Official figures are in from last month's real estate activity in Calgary - a few takeaways from the CREB Release:
1. Sales reached a RECORD HIGH of 2,441 last month (year-to-date sales still 12% lower than last year's levels)
2. IMPROVING sales-to-new listings ratio, now at 76% (from 87% in August)
3. Continued SUPPLY CONSTRAINT on inventory levels – 24% lower than this time last year
4. Benchmark residential price of $570,000, similar to August ($570,700) – still 9% higher than last year (across all residential property types)
https://s.followupboss.com/public_attachments/100841ff-8c21-46ca-a1db-808192e23898/September%202023Housing%20Stats%20sm.png" alt="September%202023Housing%20Stats%20sm.png" class="CToWUd a6T" data-bit="iit" tabindex="0" style="cursor: pointer; outline: 0px;" />Property Type Takeaways:
Detached Market (Single Family)
• Benchmark price of $696,100 still remains 11% higher than the same time last year, with the East district of Calgary seeing a 20% YoY gain, vs. 9% within City Centre
Semi-Detached Market (Half Duplexes)
• Improving inventory levels, however with 295 units available, we haven't seen inventory this low since 2005!
• September prices ease slightly, but benchmark prices of $621,000 still represent an 11% higher the same time last year
Townhouses
• Also improving inventory relative to August, but conditions still represent a very tight market with less than one month of supply and continued upward pressure on prices
• Benchmark prices reach $419,900 (1.5% month over month, and 17% higher than the same time last year) - seen across all city districts
Apartments
• New listings in September where the highest reported for September, leading to record high sales
• Higher lending rates and tight rental market conditions have kept demand for apartments strong, and the market continues to remain strong at 1.5 months of supply
• Benchmark prices reach $312,800, 12% over last month and 15% higher than the same time last year