CARA April 2015 Statistics

Red Deer, May 20, 2015- Residential sales reported through the MLS® System of the Central Alberta REALTORS® Association were down on a year-over-year basis in April 2015.

Home sales numbered 444 units in April, a decline of 22 per cent from the record April set in 2014. Nonetheless, sales were still running on par with the five and 10- year averages for the month of April.

Sales activity in all of Alberta fell 23 per cent from April 2014.

New residential listings on the Association’s MLS® System numbered 1,015 units in April, down seven per cent from levels in April 2014.

There were 2,660 active residential listings on the Association’s MLS® System at the end of April, up 4.3 per cent from levels at the end of April 2014.

There were 6.0 months of inventory at the end of April 2015, up from 4.5 months reported at the end of April 2014 but roughly in line with the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all home sales in April 2015 was $139.1 million, falling 21.3 per cent from the record April in 2014. This was still the third best dollar volume for the month of April. The dollar value of home sales in all of Alberta declined 23.1 per cent from April 2014.

Sales of all types of properties totalled 471 units in April. This was down 22.0 per cent compared to April 2014. The total value of all property sales amounted to $152.1 million in April, down 25.1 per cent on a year-over-year basis.

The Central Alberta REALTORS® Association is an MLS® listing co-operative, representing more than 560 REALTORS® located in Red Deer and throughout Central Alberta. Details and photos of all Central Alberta REALTORS® Association listings can be found on the national public web sites www.carassociation.ca, www.REALTOR.ca (residential properties) and ICX.CA (commercial and investment properties).

CREB® April 2015 Statistics

New listings decline as home prices ease
Improved sales to new listings ratio reduces inventory gains 

Click here to view the full monthly stats package.

After the fifth consecutive monthly benchmark price decline in Calgary, the number of new home listings eased to 3,064 units in April, a decrease of 18 per cent over the previous year.

“With fewer buyers making purchase decisions and improved selection for resale, new home and rental property, sellers have been either adjusting their expectations on price or delaying their plans about when to list their home,” said CREB® president Corinne Lyall.

Sales activity in April totaled 1,957 units, 22 per cent below last year’s levels and nearly 15 per cent below April’s long term averages. Despite weak sales levels, the drop in new listings prevented strong gains in overall inventory levels and helped improve absorption rates in the market.

“While conditions continue to favour the buyer, both the months of supply and the sales to new listings ratio, which represent measures of market balance, tightened in April,” said CREB® chief economist Ann-Marie Lurie. “If this trend continues, it should help prevent resale inventories from rising to previous highs and limit some of the downward price pressures we’ve been seeing.”

Benchmark prices for detached homes totaled $510,200 in April, which represents an unadjusted decline of 0.7 per cent from last month and 1.9 per cent higher than April 2014 figures. Meanwhile, apartment product recorded a monthly decline of 0.7 and a year-over year decline of 0.2 per cent

Year-to-date apartment sales activity has declined by 33 per cent, while new listings have risen by nearly eight per cent. Despite the recent shift in new listings, months of supply in this sector remain elevated, causing steeper monthly price declines and a year-over-year price contraction.

“There’s improved selection across all segments of the market, which takes some of the urgency away for buyers as they consider all of their options before making a purchase decision,” said Lyall. “Sellers have more competition and need to be aware of how much product is available in comparable neighborhoods.”

The detached sector continues to be the most balanced out of the three market sectors. For the second month in a row, the sales to new listings ratio and the months of inventory moved to levels that are more consistent with balanced conditions. However, the detached market does vary significantly depending on the price range.

“Higher priced properties in the detached sector saw a noticeable decline in absorption levels city-wide, indicating there is less demand relative to supply levels,” said Lurie. “This does not come as a surprise as many of the job losses in recent months have occurred in the higher paying sectors.”

Meanwhile, areas outside city limits are also impacted by the slower economic conditions. Year-to-date sales activity in the surrounding areas totaled 1,346 units, a 26 per cent decline. Despite positive growth following the first quarter, April benchmark prices totaled $434,800, 0.4 per cent below last month’s figures and 5.8 per cent above April 2014 figures.

“Market impacts on pricing are wide ranging and ultimately depend on the location, property type, specific features and amount of comparable supply available,” said Lyall. Both buyers and sellers need to be aware of the local market conditions and adjust their expectations accordingly.”

CARA March 2015 Statistics

Central Alberta home sales remain subdued in March

Red Deer, April 17, 2015 – Residential sales reported through the MLS® System of the Central Alberta REALTORS® Association were down on a year-over-year basis in March 2015.

Home sales numbered 375 units in March, a decline of 16.7 per cent from the same month in 2014.

Sales activity in all of Alberta fell 20.3 per cent from March 2014.

New residential listings on the Association’s MLS® System numbered 941 units in March, up 3.1 per cent from levels in March 2014.

There were 2,522 active residential listings on the Association’s MLS® System at the end of March, up 9.7 per cent from levels at the end of March 2014.

