May 2022 Real Estate Statistics – market continues to favour the seller despite slowing sales

As released by CREB® on June 1, 2022 – full link here.

For the second month in a row, sales activity trended down after all-time record high sales in March. While activity in the market slowed down in May with 3,071 sales, levels are still slightly higher than last year’s record high and are far stronger than typical levels of activity recorded in May.

It’s not a surprise to see sales ease from the exceptionally strong levels seen earlier in the year. Many buyers were eager to get into the market ahead of the rate gains that we are now seeing,” said CREB® Chief Economist Ann-Marie Lurie.

“While higher lending rates are weighing on sales activity, the market is still struggling with supply levels and rising prices which could also be contributing to slower sales, especially in the detached market. Nonetheless, if this shift continues, we could begin to see more balanced conditions in the market over the next several months, slowing the pace of price growth in the market.

Slower sales were met with a decline in new listings, but a strong pullback in sales was enough to cause inventories to trend up relative to levels seen over the past few months. While inventory remains well below historical norms, the monthly gains did take off some of the pressure in the market. However, with just under two months of supply, the market continues to favour the seller.

Tight market conditions continue to contribute to further price gains in the market, but the pace of growth has eased relative to what occurred over the previous four months. Overall, the benchmark price reached $546,000 in May, over 14 per cent higher than last year’s levels.

May 2022 Total Sales in Calgary

May 2022 Year to Date Year to Year
 

Sales

 

3,071

 

15,869

 

31%

 

New Listings

 

4,294

 

21,501

 

15%

 

Inventory

 

5,200

 

4,141

 

-23%

 

Average Days on Market

 

25

 

25

 

-32.43%

 

Average Price

 

$520,013

 

$532,155

 

6.15%

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

 

1,620 / 14.58% 2,221 / 11.86% 22 / -38.71% $660,124 / 12.94%
Semi-Detached

 

265 / 21.12% 353 / 10.65% 24 / -35.90% $542,025 / 10.83%
Row

 

555 / 65.79% 771 / 30.12% 24 / -42.55% $363,300 / 14.97%
Apartment 631 / 78.60% 949 / 12.61% 34 / -24.14% $288,580 / 5.41%

May 2022 Total Sales in Airdrie

For the first time in nearly two years, sales in Airdrie eased over last year’s levels. Meanwhile, the new listings in the market remained comparable to last month but were slightly better than last year’s levels. This helped push inventories and the months of supply up compared to last month. However, with the months of supply remaining at one month, the market remains exceptionally tight.

Despite tight market conditions, we did see prices take a pause this month, easing slightly over last month but remaining nearly 25 per cent higher than levels recorded last year. Prices have been trending up monthly for the better part of two years and the growth at the start of this year has far exceeded expectations. As rates continue to rise and the market shifts to more balanced conditions, we expect the pace of the price growth to start to slow.

May 2022 Year over Year
 

Sales

 

269

 

-8.8%

 

New Listings

 

319

 

2.2%

 

Inventory

 

258

 

-21.6%

 

Benchmark Price

 

$506,000

 

24.9%

 

May 2022 Total Sales in Cochrane

 Sales in Cochrane continued to remain strong in May, supporting a year-to-date annual gain of nearly seven per cent. While we have seen some signs of improvement in new listings, that was not the case this month. The sales-to-new-listings ratio rose to 98 per cent, higher than levels seen over the past four months. With no additions to the inventory in the market, the months of supply remained below one month. This supported persistent sellers’ market conditions.

The tight conditions continue to place upward pressure on prices. However, the pace of growth is starting to slow as May prices were 18 per cent higher than last year’s levels. Price growth remains the strongest for detached and semi-detached properties with year-over-year gains pushing 21 per cent.

May 2022 Year over Year
 

Sales

 

135

 

10.7%

 

New Listings

 

138

 

-7.4%

 

Inventory

 

112

 

-37.8%

 

Benchmark Price

 

$521,000

 

18%

May 2022 Total Sales in Okotoks

 Sales remained relatively strong this month, contributing to a year-to-date gain of nearly 17 per cent. This growth was possible as new listings did improve this month. However, with an 87 per cent sales to new listings ratio and a months of supply remaining below one month, conditions continue to remain relatively tight in this market.

The benchmark price reached $560,700 in May. This is a significant jump over last month and 19 per cent higher than last year’s levels. Like most locations, much of the gain is being driven by the detached sector of the market, which saw prices push up to $625,200 this month.

May 2022 Year over Year
 

Sales

 

101

 

7.4%

 

New Listings

 

116

 

5.5%

 

Inventory

 

93

 

-20.5%

 

Benchmark Price

 

$560,700

 

18.9%

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