For the first time since February 2011, overall Calgary inventory was up on an annual basis due to a 27.2% hike in new listings.
There were 4,726 active listings at the end of June, a 3.1% increase from a year ago. That ends 39 consecutive months of year-over-year inventory declines.
Despite the increased inventory and influx of new listings, market conditions remained tight because of a 15.8% increase in sales.
The inventory absorption rate for Calgary last month was 1.8 months compared to 2 months in June 2013. However, the sales-to-new-listings ratio signaled that conditions were less tight than last June: 70% versus 76.9%. In either case, a 1.8 absorption rate or a 70% ratio both indicate a seller’s market.
Once again, it’s important to put the inventory increase into perspective. June inventory levels were still the second lowest for the month since 2007 (see chart below) while sales were at their 3rd highest June total ever.