The Calgary Real Estate Board's big headline this month? "APRIL BRINGS A SLIGHT INVENTORY DECLINE." Why so dramatic? Because for months now Calgary's real estate market has been struggling with massive oversupply in the market, leading to a buyer's market at a time when few people were able to buy. This news is an exciting turn of events (one which was forecasted at the start of the year) that will hopefully bring increased stability to the real estate market here in Calgary, Alberta.
In their media report, CREB notes, "There have been no significant changes occurring in sales activity, but the number of new listings coming onto the market continues to ease relative to 2018 levels. The decline in new listings was enough to start chipping away at overall inventory levels, which have eased slightly compared to last year." Previously, months of supply sat at 7 months; now that number has dropped to 4.5 months. Again, this is good news for the market!
In April, the benchmark price for buying a home in Calgary was $415,900. This is higher than it was in May; another good sign for the market. However, it is 5% lower than last year's reported benchmark price. In April 1,547 units were sold across the city of Calgary, which is two per cent higher than last year but twenty six per cent below year to date long term averages.
CREB® chief economist Ann-Marie Lurie says, "Demand remains relatively weak in the resale market. However, if supply levels continue to adjust, this could help reduce the amount of oversupply and eventually support some price stability. Sales have been improving mostly in the lower price ranges, causing tighter supply conditions in that segment. This will likely have a different impact on price trends in the lower price ranges depending on location."
You can read more on CREB's official website HERE!
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