The October Calgary Real Estate Statistics Summary is officially available!
Here are some key points from this months statistics report:
- Inventory levels in Calgary are up, sales in Calgary are down. This continues to put downward pressure on prices.
- Citywide benchmark prices for October totaled $426,300, which is the fifth consecutive month there prices have been in decline.
- Benchmark prices now sit at 2.9 per cent below year-over-year averages.
- In October there were 7,345 properties on the market.
- In October there were 1,322 sales across the City of Calgary.
- Months of supply is now 5.6, well above levels typical of this time of the year.
- Lower price ranges are seen sales improvement
- High end price ranges have had significant inventory gain, causing an impact on pricing expectations.
Here is what Calgary Real Estate Board's experts have to say:
- “Job growth in this city remains a concern, as unemployment levels remain well above levels expected for this year. Rising costs of ownership also continue to weigh on housing demand. At the same time, housing supply levels are not adjusting fast enough to current conditions, resulting in price adjustments.” - CREB® Chief Economist Ann-Marie Lurie
- “With these types of market conditions, many potential buyers should be able to find the home that they are looking for with well priced listings appearing in certain price ranges. Sellers need to manage expectations and have accurate data in order to be aware of what is selling in their community.” - CREB® president Tom Westcott
In this market, it is more important than ever that you stay informed. Whether you are buying, selling, investing, renting, listing or just starting to think about listing, knowledge is power. Here are some things you can do to stay informed by trusted sources:
- Regularly check www.creb.com for market updates and in-depth statistics information.
- Follow us on Facebook for breaking real estate news, events and helpful blogs!
- Sign up to receive The Richter Review, our monthly newsletter that always includes an in-depth look at what is happening in the real estate market.
(Image Via Canva)