The average days on the market to sell a home rose to 46 in May, up from 37 last year

Mario ToneguzziThe tough ride for Calgary’s resale housing market continued in May.

According to the Calgary Real Estate Board’s website, MLS sales in the month fell to 1,726, which represented a year-over-year plunge of 18.39 per cent.

The drop in sales coincided with soaring levels of listings.

New listings of 4,368 in May were up by 13.04 per cent compared with a year ago.

Active listings at the end of the month rose by a whopping 36.01 per cent year over year to 8,450.

Naturally the law of economic supply and demand took effect with falling prices.

In May, the median price of $427,250 was down 4.63 per cent from a year ago while the average MLS sale price dropped by 3.29 per cent to $487,665.

In this environment, it’s taking longer to sell a property. The average days on the market to sell a home rose to 46 in May, up from 37 last year.

Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.


MLS salesThe views, opinions and positions expressed by columnists and contributors are the author’s alone. They do not inherently or expressly reflect the views, opinions and/or positions of our publication.

You must be logged in to post a comment Login