How did COVID-19 and social distancing affect sales in Calgary?
April saw a total of only 573 sales. To put this into perspective in April/2019 1555 homes sold and in April/2018 a total of 1524 home were sold. We are down about 65% as to what we would normally be seeing at this time of year.
As of May 1 the total number of active listings was at 5727. This would normally be considered more of a balanced market, but lack of demand is keeping us trending to a buyers market as well as also keeping the months of supply well over 9 months.
The effects of the struggling energy sector and COVID-19 have had a definite downward effect on prices, but mostly in price ranges above $600,000. The benchmark price for all of Calgary fell by almost 2% from this time last year.
Even with all the negative statistics and predictions for the rest of the year we have seen an increase in activity both in the overall Calgary market and within our team. After the first full week of May we are starting to see some positive numbers. The average number of sales per day this week has been approximately 40, way up from an average of about 18 per day over the last 6 weeks. As of May 5 the Calgary Real Estate Board is showing 200 pending and firm sales.
Our team has also had a great first week of May with 5 pending sales, 2 deals going firm, and a few new listings hitting the market in the coming weeks. We are starting to hear from clients wanting information and who are planning on making moves this year. We expect optimism and activity to increase as Calgary makes plans for re-opening from the restrictions of COVID-19 over the next couple of months.
If you could like to receive the full stats report from the Calgary Real Estate Board for the month of April click here. We can also send you some more specific information for your community or property type if you are curious about the market conditions in your area.