Calgary Real Estate Market Update for September 2017
- Sales decrease while inventory increases, although overall sales still higher year-to-date compared to 2016 -
With strong sales activity in the first six months of the year, residential sales year-to-date in the City of Calgary remain 7 percent higher over the same time frame in 2016; however, these figures remain approximately 11 percent lower than long-term averages.
The problem with rising inventory and lower sales volumes will be a challenge for the market heading into the colder seasons – which usually are paired with less activity in all segments. A total of 6,861 units were in market inventory last month, with attached and apartment-style properties seeing the largest gains on record for September.
This rise has prevented further price recoveries, but should be expected speaking from a historical standpoint where housing benchmarks did not recover until further economic improvements were made.
September 2017 Real Estate Market Facts & Statistics
- 3,266 total new listings in September, 10 percent higher on a year-over-year basis
- $441,500 unadjusted benchmark price across all sectors, 0.2 percent lower than last month but 1 percent higher year-over-year
- Detached home prices remain somewhat stable on a year-over-year basis
- Condo benchmark prices remain 4 percent lower year-over-year and 12 percent lower than high’s seen in 2014
- North and Southeast sectors saw record-high inventory levels for the month of September due to new construction projects
- East, West, South and Southeast areas of the city saw improvement in third-quarter sales year-over-year
- Only the northeast, South and East districts have detached benchmark price levels that are lower year-over-year
- Most city-wide inventory gains were in the attached $300K to $400K range
- At $336,000, the row, attached benchmark price remains relatively unchanged for two straight months
- Semi-detached product benchmark pries remain almost 4 percent higher year-over-year
- Row product benchmark prices are approximately 4 percent lower year-over-year
Ask a REALTOR®…
Calgary’s market is dynamic and ever-changing; while one segment experiences slipping benchmark prices, another may see no losses or even slight gains, for example.
Therefore, if you’re in the market to buy and / or sell property in Calgary, it’s best you seek the advice of an experienced REALTOR® who has intimate knowledge of market conditions and can provide you with unparalleled service and advice throughout your transaction.
More Market Updates
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