Lost amid the headlines of a record July month was the fact that single family home sales were down on an annual basis for the first time since March 2013.
Single family sales also faltered in the opening week of August as the number of transactions fell -14.51% year-over-year despite there being 8.54% more listings available. The sales-to-new-listings ratio slid out of seller’s territory to a balanced 53.68%.
Condo-Apartment and Condo-Townhomes sales were up 22.67% and 1.52% respectively and both had a sales-to-new-listings ratio north of 60% indicating condo market conditions still favored sellers. The 92 condo-apartment sales in the first week was the best start to an August month. Ultimately, overall Calgary sales were off by -6.24% y/y but remained 13.3% above the 10-year average.
The luxury home market was off to a slow start with only 6 sales between August 1-7 compared to 16 during the same period a year ago. The six high-end transactions is the slowest start to a month since January 2013.