New Listings VS Number of Sales
March of 2017 experienced a significant increase in monthly sales, when compared to March of 2016. This March we saw 3269 new listings come to the market in Calgary, and there were 1915 sales in the same month.
This compares to March of 2016 where we had a very similar number of new listings: 3263; and we had 1595 sales that same month. That works out to a 20% increase in the number of sales in March of 2017, versus March of 2016.
Also interesting to note is that March's sales numbers are just shy of June last year, which saw 2042 sales. That was the peak month for the 2016 year having the highest number of sales that month.
The chart below shows the number of new listings versus number of sales, organized by month. It includes data from February 2016 to March 2017.
Average Price VS Number of Sales
It all comes down to supply and demand. We had a similar number of new listings hitting the market last month, with a substantial increase in the number of sales. In theory, this would convert to less available inventory, which would then translate to an increase in prices.
The chart below shows the average sale price, versus the number of sales, grouped by month, and includes data for all of the City of Calgary. You will note that the average price in the city softened at the beginning of this year, but has been crawling in an upward direction since. We haven't made any new records with average prices, but looking back over the past year, prices have been fairly stable, swinging modestly with the change of the seasonal markets.
January 2017 average sale price: $467,400
February 2017 average sale price: $479,007
March 2017 average sale price: $489,830
The average sale price for the month of March 2016 was $468,195.
'Average price' data can of course be skewed by a few high dollar sales, or by low dollar sales. I'm not suggesting that this is proof that the market has hit bottom and is taking a turn for the positive, but it sure is interesting data, and its definitely nice to see some stability in prices!