CARA May 2015 Statistics

Red Deer, June 22, 2015-Residential sales reported through the MLS® System of the Central Alberta REALTORS® Association were down on a year-over-year basis in May 2015.

Home sales numbered 506 units in May, a decline of 23.6 per cent from the all-time record May set in 2014. That said, sales have been steadily recovering after hitting a low in January. May sales were back in line with the five and 10 year averages for the month.

Sales activity in all of Alberta fell 22.3 per cent from May 2014.

New residential listings on the Association’s MLS® System numbered 1,014 units in May, down 24.8 per cent from levels in May 2014.

There were 2,842 active residential listings on the Association’s MLS® System at the end of May, down 6.1 per cent from levels at the end of May 2014.

There were 5.6 months of inventory at the end of May 2015, up from 4.6 months reported at the end of May 2014 and slightly 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 May 2015 was $167.5 million, falling 17.1 per cent from the record May in 2014. This was still the fourth best dollar volume for the month of May. The dollar value of home sales in all of Alberta declined 22.4 per cent from May 2014.

Sales of all types of properties totalled 525 units in May. This was down 23.6 per cent compared to May 2014. The total value of all property sales amounted to $176.4 million in May, down 16.7 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® May 2015 Statistics

Market moves toward balanced conditions
Calgary housing prices change direction in May Click here to view the full monthly stats package.

For the first time since December 2014, Calgary’s residential unadjusted benchmark prices improved over the previous month. Within the city of Calgary, housing prices totaled $454,100 in May, a monthly and year-over-year increase of 0.55 and 0.96 per cent.

“For the third month in the row, new listings have eased compared to last year, helping push the market toward more balanced conditions, despite the current environment of slower sales activity,” said CREB® chief economist Ann-Marie Lurie. “This has helped prevent further declines in the unadjusted benchmark price.”

New listings in the city of Calgary totaled 3,161 units in May, a 27 per cent decrease over last year. Meanwhile, total inventory levels for the month were 5,342 units, 16 per cent higher than last year, but eight per cent lower than May levels recorded over the past five years and three per cent lower than average levels over the past 10 years.

Two measures of balance are the months of supply and the sales to new listings ratio. In May, the months of supply decreased to 2.43, while the sales to new listings ratio was 69 per cent, both within the norms for balanced conditions.

“Back in January, higher inventory levels relative to sales activity caused months of supply to rise above five months,” said CREB® president Corinne Lyall. “While some challenges continue to exist for sellers, depending on the property type, price and location, the decline in the months of supply points toward more stability for both buyers and sellers.”

Year-to-date the detached sector recorded the largest decline in new listings at eight per cent. While overall inventory levels are 12 per cent higher than last year’s levels, they remain well below the five and 10 year averages for May.

Detached sales activity in May totaled 1,366 units, with the majority of transactions occurring below $500,000. While conditions are not as tight as last year’s market conditions, which favoured the seller, over the first five months of this year activity in this price range has remained relatively balanced.

“This segment of the detached market continues to have a good amount of consumer activity, as many have taken advantage of the improved selection compared to last year,” said Lyall. “While some have waited for steeper price declines, to this point it just hasn’t happened across all areas of the market. This is partly related to activity in the under $500,000 segment.”

Meanwhile, year-to-date apartment sales and new listings totaled 1,383 and 3,229 units respectively. The May apartment benchmark price of $294,800 increased by 1.20 per cent compared to last month, but remains 0.2 per cent below May 2014 figures.

The apartment sector continues to remain the only sector where prices have contracted relative to last year’s figures.

“While the resale market has recorded an easing of upward inventory pressures, the new home sector has started to record some gains in inventory,” said Lurie. “Current new home inventories remain relatively low. However, the overall impact on Calgary’s housing prices will ultimately depend on the duration of the economic slowdown and the amount of inventory build-up in the new home sector.”

Click here to review key changes to CREB®’s monthly statistics products.

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).