More Calgary Homes For Sale Today Than A Year Ago

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.

Calgary listings

Calgary listings

 

2 responses to “More Calgary Homes For Sale Today Than A Year Ago

  1. Mike, it seems to me (feels like) the inventory for single family and condo townhomes is lower than last June and it was a big rise in apartment condos that pushed the entire inventory higher than last year. Can you confirm? And if so, was the majority of the apartment inventory increase from districts in the flood zones?


    Hi Brian, SFH inventory is down -2.22% y/y, Apartments were up +19.53% and Townhomes +6.95%. New listings were up +21-45% across all 3 housing categories.
    -Mike Fotiou

  2. Thanks Mike! Any comment on whether flood zone districts contributed more to the big increase in apartments?


    It will take some time to dig out that data from each community affected by the flood; I’m sure that’s partially the reason for the increase. Don’t forget now that apartment benchmark prices are above 2007 levels, there are more that can sell without doing so at a loss. If I have time, I’ll try to write up a post to answer your question more fully.
    -Mike Fotiou

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