There were 6.7 months of inventory at the end of March 2015, up from 5.1 months reported at the end of March 2014 and above the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all home sales in March 2015 was $119.6 million, falling 12.5 per cent from the record March in 2014. The dollar value of home sales in all of Alberta declined 21.1 per cent from March 2014.

Sales of all types of properties totalled 395 units in March. This was down 15.6 per cent compared to March 2014. The total value of all property sales amounted to $130.3 million in March, down 10.9 per cent on a year-over-year basis.

The Central Alberta REALTORS® Association is an MLS® listing co-operative, representing more than 560 REALTORS® located in Red Deer and throughout Central Alberta. Details and photos of all Central Alberta REALTORS® Association listings can be found on the national public web sites www.cara.ca, www.REALTOR.ca (residential properties) and ICX.CA (commercial and investment properties).

CREB® March 2015 Statistics

Elevated inventory levels and low sales for three consecutive months caused unadjusted benchmark prices to ease by 0.44 per cent in March, relative to the previous month, for a total of $454,300. Based on first quarter statistics, conditions are consistent with buyers’ market conditions.

Typical home prices have declined by 0.59 per cent in the first quarter of 2015, compared to the fourth quarter of 2014. The sales to new listings ratio also dropped to 41 per cent and months of supply averaged 4.03 for the quarter. This is a significant change from one year ago when the market was facing inventory shortages and price gains.

“Based on current sales activity and rising supply levels, the change in pricing does not come as a surprise,” said CREB® chief economist Ann-Marie Lurie. “However, the recent price adjustments have not eroded all the higher than expected price gains recorded last year. While conditions have likely tempered growth in new listings, further near term price adjustments will be dependent on changes to inventory levels.” said Lurie.

Sales activity fell by nearly 30 per cent in March, compared to this time last year, and remains well below 10-year averages. City of Calgary sales totaled 3,843 units at the end of the first quarter.

“In this market, buyers and sellers should be thinking about their short term and long term objectives,” said CREB® president Corinne Lyall. “This is a challenging economic time and people need to know their long game, so they can make the right real estate choices for today and tomorrow.”

While Calgary’s housing market has demonstrated buyer market conditions for the first quarter, the recent pullback in new listings in March has helped ease the growth in inventory levels, resulting in better absorption rates.

The apartment sector has the highest months of inventory in Calgary. This has resulted in higher quarterly price declines in this sector, when compared to the detached and attached sectors. By the end of March, the apartment quarterly benchmark price declined by 1.46 per cent, against the previous quarter. This compares to the 0.4 per cent declines in the detached and attached sector over the same time frame.

“Market influence is always wide-ranging and everyone has different reasons for making a move,” said Lyall. “Consideration must be given to the amount of inventory that’s available for a similar property based on the specific features of that home. The amount of competition for a property is often what influences the price that buyers and sellers will agree on.”

When considering the inventory that is available in the City of Calgary, there are 878 units priced under $300,000, of which 99 per cent are either apartment or attached product. The majority of inventory falls in the range of $300,000 to $600,000, of which 56 per cent of the product is detached. Meanwhile, at the other end of the spectrum, there are 1,933 units in inventory at a price over $600,000, of which more than 72 per cent are detached homes.

“Concerns in the energy sector continue to persist, and employment figures are starting to support those concerns,” said Lurie. “In February, employment figures pointed towards job losses related to the energy sector. While monthly employment gains offset the losses, most of the gains were in the traditionally lower paying industries such as the personal services sector. If this trend continues, it may influence the composition of housing demand,” said Lurie.

CARA February 2015 Statistics

Central Alberta home sales down year-over-year in February

Red Deer, March 18, 2015 – Residential sales reported through the MLS® System of the Central Alberta REALTORS® Association were down on a year-over-year basis in February 2015.

Home sales numbered 263 units in February, a decline of 11.1 per cent from the same month in 2014. This was a slightly improvement from January.

Sales activity in all of Alberta fell 27.1 per cent from February 2014.

New residential listings on the Association’s MLS® System numbered 692 units in February, up 21.8 per cent from levels in February 2014.

There were 2,223 active residential listings on the Association’s MLS® System at the end of February, up 5.3 units from levels at the end of February 2014.

There were 8.5 months of inventory at the end of February 2015, up from 7.1 months reported at the end of February 2014 and above the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all home sales in February 2015 was $80.1 million, falling 14.1 per cent from February 2014. The dollar value of home sales in all of Alberta declined 30.7 per cent from February 2014.

Sales of all types of properties totalled 279 units in February. This was down 11.1 per cent compared to February 2014. The total value of all property sales amounted to $89.4 million in February, down 14.1 per cent on a year-over-year basis.

The Central Alberta REALTORS® Association is an MLS® listing co-operative, representing more than 560 REALTORS® located in Red Deer and throughout Central Alberta. Details and photos of all Central Alberta REALTORS® Association listings can be found on the national public web sites www.cara.ca, www.REALTOR.ca (residential properties) and ICX.CA (commercial and investment properties).