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Calgary resale home listings surge in June

New listings greatly outpaced resale demand in June as the city’s improving housing market led more Calgarians to put their homes on the market. 

Calgary Real Estate Board data show single-family home sales last month were 8 per cent higher than a year earlier, at 1,385 units, while new listings surged 24 per cent, to 2,168. Unsold homes across all segments reached 6,659 units, 11 per cent higher than a year ago. Year-to-date inventory remains about 9 per cent below the first half of 2016. 

“The supply gain this month will be monitored. However, on a quarterly basis, inventory levels remain comparable to last year, sales have improved and there have been modest price gains. All of this remains consistent with expectations of a gradual recovery,” CREB chief economist Ann-Marie Lurie said in a release.

The median price for detached homes increased 5.2 per cent from a year ago, to $514,800. The benchmark price — used by CREB to measure sales of a typical home — gained 1.7 per cent, to $509,400.

Overall sales, including condo apartments and attached homes, rose 5.5 per cent, to 2,140 units.

“While there were many buyers waiting for lower prices to step into the housing market, there were also many sellers waiting until prices stabilized before listing their home,” said CREB president David P. Brown. 

“Some of this recent growth in listings will help provide more choice, particularly in the detached market where market conditions had significantly tightened over the past few months.”

Apartment and condo sales slumped in June, declining almost 8 per cent from a year ago, to 286 units. Year-to-date sales remain up 8.6 per cent from 2016, however unsold inventory is 7 per cent higher than 2016. Listings in the apartment category jumped 20 per cent.

As of June, the benchmark price for an apartment style product was $265,800, about four per cent below last year’s levels.

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http://calgaryherald.com/business/real-estate/resale-home-listings-surge-in-june