July 1-7, 2015 Calgary Real Estate Market Update

It was an unremarkable first week of activity for Calgary’s real estate market and barring any sudden economic shifts, all signs points to stability in the short-term.

There were a total of 374 sales between July 1-7, a drop of -18.3% from the same time last year, but only off -5% from the 5 & 10 year average.

Helping to balance out the fewer sales was a -17.7% y/y reduction in new listings during the same period.    New listings were also -5% lower than the 5 year average and -13.5% below the 10 year average.

Month-end inventory peaked in March at 5,693 but has been trending lower each subsequent month and currently sits at 5,087 compared to about 4,828 exactly a year ago.

It’s early in the month to be looking at the prices but I wanted to explain the divergence between the Apartment average price showing a -13% drop while the median is up almost 11%.   Last July, a Princeton Hall unit sold for $4.4 million which was a new Calgary MLS® condo record which bumped up the average price for sales in the first week by nearly $48,687.

Meanwhile, job losses continue in Calgary’s energy sector: 130 were just laid off at Chevron following a recent announcement from TransCanada Corp of 185 layoffs late last month.

Calgary home sales July 7 2015

Calgary home sales July 7 2015

Calgary new listings July 7 2015

Calgary new listings July 7 2015

Calgary luxury home sales July 7 2015

Calgary luxury home sales July 7 2015

Sales-to-new-listings-ratio July 7 2015

Calgary Stats Summary July 7 2015

Calgary Stats Summary July 7 2015

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