With inventory at a continued elevated level and demand falling, prices are on a downward spiral.
All three measures of pricing took significant hit in February’s MLS numbers. The benchmark price of $414,400 was down 4.65 per cent from a year ago. The median price of $399,900 dropped by 5.91 per cent and the average MLS sale price plunged by 6.47 per cent to $461,092.
“It is not a surprise that slowing activity in the housing market has persisted into February,” said Ann-Marie Lurie, the board’s chief economist.
“There has been no substantial change in the economic climate and concerns regarding potential layoffs in the energy sector are weighing on confidence.”
The board said the citywide benchmark price was more than 10 per cent below highs recorded in 2014.
MLS sales for the month dropped by 10.38 per cent year over year to 976 and total dollar volume of sales was off by 16.18 per cent to $450 million.
New listings were down 7.99 per cent year over year to 2,211 but the inventory of homes for sale at the end of the month remained 13.02 per cent higher than last year at 5,885.
It’s taking longer to sell a home in Calgary as the average days on the market rose to 64 from 51 a year ago, representing a hike of 23.57 per cent.
And the months of supply figure, which measures the amount of time it would take to sell all the inventory at the current pace of demand, was up 26.11 per cent to 6.03.
– Mario Toneguzzi for Calgary’s Business