Calgary’s housing market made encouraging increases for the month of May! As CREA notes that while “the monthly gains have not outweighed earlier declines, this does reflect a shift from the declines reported at the start of the year.”
May 2023
Home Prices
May’s home prices increased by over 1% month-over-month and by 2.6% in year-over-year, reaching $557,000 for May 2023.
What is a benchmark price? The benchmark price is the estimated value of a “typical” home in a community, based on the most popular combination of features, e.g. age, size, number of bedrooms and bathrooms.
Sales and Inventory
Sales saw a nearly 2% increase in year-over-year prices, coming in at 3,120 for the month. Inventory for May decreased by just over 38% compared to 2022, sitting at 3,207.
Conclusion
While fewer listings are on the market, we are seeing meaningful increases in home prices and sales, which is a significant shift from earlier this year.
Data provided by the Calgary Real Estate Board. For more information, visit their website.