Calgary markets return to more balanced conditions

New data from the Calgary Real Estate Board shows that unadjusted benchmark prices improved from the previous month.

The monthly rise of 0.55 per cent (0.96 per cent year-over-year) means a benchmark of $454,100 in May.

Although sales activity is still slower, a reduction in listings over the past three months has stabilized prices.

New listings in the City of Calgary totaled 3,161 units in May, 27 per cent lower than May 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.

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.

Detached sales activity in Calgary in May totaled 1,366 units, with the majority of transactions occurring below $500,000, while apartment sales totaled 1,383 units with a benchmark price of $294,800; up 1.2 per cent from April but 0.2 per cent below the May 2014 price. 

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Market update:

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