The 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.
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