The September stats have been released from CREB, and for the third consecutive month, sales activity improved over last year’s figures, and year-over-year new listings and inventories eased. This trend will help support more stability in the housing market.
“Price declines have likely brought some buyers back into the market,” said CREB® chief economist Ann-Marie Lurie, noting improvements in the market continue to be driven by homes priced below $500,000.
In the condominium apartment market, sales improved by 16 per cent this month. This represents the segment’s best September since 2015. Year-to-date growth in both the attached and apartment sector were enough to offset the modest decline in the detached sector resulting in year-to-date sales growth of nearly one per cent in the city.
Despite improving sales and reductions in inventory, the overall market remains oversupplied. This continues to weigh on prices and keeping prices lower.
HOUSING MARKET FACTS
Detached – Year-to-date sales remain nearly one per cent lower than last year’s levels, and benchmark prices in September ranged from a year-over-year decline of more than four per cent in the South district to general stability in the North East, North and West districts.
Apartment – Sales improved by 16 per cent this month, making it the best September recorded in the past three years. Oversupply continues to weigh on prices in this segment, as unadjusted prices remain 17 per cent below 2014 highs.
Attached – Sales increases for both semi-detached and row product have improved year-to-date attached sales by more than five per cent compared to last year. Buyers’ market conditions persist and prices continue to ease. Year-to-date benchmark price declines are between 3-6 percent.
REGIONAL MARKET FACTS
- Conditions in the resale market continue to show signs of growth. Sales activity improved in September, and new listings eased.
- As of September, the unadjusted benchmark price was nearly two per cent lower than last year’s levels.
- Sales in the area continue to improve and year-to-date levels remain the third-highest on record.
- Inventories are starting to trend down. If this continues, the market should move into more balanced conditions and, eventually, support some price stability.
- Sales activity continues to recover from the low levels recorded last year.
- The market has been trending into balanced conditions, but prices have been slow to react. Year-to-date benchmark prices remain just over four per cent lower than last year’s levels.
If you have any questions about Real Estate in Calgary and surrounding areas, please call me today! I’d love to help!
Bruce Voigt – REALTOR / C.C.S.
MaxWell Canyon Creek