Calgary Housing Stats - March 2020

COVID-19 puts a damper on the housing market.

March ended up seeing a total sales number of 1,177, down 11.3% from March of 2019. New listings totalled 2,418, down 18.8% from this time last year. With a median price of $410,000, down 0.61%, the total inventory ended up at 5,782, down 12.54% from last year.

March sales started out strong, but things changed quickly mid-month with the announcement of the COVID-19 pandemic, which is affecting everyone and every industry in one way or another.

“This is an unprecedented time with a significant amount of uncertainty coming from both the wide impact of the pandemic and dramatic shift in the energy sector. It is not a surprise to see these concerns also weigh on the housing market,” said CREB® chief economist Ann-Marie Lurie.

By the end of March, sales activity had fallen 37% lower than long-term averages, causing the lowest recorded sales since 1995. We can expect higher-than-expected price drops due to the continued effects of the current pandemic situation.

For a more detailed report of area, property type, days on the market and other data, please don’t hesitate to contact us and we’d be more than happy to provide you with whatever information you’re looking for.

Above data applies to real estate sales in Calgary, Alberta and is courtesy of the Calgary Real Estate Board.