Single-family new infill sales trend lower as inventories continue to rise while new infill townhomes remain steady.
Single-family new infills posted 20 sales during the month of September, up from 16 sales recorded last month and down from the 27 sales recorded in September of last year.
Single-family new infill inventory has increased to 151 active listings for sale, up from the 134 active listings recorded last month, but is still down from the 156 active listings recorded at this time last year.
New infill townhomes posted 5 sales during the month of September, slightly up from the 4 sales recorded last month but considerably up from the single sale recorded in September of last year.
New infill townhome inventory has increased slightly to 19 active units for sale, up from the 18 active units recorded last month and up from the 13 active units recorded at this time last year.
We anticipate new infill markets to remain relatively steady this fall, with a slight tapering of both sales and inventory as we approach the end of the calendar year.
CALGARY MARKET UPDATE (CREB)
City of Calgary, October 1, 2024 - Rising sales in the upper price ranges were not enough to offset the pullback occurring in the lower price ranges, as sales in September were 2,003, 17 percent below last year's record high. Despite the decline, sales this month were still over 16 percent higher than levels traditionally achieved in September.
“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market. While the challenges in the lower price ranges are not expected to change, improved supply combined with lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that contributed to the rapid price growth earlier this year.”
New listings in September rose to 3,687 units, the highest September total since 2008. This rise in new listings compared to sales did support some inventory growth. September inventory levels pushed up to 5,064 units, nearly double the exceptionally low levels reported in the spring, but remain below the 6,000 units we typically see in September.
Improving inventory levels compared to sales is continuing to shift our market toward more balanced conditions. In September, the months of supply reached 2.5 months. While this is a gain over last year’s record low, conditions are still tilted in favour of the seller.
Additional supply in the market has taken some of the pressure off home prices over the past few months, following stronger-than-expected gains throughout the spring. In September, the unadjusted benchmark price was $596,900, slightly lower than last month but over five percent higher than last year’s levels. Year-over-year gains ranged from nearly nine percent growth for detached homes to nearly 14 percent gains in the apartment condominium market. The gains for each property type outpaced the growth in total residential prices, mostly due to the shifting composition of sales.