Calgary May home sales remain robust despite supply shortages in lower price ranges

Resilience in May: Despite a minor dip of nearly 1% from last year's peak, May recorded 3,092 resale home sales, marking a substantial 34% increase compared to long-term trends.

Supply Challenges: Sales downturns primarily affected lower-priced detached and semi-detached homes due to limited supply choices.

New Listings Increase: May saw 4,333 new listings, almost 19% higher than last year, primarily concentrated in higher price ranges.

Market Conditions: Sellers continue to benefit from favorable conditions with one month of supply, driving price growth across all districts. The unadjusted total residential benchmark price reached $605,300, up nearly 1% from the previous month and 10% from last May.

Market Sector Insights:

Detached Homes: Despite a 7% decline in year-over-year sales, prices continue to rise, with the benchmark price reaching $761,800 in May, up 13% from last year.

Semi-Detached Homes: Year-to-date sales rose by nearly 11%, maintaining a seller's market with a benchmark price of $678,000, up 13% from last May.

Row Homes: May reported 540 sales, contributing to a 16% year-to-date rise, with a benchmark price of $462,500, up over 19% from last year.

Apartment Condominiums: May sales continued to rise, contributing to a 19% year-to-date gain, with prices increasing despite similar inventory levels to last year.

Regional Market Highlights:

Airdrie: New listings supported inventory gains, with benchmark prices ranging from $289,000 to $651,000.

Cochrane: Tight market conditions drove further price growth, with benchmark prices reaching $304,900 for apartments and $667,700 for detached homes.

Okotoks: Exceptionally low inventory levels persisted, with prices ranging from $262,500 to $699,600.