by Ken Richter
on Tuesday, October 6th, 2020 at 3:26pm.
The Calgary Real Estate Board has released their statistics summary giving you the low down on what happened in the real estate market last month in September 2020. If that sounds like a boring read, here is one very important reason why you should care: the people who are most successful in real estate are those that are informed. The information that the Calgary Real Estate Board provides is packed full of details you do not want to miss. Next to your real estate agent, it is the best place to go to learn about the market so you can strategize how to get the most out of buying, selling or investing.
Here are some of the highlights from the September 2020 summary to give you important insight into what October 2020 and beyond could look like:
"September sales activity jumped to 1,702 units, the strongest September total since 2014."
"The increase in sales relative to new listings did prevent any monthly gains in inventory levels, but supply in the market is still down 12 per cent compared to last year."
"CREB chief economist Ann-Marie Lurie notes, 'the recent rise in new listings, combined with low lending rates and softness in prices, has helped support some of the recent upward trend in sales. However, conditions vary significantly based on the price range and property type.'"
"The current 3.7 months of supply represents the most balanced conditions seen for September in over five years. This has helped support some of the recent monthly gains in prices."
"Total residential benchmark prices have trended up over the past three months, resulting in September prices that are similar to prices recorded at the same time last year."
"The impact of COVID-19 is still present. Considerable risk also weighs on the housing market due to economic uncertainty and a struggling labour market."