Calgary, you keep surpassing all expectations! While some believed that the housing market would be one of the last to recover following the COVID-19 pandemic, in Calgary this has not been the case. Month after month in 2021 Calgary is reaching milestones not seen since before our oil market crash years ago. May hit a new record: 2989 sales! This is incredible new for buyers, sellers and investors.
Here are some of the highlights from the Calgary Real Estate Board's report:
- "There were 4,562 new listings, causing seasonally adjusted inventory levels to increase over last month."
- "The months of supply did trend up slightly this month to just over two months, but it was not enough to halt the upward pressure on prices."
- "The unadjusted benchmark price in May reached $455,200. This is one per cent higher than last month and nearly 11 per cent higher than prices recorded last year."
- "Homes priced above $600,000 represent a larger-than-usual share of all sales. The upper end of the market only reflected 16 per cent of city sales last May, compared with this year where it now reflects nearly 26 per cent of all sales."
The Calgary Real Estate Board's Chief Economist Ann-Marie Lurie notes, "The recent gains in prices have encouraged more homeowners to list their homes and take advantage of the current market situation. However, the inventory gains are still not enough to offset the demand growth and the market continues to favour the seller. Prices are rising, but they are still recovering in our market from previous highs in 2014. Only detached and semi-detached home prices in certain districts and communities have recovered to the level of previous monthly highs."
You can read the full summary by clicking here.
Are you considering buying, selling or investing? Contact Ken Richter directly at 403-630-6363 today to begin strategizing!
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