Calgary Real Estate Statistics April 2023
Prices reach new record high
Constant seller's market conditions forced further upward pressure on home prices in the month of April. The total unadjusted standard price touched $550,800, nearly two per cent higher than last month and a new monthly recorded high for the city, after just four months of constant gains.
"While sales activity is performing as expected, the steeper fallback of new listings has ensured that supply levels remain low" said CREB Chief Economist Ann-Marie Lurie. "The limited supply choice is causing more buyers to place offers above the list price, contributing to the stronger than expected gains in home prices."
Sales touched 2,690 units compared to 3,133 new listings, in the month of April. Inventories had fallen by 34 percent compared to last year and are over 45 per cent below long-term averages for April, with a sales-to-new-listings ratio of 86 per cent.
The steep fall in supply has forced the month's supply to ease to just over one month, wholesalers have eased by 21 percent compared to last year in 2022. This reflects together market conditions earlier in the year compared to conditions recorded last April.
With the most significant falls occurring for the homes prices below $700,000, new listings have eased across all price ranges in the detached market. The fall in new listings far outpaced the fallback in sales, forcing the sale-to-new listings ratio to rise to 88 percent and the month's supply to fall to just over one month, tighter than both last year and last month.
The constant tight market conditions have contributed to further price gain. The detached standard price touched a new reported high at $661,900, in the month of April. Every district, excluding the City Centre, has recorded a new reported high price in April. The City Centre is also the only district that recorded over two months of supply. With a year-over-year gain of 6 per cent, the most affordable East district recorded the largest price gain.
The sales to new listings ratio jumped to 89 per cent, with 234 sales and 264 new listings in the month of April. This forced further falls in inventory levels, which are at the lowest April has seen since the year 2007. As conditions remain more restricted that last year, it is not a surprise to see larger price growth.
The unadjusted standard price in April touched a new reported high at $593,200, reflecting a two per cent gain over last month's and last year's prices. The strongest gains occurred in the most affordable North East and East districts, while all districts posted a new reported high price this month.
Row homes battled the tightest market conditions in the month of April, with a sales-to-new-listings ratio of 95 per cent and months of supply under one month. Row sales have eased over last April's reported high, but the 416 sales activity is still far stronger than long-term trends. Relative affordability has helped the strong demand in this sector, However the constant tight market conditions have placed significant force on the home prices.
The standard price touched a new reported high of $387,400, over seven per cent higher than last year, after four constant monthly gains.The steepest price growth occurred in the most affordable districts of the North East, East and South, like other areas.
The Apartment Condominium sector was the only division to see sales activity rise over last year's levels, thanks to the boost in new listings in the month of April. Inventories did go up over the past month but continued below the levels recorded last year at this time, with 953 new listings and 734 sales. With a sales-to-new-listings ratio of 77 percent and a months of supply of 15, conditions are not as tight as other property types in the city, However, this stil reflects seller's market conditions and has been driving up prices.
The unadjusted standard price touched $299,400, a significant gain over the $277,600 recorded at the start of the year and over 10 percent higher than last April, as of this month. Prices are now just short of the previous high recorded in 2014, following four months of constant gains. While price gains across all districts have not resulted in a new city-wide record, the North, North West and South East recorded new highs in April.
Regional Market Facts
New listings eased, forcing the sale-to-new listings ratio to once again push near 100 percent, and inventories fell to the lowest April recorded since 2007, while sales in Airdrie went up compared to last month. While conditions are not as tight as last April, with one month of supply, conditions remain to favour the seller.
Limited choice compared to demand contributed to the upward force on home prices compared to earlier this year. The standard price touched $502,000 an improvement from the $480,200 recorded in January, but nearly two per cent below April 2022 reported high of $510,700 as of April.
April's sales to new listings ratio rose to 98 per cent, with 114 sales and 116 new listings. While inventories are still higher than what was recorded in the market last year, with nearly all new listings selling, inventories fell down over levels seen earlier in the year, with 114 sales and 116 new listings. With only 142 units available , the months supply dropped to just over one month, ensuring the market remains to favour the seller.
Recently renewed tight market conditions contributed to the third consecutive monthly price gain, and the standard price helped push up to $509,600 in April. However, despite the monthly gains, prices continue nearly two per cent below last April, and the peak price of $522,600 touched in June of last year.
Supporting some monthly gains in inventory levels, both sales and new listings trended up in April over levels seen earlier in the year. Although, levels are 66 per cent below the long-term trends for the month and reflect the lowest April since 2006, with only 67 units in inventory.
We have seen more upward force on home prices in the town, with just over one month of supply that has persisted for the past three months. As of April, the unadjusted standard price touched $577,300, nearly five per cent higher than last April and a new record high.