The Alberta Real Estate Association (AREA) divides Alberta into seven zones, issuing monthly statistical reports for each one. The zones are Grande Prairie, Fort McMurray, Edmonton, Red Deer, Calgary, Lethbridge and Medicine Hat. Real estate in Alberta’s municipalities stabilized in April with all markets favouring sellers, as new listings, even as they increase, are snapped up by buyers who have been on the sidelines up until this year, reports AREA’s chief economist Ann-Marie Lurie. Here are the April real estate statistics for Calgary, Lethbridge and Medicine Hat, as compiled and reported by Lurie. Calgary The pace of growth in Calgary slowed slightly in April, compared to earlier this year, however, sales are 37% higher than the long-term trends for the month. “Much of the sales growth has occurred for relatively more affordable, higher-density products,” reports Lurie. “There were 3,491 new listings in April, an 11% increase over last year and only three percent higher than long-term trends.” “The rise in new listings compared to sales prevented any further deterioration of the inventory situation. However, with 2,711 units in inventory, levels are 16% below last year and half of what is traditionally seen in April.” Calgary’s sales-to-new-listings ratio remains high at 83%, with months of supply at less than one month. “Conditions continue to favour the seller, driving further price gains in the market,” writes Lurie. “In April, the unadjusted total residential benchmark price reached $603,700, a one percent gain over March and nearly 10% higher than last year's levels.” All property types and districts of the city saw price gains, with the strongest growth occurring in the more affordable districts of the city. Total April sales in Calgary were 2,881 homes (a seven percent increase year-over-year) including 1,321 single-family homes, up one percent at an average price of $749,000; 255 semi-detached homes, up nine percent at an average price of $668,400; 483 row homes, up 12% at an average price of $458,100 and 882 apartments, up 78% at an average price of $346,200. Lethbridge New listings increased six percent year-over-year in April reaching 236 units, however sales also increased keeping the sales-to-new-listings ratio high at 83%, negating any significant adjustment to inventory levels. “In April there were 297 units in inventory, over 30% below last year's levels and long-term trends for the month,” writes Lurie. “The low inventory levels compared to sales ensured the market continued to favour the seller, placing further upward pressure on home prices.” “Year-to-date average prices have risen by over 11%, with the strongest price gains occurring for detached homes at just over 15%.” Total April sales in Lethbridge were 193 homes (a five percent increase year-over-year) including 126 single-family homes, down six percent at an average price of $429,256; 14 semi-detached homes, up 75% at an average price of $335,629; 30 row homes, up 67% at an average price of $282,173 and 23 apartments, up five percent at an average price of $216,700. Medicine Hat After a slow start to the year, rising sales in April offset earlier pullbacks, taking year-to-date sales to levels about the same as last year. “The growth in sales in April was possible thanks to gains in new listings. However, with 127 new listings and 117 sales, the sales-to-new-listings ratio remained elevated at 92% and inventory levels trended down at a time when we typically see improvements,” writes Lurie. “The decline in inventory and a gain in sales caused the months of supply to fall relative to last month and last year. With just over one month of supply, conditions are favouring the seller and driving price growth.” “Year-to-date average prices have increased by eight percent. Prices have risen across most property types, with faster growth occurring for the relatively more affordable row and apartment-style product.” Total April sales in Medicine Hat were 117 homes (a 22% increase year-over-year) including 79 single-family homes, up 20% at an average price of $383,696; seven semi-detached homes, down 42% at an average price of $313,786; 14 row homes up, 180% at an average price of $242,748 and 17 apartments, up 31% at an average price of $213,868.
