In 2018, the Calgary real estate market has been predominately flat throughout most areas and property types. Now that we have been through one half of the year, sellers and buyers are starting to ask questions about what's next for Calgary real estate.
Looking at the numbers, we are starting to see a slight decrease in inventory levels. It's crucial to highlight "slight" here because these changes are modest at best. Furthermore, these changes aren't due to an increase in sales. We assume that the decrease is mainly a result of fewer sellers listing in the Calgary real estate market.
These changes are not due to an increase in the number of sales.
Weak real estate sales activity in Calgary is persisting, and downward pressure on prices is not letting up. However, when looking at the year over year averages, the benchmark price remains unchanged. How could this possibly be with the low sales activity? Well, we have to look deeper into the numbers and look at each product type. Apartments continue to dip in prices; however, the attached and detached markets are largely unchanged (and slightly in the black this month!)
An important statistic to follow as we move through the product types is months of supply/inventory. This statistic looks at the number of properties on the market and the number of properties selling. Fewer months of inventory points to a seller's market and higher months of inventory points to a buyer's market.
Here is a snapshot of the Calgary real estate market for June 2018.