DETACHED
New listings for detached homes improved this month, but was not enough to fill the demand. There were only 1,651 detached homes for sale this month, a new record low for the month of June. It was slim pickings across all price points, but especially noticeable for homes priced under $600,000. Of all the detached homes for sale, only 24% of those were priced below $600,000, making it incredibly competitive for buyers shopping in this price range. Year-over-year gains were the highest in the most affordable districts of East and NE.
SEMI-DETACHED
Same story, different property type. Semi-detached homes are also experiencing a similar inventory pinch. There were 268 semi-detached homes on the market, and 240 recorded sale. Months of supply remains very tight, sitting just over 1 month. The tight market conditions pushed the benchmark price up to $613,100, more than 2% high than last month, and almost 6% higher than last year. Annual price increased across districts ranged from a low of 4.5% in City Centre to a high of 17% in the East district.
ROWS & TOWNS
Multi-family properties are taking the spotlight! Both sales and new listings trended up compared to the previous month. Even though there June saw improvements, the sales-to-new-listings ratio is still a whopping 86% and the market continues to tip the scale towards sellers. The strong sellers' market pushed the June benchmark price up almost 2% from May, and more than 11% higher than last year. Price growth was observed across Calgary. The largest price gains were in East, NE, and South districts; these areas report year-over-year price gains of almost 20%
APARTMENTS
Apartments have been causing a stir in the real estate market. With increased demand for affordable product, sales in June hit 857 units - that's 48% higher than last year. There were new listings added to inventory to help facilitate these sales levels but persistent buyer demand prevented any significant change in the inventory shortage we've been experiencing. There were 1,116 apartments available, that's the lowest level of inventory since June of 2013. These tight market conditions contributed to the sixth month in a row where prices rose. This month's benchmark price was almost 2% higher than May, and 12% higher than June 2022.
Source: creb.com
