October Real Estate Update 2019

September stats show that for the third consecutive month, the year-over-year data shows improved sales activity and the ease of new listings and inventory. However, the benchmark price is still 25% lower than last year. This trend is showing stabilization in the market but there is still a downward push on prices.

It is still a buyer’s market.

The stats are trending in the right direction but the market is still oversupplied. September’s inventory levels were at 6,889 units. Although it is 13% less than in September 2018, Calgary is still sitting at five months of inventory.

 

Calgary-Real-Estate-Inventory-Pricing-Levels-Graph-September-2019

City of Calgary Media Release:
October 1, 2019
HOUSING MARKET FACTS

Detached

  • Improvements in sales over the past three months were not enough to offset pullbacks that occurred earlier in the year, as year-to-date sales remain nearly one percent lower than last year’s levels. Despite citywide declines, sales improved in both the North West and South districts, thanks to significant gains in sales of homes priced below $500,000.
  • The months of supply remains elevated at over four months, although this is an improvement compared to the same time last year.
  • Benchmark prices in September ranged from a year-over-year decline of more than four percent in the South district to general stability in the North East, North and West districts.

Apartment

  • Sales improved by 16 percent this month, making it the best September recorded in the past three years. Despite recent improvements in sales, year-to-date levels remain stable compared to last year, but well below longer-term trends.
  • Condominium apartment sales were varied across the city. Significant growth was reported in the North and South East districts. Both districts have seen significant new-home development which could be influencing resale activity.
  • Oversupply continues to weigh on prices in this segment, as unadjusted prices remain 17 percent below 2014 highs.

Attached

  • Sales increases for both semi-detached and row product have improved year-to-date attached sales by more than five percent compared to last year. It is the only product type that has recorded significant gains year-over-year.
  • New listings continue to ease, reducing inventory and the months of supply.
  • Despite some annual reductions in the months of supply, buyers’ market conditions persist and prices continue to ease. Year-to-date benchmark price declines ranged from a high of nearly six percent in the City Centre to a low of three percent in the North East.

 

For the detailed market statistics from the Calgary Real Estate Board for September 2019 click HERE.

Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn or other areas in the Calgary region.

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