Mel Star Calgary Real Estate Market Report: June 2019

As we enter the month of July, school is out, summer vacation plans are underway and Stampede fever has officially hit Calgary! Here is how the month of June fared in the market according to CREB, the Calgary Real Estate Board.
 

 

June Trends

The month of June did not bring a lot of significant changes in the market and has behaved as expected. Here are some favorable trends: 

  • Inventory levels continue to decline, meaning there were fewer new listings for June. Since there has been an over-supply of real-estate in recent months, this inventory decline could mean the market is slowly shifting towards a balance.
  • Even though sales activity slowed this month, inventory levels decreased by 15% compared to this time last year.
  • Detached Home sales have declined by nearly 9% since last year.
  • According to CREB® chief economist Ann-Marie Lurie, inventory that is priced under $500,000 has been trending towards more balanced conditions.
  • There is an oversupply of 4.2 months, meaning that the Calgary Real Estate Market is still favouring the buyer.
  • Sales activity for Attached Homes has improved by approximately 3% compared to last year.

“So far, the housing market has generally behaved as expected this year. Sales activity remains just below last year’s levels, prices have eased and supply is starting to adjust to the lower level of sales,” said CREB® chief economist Ann-Marie Lurie.


Calgary June 2019 Statistics

June Prices

  • The Residential Benchmark price for June 2019 was $425,700
    • Price in May 2019: $424,600
    • Price in June 2018: $436,500

June Inventory

  • Total number of Listings in June 2019 was 7,541
    • Inventory for May 2019: 7,467
    • Inventory for June 2018: 8,830

June Number of Sales

  • Total City-Wide Sales for June 2019 was 1,780 units
    • Units for Sale in May 2019: 1,921 units
    • Units for Sale in June 2018: 1,895 units

June New Listings

  • Total City-Wide New Listings for June 2019 was 3,135
    • New Listings for May 2019: 3,418
    • New Listings for June 2018: 3,869

June Days on Market (DOM)

  • Total Number of Days on Market in June 2019: 55 days
    • DOM for May 2019: 56 days
    • DOM for June 2018: 46 days

TIP: The market has recently been favoring buyers, and still continues to do so. If you’re looking to buy and invest, now would be the time! According to Chief Economist Ann-Marie Lurie, there has been an improvement in sales in the lower price ranges, and of course, this will bring an impact on the price trends due to the tighter supply conditions. 

 

The Mel Star Team

Our team of real estate experts hedges the risk associated with the buying and selling process by providing an all-inclusive one-stop-shop concierge service for your real estate needs.

The Mel Star Team adds long-term value to your real estate experience by providing:

  • optimal value through cutting-edge, data-driven digital marketing strategies;
  • decades of experience in the Calgary real estate market;
  • expert advocacy and negotiation; and
  • a concierge service that manages everything from staging to moving to transferring your utilities. 

We’ll take care of the details so you can focus on what matters most - investing in your own financial future and making memories! 

 

Award-Winning Real Estate Agents

Buying and selling homes can be a complex experience, but for over 40 years, The Mel Star Team of professional real estate agents have been making the process as easy and efficient as possible for our valued clients. To find out more about our services, contact us at (403) 284-6333, fill in our contact form or visit in person at 206-2411 4 St NW, Calgary, AB T2M 2Z8.

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