June 2022 Real Estate Statistics – market starts to shift as sales slow

As released by CREB® on July 4, 2022 – full link here.

Sales activity in June eased relative to the past several months and with 2,842 sales, levels declined by two per cent over last year’s record high. While sales activity has remained relatively strong for June levels, the decline was driven by a pullback in detached and semi-detached home sales.

As expected, higher interest rates are starting to have an impact on home sales. This is helping shift the market toward more balanced conditions and taking some of the pressure off prices,” said CREB® Chief Economist Ann-Marie Lurie.

While we are starting to see some transition, it is important to note that in Calgary year-to-date sales are still at record levels and prices are still far above expectations for the year.

This pullback in sales was not met with the same level of pullback in new listings. This caused inventories to trend up over previous months. These shifts are supporting some easing from the exceptionally tight conditions as the months of supply remained just shy of two months. While two months is still considered low for our market, it is a significant change over the one month of supply recorded earlier in the year.

After three months of gradual gains in the months of supply, prices eased slightly relative to last month. However, with a city-wide benchmark price of $543,900, levels are still over 13 per cent higher than last year.

With further rate gains expected, we could continue to see slower sales activity and some monthly price growth slippage in the Calgary market in the coming months. However, thanks to renewed migration and job growth in a wide range of sectors, it is unlikely that we will see a full reversal of the price gains made so far this year.

June 2022 Total Sales in Calgary

 

June 2022 Year to Date Year to Year
 

Sales

 

2,842

 

18,702

 

24%

 

New Listings

 

4,061

 

25,567

 

12%

 

Inventory

 

5,405

 

4,356

 

-23%

 

Average Days on Market

 

27

 

26

 

-29.73%

 

Average Price

 

$517,059

 

$529,818

 

5.97%

 

 

Breakdown of Total Sales in Calgary by Type

 

Type Sales –

Y/YTD

 

New Listings – Y/YTD Average DOM – Y/YTD

 

Average Price – Y/YTD
Detached

 

1,483 / 8.19% 2,161 / 7.97% 24 / -33.33% $667,673 / 13.81%
Semi-Detached

 

223 / 15.91% 313 / 5.5% 25 / -34.21% $541,181 / 10.19%
Row

 

555 / 59.56% 655 / 25.83% 27 / -41.3% $353,285 / 9.12%
Apartment 581 / 68.63% 932 / 14.66% 34 / -27.59% $279,802 / 6.13%

 

June 2022 Total Sales in Airdrie

 Sales in June continued to ease from levels reported earlier in the year and levels achieved last year. However, the decline was not enough to offset earlier gains as year-to-date sales remain over 24 per cent above last year’s levels. While new listings did improve compared to last year, levels were not enough to significantly alter the tight market conditions in Airdrie. The sales-to-new-listings ratio remained relatively tight at 81 per cent and the months of supply, while higher than earlier in the year, pushed just slightly above one month.

Earlier in the year, Airdrie reported some of the highest monthly price gains ever seen in the market, so as interest rates rise and consumers take a step back to re-evaluate conditions, it is not a surprise that we are seeing some adjustments in price. While prices have trended down for the past two months, they remain over 22 per cent higher than levels reported last year.

June 2022 Year over Year
 

Sales

 

245

 

-0.4%

 

New Listings

 

304

 

11.4%

 

Inventory

 

284

 

-10.7%

 

Benchmark Price

 

$502,700

 

22.1%

 

June 2022 Total Sales in Cochrane

 Easing sales this month contributed to year-to-date sales of 735 units, just slightly higher than levels reported last year. So far this year, the growth in new listings has outpaced the growth in sales and it has helped push up inventory levels relative to what was available in the market earlier in the year. This also helped push the months of supply back above one month, something that has not happened since October of last year.

While conditions remain far from balanced, the slight shift has taken some of the pressure off home prices which reported strong monthly gains earlier in the year. The benchmark price in June rose to $522,600, a slight gain over last month and nearly 18 per cent higher than prices recorded last year.

June 2022 Year over Year
 

Sales

 

97

 

-23%

 

New Listings

 

144

 

9.9%

 

Inventory

 

143

 

-14.9%

 

Benchmark Price

 

$522,600

 

17.9%

 

June 2022 Total Sales in Okotoks

 Sales activity remained relatively stable this month supporting year-to-date sales of 544 units, just slightly higher than levels reported last year. At the same time, new listings have also remained relatively consistent with last year’s levels. This is leaving the market to continue to favour the buyer with one month of supply and a sales-to-new listings ratio of 80 per cent.

Despite tight conditions, there was a modest pull back in the monthly price. However, with a benchmark price of $556,200, prices remain nearly 17 per cent higher than levels reported last year.

June 2022 Year over Year
 

Sales

 

89

 

0%

 

New Listings

 

111

 

4.7%

 

Inventory

 

103

 

-17.6%

 

Benchmark Price

 

$556,200

 

16.8%

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