The Calgary Real Estate Board says the city set a new April record last month as the benchmark price of a home sold reached $550,800.
The Alberta board says the price amounts to a two per cent increase from March and a 1.19 per cent increase from a year ago.
The increase in the benchmark price came as the actual average price of a home sold in the city last month was $549,524, a roughly three per cent rise from a year ago.
The board says the number of sales tumbled almost 21 per cent to 2,690 over the same period, leaving the market with tighter conditions than were seen earlier in the year and when compared with April.
New listings fell nearly 32 per cent since last April to 3,133.
While sales activity is at a level the board expected, Ann-Marie Lurie, the Calgary board’s chief economist, says the steeper pullback in new listings has ensured that supply levels remain low.
“The limited supply choice is causing more buyers to place offers above the list price, contributing to the stronger than expected gains in home prices,” Lurie said in a statement.