April was a definite low point in our Real Estate Market. But how did May compare to the previous month?
May numbers have turned around a bit from April, but still remain low. Total sales this past month were 1,080, which is a 44% drop from May 2019.
There has been a sales shift towards properties priced under $500,000 which has contributed to price declines for all price ranges. The City of Calgary’s benchmark prices has dropped to $411,600, a decrease of 2.67% from this time last year.
Though COVID-19 and social distancing has increased unemployment rates and job loss numbers, the energy sector is still one of the largest factors contributing to the lack of consumer confidence and this continues to put downward pressure on the housing market.
On a positive note, activity has picked up and the first week of June has shown over 360 sales being reported. We have also seen traffic and showings pick up at all price points, including acreage properties and even in the $1,000,000+ price range.
You can view the full CREB May 2020 Market Statistics package here.
If you have any questions about the market value of your own property or are curious about your community’s stats contact us for a full evaluation at 403.910.8888.