May 2016 saw a total of 1,923 transactions in the city of Calgary. This number is down 12% from May 2015. However, this number of sales represents an increase in sales from April 2016. Also, we are experiencing lower inventory rates from the previous month and a much higher average price both from May 2015 and last month.
It is possible we are starting to see a shift in consumer confidence. This can be noted by the increase in sales from April 2016 with 1,768 transactions compared to the 1,923 we experienced in May 2016. Oil briefly breaking the $50 mark this month and hovering around that value is certainly a positive.
Inventory levels sit at 6,148 active listings which is up 14% from this time last year but it is important to note that in the past month we have seen the listing inventory come down from the 6,251 we had at the end of April. If inventory levels continue to decrese or even remain at current levels, we will see on-going price support as noted with the increase in average price below.
The average price for all re-sale properties in the city of Calgary for the month of May 2016 was $494,078; up 3.18% from this time last year and a large bump up from the average sale price in April of 2016 which was $476,707.
I have personally noticed market activity pick up. There are more buyers touring through homes and properties that are accurately priced and show well are selling in a reasonable period of time. I am looking forward to seeing what the coming months have in store for the real estate market in Calgary.
Kyle Goudie-Century 21 Bamber Realty Ltd.