The supply-side of the equation looked bleak in December & January as new listings spiked 42% & 37% respectively on an annual basis. In February, new listings growth eased to just 9%. A week into March and new listings are only up 3% year-over-year, inline with the 5-year average and below the 10-year average for the month.
New listings have pulled back so far that the sales-to-new-listings ratio has climbed to a balanced 45%.
Unfortunately, there has been no such improvement on the demand side of things. A total of 365 homes have sold month-to-date, down -30% year-over-year. For those pointing out that 2014 was an exceptionally strong year thereby invalidating annual comparisons, sales this month are also off -18% from the 5 year average and -21% below the 10 year average. It’s slow, alright?
The hope is that buyers are cautiously circling the market in a holding pattern until they are confident about their finances and job security. It’ll be some time before we know the full economic impact of low oil prices in our province; job loss figures have barely started trickling through to Statistics Canada’s LFS results.
In the meantime, although new listings levels have found normalcy, inventory will keep climbing until buyers make a return.
Luxury home sales continue to wither, falling by nearly half from the same period a year ago. On a positive note, a Britannia home sold for $5,200,000 making it the most expensive Calgary MLS® sale since June 2013.
Early in the month, the average price is down -1% y/y, and the median by -4%.
Please note that the statistics currently showing on the homepage of CREB.com are inaccurate and have been glitchy for most of the month. Below are the correct figures for the City of Calgary overall: