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.