Calgary housing market report: June 2023 update

Calgary’s housing market witnessed another strong month of sales and price growth in June 2023, as low inventory and high demand continued to drive the market.

According to WOWA.ca, a real estate data and analytics platform, Calgary’s average sold price for all property types reached $554,443 in June, up 7.6 per cent from a year ago and 0.6 per cent from May. The median sold price was $500,000, up 8.7 per cent year-over-year and unchanged from May.

The number of new listings in June was 5,604, up 23 per cent from last year and 10 per cent from May. The number of sold listings was 2,888, up 23 per cent year-over-year and nine per cent month-over-month. The active listings at the end of June were 7,906, down seven per cent from last year and up four per cent from May.

The months of inventory (MOI), which measures how long it would take to sell all the current listings at the current sales rate, was 2.7 in June, down from 3.6 in June 2020 and unchanged from May 2023. The MOI indicates that Calgary’s housing market is still favouring sellers overall, but with some variation by property type and price range.

The average days on market (DOM) for all properties was zero days in June, down from six days a year ago and unchanged from May. The median DOM was also zero days, down from five days last year and unchanged from May. The DOM indicates that homes are selling very quickly in Calgary’s hot market.

The sale-to-list ratio (SLR), which measures how close homes are selling to their asking prices, was 100 per cent for all properties in June, up from 97 per cent a year ago and unchanged from May. The SLR indicates that sellers have strong bargaining power and buyers have little room to negotiate.

WOWA.ca also provides a breakdown of sales and prices by property type and number of bedrooms:

• Detached homes: The average sold price was $732,000, up 10.9 per cent year-over-year and one per cent month-over-month. The median sold price was $650,000, up 10.2 per cent year-over-year and unchanged from May. The number of new listings was 2,364, up 23 per cent from last year and 10 per cent from May. The number of sold listings was 2,865, up 23 per cent year-over-year and nine per cent month-over-month. The MOI was 2.5, down from 3.4 in June 2020 and unchanged from May 2023. The average DOM was zero days, down from six days a year ago and unchanged from May. The median DOM was also zero days, down from five days last year and unchanged from May. The SLR was 101 per cent, up from 98 per cent a year ago and unchanged from May.
• Townhouses: The average sold price was $602,000, up 11 per cent year-over-year and two per cent month-over-month. The median sold price was $550,000, up 10 per cent year-over-year and unchanged from May. The number of new listings was 1,023, up 16 per cent from last year and nine per cent from May. The number of sold listings was 789, up five per cent year-over-year and eight per cent month-over-month. The MOI was 3.9, down from 5.2 in June 2020 and down from four in May 2023. The average DOM was zero days, down from six days a year ago and unchanged from May. The median DOM was also zero days, down from five days last year and unchanged from May. The SLR was 100 per cent, up from 97 per cent a year ago and unchanged from May.
• Condos: The average sold price was $254,300, up 6.6 per cent year-over-year and one per cent month-over-month. The median sold price was $230,000, up seven per cent year-over-year and two per cent from May. The number of new listings was 857, up 48 per cent from last year and 13 per cent from May. The number of sold listings was 667, up three per cent year-over-year and nine per cent month-over-month. The MOI was 3.9, down from six in June 2020 and down from four in May 2023. The average DOM was zero days, down from six days a year ago and unchanged from May. The median DOM was also zero days, down from five days last year and unchanged from May. The SLR was 99 per cent, up from 96 per cent a year ago and unchanged from May.

Source: www.zolo.ca