Calgary home sales are historically stronger during the first half of the year and begins to wind down around July. A rare exception was in 2009 when there was more activity in the second half as people gradually became more confident in the economy after the financial shock at the end of 2008. Even then, sales in July were lower than June.
This year holds true to the established trend of slowing sales in July. A total of 463 homes sold in the first week, a -27% drop from the 633 that sold in the opening week of June. But since real estate is seasonal, we always compare on a year-over-year basis to accurately gauge the market.
Between July 1-7, activity was up 13.2% y/y and was the second best start to the month, tied with July 2009 in fact. Overall, it remains a seller’s market in Calgary but continues its transition towards balanced conditions as new listings are now up 23.9% during the same period last year.
July 1-7 sales, Y/Y comparison
Calgary luxury home sales: Y/Y comparison
Calgary housing stats summary: July 1-7, Y/Y comparison
