The strong sales for both condominium apartment and row properties was not enough to offset the declines reported for other property types. City sales eased by nearly 12% compared to last year. With 1,901 sales in September, activity is still far stronger than levels prior to the pandemic and is well above long-term trends for September. With 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.
In September, new listings 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 three months and 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% higher than last year and 6% higher than levels reported at the beginning of the year.
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September 2022 - Calgary Real Estate Market Update
Posted in Housing Market Update