Calgary home sales were up seven per cent in April compared to the same month a year ago, while the average sale price jumped 7.42 per cent. According to the latest statistics from the Calgary Real Estate Board (CREB), a total of 2,545 homes sold on the Multiple Listing Service last month and the average sale price hit $479,265.
Condo sales in Calgary climbed 4.7 per cent year-over-year in April, but that was outpaced by an 11.2 per cent rise in new listings. This resulted in a rise in inventory levels, the only sector within the city limits to record annual inventory growth.
“Improved selection in the market is welcome news,” said CREB president Bill Kirk. “Many consumers are interested in entering the market but the lack of choice poses challenges. While we are still early in the season, if this trend continues, it should provide more opportunities for consumers who have been unsuccessful with finding properties.”
The average condo sale price rose 9.73 per cent year-over-year to $319,695, while the benchmark and median prices also saw increases of 11.63 per cent and 10.76 per cent, respectively.
A total of 1,736 single-family homes sold in April, representing a year-over-year gain of eight per cent. Single-family new listings, meanwhile, totalled 2,584 units, a 7.4 per cent increase over April 2013.
As new listing growth outpaced sales growth, inventory levels improved, easing some of the tightness in the market. However, CREB says it was not enough to push the market back into balance.
“While we did anticipate the rise in new listings this spring, certain segments of the market will likely remain tight,” said CREB chief economist Ann-Marie Lurie. “The single-family market continues to record declining listings for product priced below $400,000. Meanwhile, the growth in listings in April was mostly due to gains in the $500,000 to $999,999 range.”
For the complete statistics package, including data for townhomes, click here.