estate remains entrenched in a seller’s market nearly midway through April for all three housing categories.
Single family homes: sales are up 9% y/y with 798 sales so far this month. The sales-to-new-listings ratio is 65.88%, inventory absorption rate is 1.3 months and 21.7% of buyers have paid over the asking price. Inventory remains -23.84% below a year ago. No matter which way you look at it, single family homes are a hot commodity in Calgary.
Condo-Apartments: there have been 15 more units sold month-to-date compared to the same period last year which translates into a 7.46% increase. Interestingly, only April 2007 had more sales at this point of the month. The 18.97% jump in new listings is helping ease the supply crunch as inventory is now up 2.37% y/y. The condo market is still leaning in favor of sellers with a 62.61% sales-to-new-listings ratio, but less so than a year ago when the ratio stood at 69.31. There is currently a 2.1 month supply available.
Condo-Townhomes: month-to-date sales are flirting with April 2006/2007 levels and are up 8.61% y/y. The sales-to-new-listings ratio is at a strong 69.2%. While new listings have risen nearly 5% from last year, inventory remains -18.45% lower. At this point there is only a 1.2 month supply available, even lower than SFH if you can believe that.