Single-family new infills posted 17 sales during the month of September, a welcome improvement from the 9 sales recorded last month and much closer to the 24 sales posted in September of last year. Year-to-date single-family sales sit at 234, down just over 21% from the same period in 2021 and up almost 6% from the same period in 2020.
Single-family new infill inventory has decreased slightly, to 123 active listings, from 124 active listings recorded last month and down from the 155 active listings recorded at this time last year. Year-to-date average inventory sits at 121 active listings, down just under 17% compared to 2021 and down over 36% compared to 2020.
New infill townhomes posted 4 sales during the month of September, an improvement from last month's 3 sales, however still down considerably from the 9 sales recorded in September of last year. Year-to-date townhome sales sit at 62, down over 46% from the same period in 2021, however down only about 15% from the same period in 2020.
New infill townhome inventory has declined further to 17 active units for sale, from 20 active units recorded last month, and is down considerably from the 45 active units recorded at this time last year. Year-to-date average townhome inventory sits at 22, down over 51% compared to 2021 and down almost 65% compared to 2020.
As we move into the winter months, sales activity is expected to ease for the remainder of the year, especially given the restricted supply and trend of rising interest rates.
CALGARY MARKET UPDATE (CREB)
City of Calgary, October 3, 2022 – 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 per cent 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 per cent 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.”
In September, new listings declined by ten per cent. With a sales-to-new-listings ratio of 72 per cent, it was enough to prevent any gain in inventory levels, which declined over last month and were nearly 21 per cent 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 three months.
The shift to more balanced conditions is causing some adjustments to home prices. While prices have slid from the highs seen in May, as of September, benchmark prices remain 11 per cent higher than last year and six per cent higher than levels reported at the beginning of the 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 per cent 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.”
In September, new listings declined by ten per cent. With a sales-to-new-listings ratio of 72 per cent, it was enough to prevent any gain in inventory levels, which declined over last month and were nearly 21 per cent 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 three months.
The shift to more balanced conditions is causing some adjustments to home prices. While prices have slid from the highs seen in May, as of September, benchmark prices remain 11 per cent higher than last year and six per cent higher than levels reported at the beginning of the year.