Continued Low Supply of Inventory Favours a Seller’s Market
Since the winter months, there has been a noticeable improvement in sales and new listings, as is often the case with the arrival of the Spring market, with both up 58% and 87% respectively since last month. However, they have yet to reach the high levels in 2022.
Meanwhile, inventory levels have also increased 20%, with 155 properties currently available, representing a 78% rise from the same period last year. However, this gain in units available and in sales is resulting in the months supply of inventory to once again fall below two months. The result is a market that continues to favour sellers.
Looking at the trends of the past couple of years, prices have risen over 20% since 2021. However, it's worth noting that overall prices have slightly declined since this same period last year, likely attributed to factors including the rise in lending rates, gains in migration to Alberta from other provinces, and job growth. Nevertheless, the most significant factor contributing to the absence of widespread price drops is the lack of inventory, particularly for lower-priced properties.