Here's what is happening in today's market... Strong sales for condominium apartment and row properties was not enough to offset declines reported for other property types. This caused city
October 3, 2022 Calgary real estate shifting to more affordable options.
Dated: October 4 2022
Here's what is happening in today's market...
Strong sales for condominium apartment and row properties was not enough to offset declines reported for other property types. This caused city sales to ease by nearly 12% compared to last year.
However, with 1,901 sales in September, activity is still far stronger than levels achieved prior to the pandemic and is well above long-term trends for September. Despite recent pullbacks in sales, and thanks to strong levels earlier in the year, year-to-date sales remain 15% higher than last year’s levels.
“While demand is easing, especially for higher priced detached and semi-detached product, purchasers are still active in the affordable segments of the market, cushioning much of the impact on sales,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, we are seeing new listings ease, preventing the market from becoming oversupplied and supporting more balanced conditions.”
Taking into consideration all home types, new listings in September declined by 10%. With a sales-to-new-listings ratio of 72%, it was enough to prevent any gain in inventory levels, which declined over last month and were nearly 21% lower than last year’s levels. The adjustments in both sales and supply levels have caused the months of supply to remain relatively low at less than 3 months.
Using a quote of my mentor Bob Coutts, a realtor with over 25 years of experience in Calgary' market. When asked " when is the best time to sell?" Consistently, he would reply " the best time to sell is when inventory is low." The shift to more balanced conditions is causing some adjustments to homeprices.
While prices have slid from the highs seen in May, as of September, benchmark prices remain 11% higher than last year and 6% higher than levels reported at the beginning of the year.
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