There were more listings to choose from last month in the Calgary real estate market. As a result, there were more sales reported with a total of 2,948 units selling in May. In fact, the strong sales activity was much higher than the long-term trends and was the highest activity ever recorded for the month of May.
New listings went up by 16.5% to 4,327 compared to the figures reported during May 2013. The new listing growth almost matched the sales growth. Although the overall inventory still remains 5% lower than what was reported last year, the declines weren't in the double digits on a year-over-year basis as they were for the last two years.
The market has seen some of the tight conditions easing even though conditions remain favourable to the seller. These market conditions, however, vary depending on the types of homes for sale. In the condominium townhouse and apartment sector, the inventory growth can be considered to be relative to the amount of growth seen last year. Last month there was more choice available for condos ranging in price from $200,000 up to $400,000.
In the single-family home market, there were fewer new listings being added than there were during the same time last year for homes ranging in price from $300,000 - $500,000. The addition of higher-end homes accounted for a lot of the growth for new single-family listings.
Price gains remained consistent with the tight market conditions. There has been an improvement in the supply but with the demand so high for housing here in Calgary, the inventory levels aren't rising significantly.
The unadjusted benchmark price for a single-family home in May 2014 rose above 500,000 to hit $504,300, which was a rise of 10% over last May. The unadjusted benchmark price for a condo apartment was $295,400 and for a townhouse it reached $321,400. The prices for both townhouses and condominiums remained just below the peak levels.