Calgary Real Estate Market Report for June 2015
The June 2015 Calgary Regional Housing Market Statistics confirmed that Calgary home prices have indeed stabilized and the Calgary real estate market between buyers and sellers has returned to balanced territory.
The most recent figures released by the Calgary Real Estate Board (CREB®) revealed a decline of 17.8% in the year-over-year Calgary home sales to 2,183 units for June 2015 compared to June 2014. Despite the drop, this is only 5% lower than the 10-year average for June and is in fact higher than some of the years since 2008. See the chart below for more details.
For the month of June, the level of new real estate listings was still high at 3,122 units, but because of the increased absorption rate for the 2nd month in a row, the total inventory levels actually decreased. The overall market continued to be balanced with 2.3 months of supply.
Even with the reduced number of home sales, sellers continued to believe in the Calgary real estate market by not substantially reducing their selling price which helped keep Calgary home prices stable. For the second quarter of this year, the Calgary real estate statistics showed an improvement to 22% in the drop of year-to-date Calgary home sales from the 32% decline in the 1st quarter of this year compared to the same quarters in 2014.
The data below shows the peak Benchmark Price, Median Price and Average Price for all residential Calgary real estate achieved in 2014 (red boxes) and how the June 2015 prices are almost back up to those same levels. Fortunately the market crash predicted by many real estate pundits and bank economists in January 2015 has just not materialized.
CREB® president Corinne Lyall stated, "Consumers who were waiting for wide-spread price declines have been surprised to see that it just hasn't happened yet, and so they're decided to take advantage of the improved selection and lower lending rates.
Also, since real estate activity varies depending on the price point, the community and the property type, she added that every Calgary real estate transaction is unique and therefore it is important for consumers to consult with a Calgary Realtor® who is familiar with each local market.
Here's the breakdown of how the different segments in the Calgary real estate market performed year-to-date for June 2015:
According to CREB® chief economist AnnMarie Lurie, the Calgary housing market is now beginning to show signs of stability. However, she added that there are still other factors that may influence Calgary real estate activity in the second half of this year, which CREB® will address in the mid-year forecast update to be released later in July.
Overall, Calgary home prices stabilized in June 2015, helping the Calgary real estate market regain confidence and attract more buyers.
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Other Calgary Real Estate Market Reports Worth Reading:
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