Sales were up, prices increased and best of all the inventory levels also went up during the month of July here in Calgary. After suffering through extremely tight market conditions throughout the first half of 2014, July brought about a sigh of relief with more inventory added.
Buyers were facing a lot of challenges this year when looking for a home. In some of the market segments there was fierce competitive behavior being displayed. In July, however, the inventory levels improved. There were 3,219 new listings added last month, which was a year-over-year increase of 14%.
During the first half of 2014, new listings were up by 9% on a year-over-year basis bringing total listings to 28,090. This was a huge increase compared to the 2013 July figure of 25,779. It all means that Calgary is moving towards more balanced real estate conditions.
Recorded sales for the month of July showed a total of 2,336 units changing hands, which was a July record level for activity. The unadjusted benchmark price for a single-family home went up to $511,600, which was a 10.8% increase over the $461,600 benchmark price that was recorded in July 2013.
At the same time, this benchmark price was only slightly higher than the price recorded in May 2014. According to Ann-Marie Lurie, the chief economist at the Calgary Real Estate Board, this indicates that the benchmark prices may be leveling off. This is what would be normally expected as the market heads towards more balanced and will conditions.
In July there were 1,553 single-family homes sold, which was an 8.3% increase on a year-to-date basis but a decline of 1.3% when compared to the sales that took place in July 2013. Year-to-date sales for townhouses went up by 19% in July and by 21% for condominium apartments.