With gains in every price range, residential sales activity in February totalled 1,836. This reflects the best February since 2014.
New listings improved in February, but the gap between new listings and sales narrowed. This is causing the sales-to-new-listings ratio to rise to 65%, keeping the months of supply well below three months.
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December had the highest amount of sales since 2007. A total of 1,199!
Attractive interest rates along with prices that remain lower than several years ago have likely supported some of the recovery in the second half of the year. However, it is important to note that annual sales activity declined by 1% compared to last year and remain well below long-term averages.
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For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain. Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over 3% lower than last year’s levels.
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With strong gains in the detached sector, October sales in the city reached 1,764 properties. This is a 23% increase over last year and well above longer-term averages.
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Third-quarter activity was far better than original expectations, as sales activity in the city improved by nearly 12% over last year’s levels.
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September sales activity jumped to 1,702 units, the strongest September total since 2014.
New listings in September improved over last month, but levels remained comparable to the previous year. The increase in sales relative to new listings did prevent any monthly gains in inventory levels, but supply in the market is still down 12% compared to last year.
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Total residential sales in August were relatively stable compared to last year with year-over-year gains in the detached and row homes. These gains offset declines in the apartment and semi-detached types of homes.
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The second quarter of 2020 marked the first full quarter since COVID-19 began to weigh on the economy.
Calgary housing sales slowed by 35% compared to the previous year. This is better than original expectations, thanks to June figures that were far stronger than initial estimates. The pullback in new listings in the second quarter caused inventories to trend down, preventing a more significant decline in prices.
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After three months where COVID-19 weighed heavily on the housing market, sales activity in June continued to trend up from the previous month, totalling 1,747 units.
Caution remains necessary, as monthly sales are nearly 2% lower than activity recorded last year. However, this represents a significant improvement compared to the past several months, where year-over-year declines exceeded 40%.
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After the first full month with social distancing measures in place, the housing market is adjusting to the effects of COVID-19. April sales hit 573 units, a decline of 63% over last year.
“The decline in home sales does not come as a surprise. The combined impact of COVID-19 and the situation in the energy sector is causing housing demand to fall,” said CREB® chief economist Ann-Marie Lurie.
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