What a wild ride Calgary Real Estate has been for the past year. Now, more than ever, it is important for all buyers, sellers and investors to stay informed! Knowledge is your greatest asset, and Team Ken Richter is here to support you every step of the way.
The Calgary Real Estate Board has released its monthly market update, capturing the trends observed in September. The big highlight of their report is that as we come to the end of the final quarter, the Calgary real estate market has been leveling back to much more normal conditions. A seller’s market remains, but the type of home people are looking for has shifted. Interest in larger detached homes is easing as buyers seek more affordable options amidst rising interest rates and inflation.
Here are some more key points from their report summary:
- “With 1,901 sales in September, activity is still far stronger than levels achieved prior to the pandemic and is well above long-term trends for September. Despite recent pullbacks in sales… year-to-date sales remain 15 per cent higher than last year’s levels.”
- “In September, new listings declined by ten per cent. With a sales-to-new-listings ratio of 72 per cent, it was enough to prevent any gain in inventory levels, which declined over last month and were nearly 21 per cent lower than last year’s levels.”
- “While prices have slid from the highs seen in May, as of September, benchmark prices remain 11 per cent higher than last year and six per cent higher than levels reported at the beginning of the year.”
Calgary Real Estate Board chief economist Ann-Marie Lurie writes, “while demand is easing, especially for higher priced detached and semi-detached product, purchasers are still active in the affordable segments of the market, cushioning much of the impact on sales. At the same time, we are seeing new listings ease, preventing the market from becoming oversupplied and supporting more balanced conditions.”
All that to say, it will be interesting to see how the year closes out! Did you know that listing by year’s end comes with many benefits? Call us directly at 403-630-6363 or email Ken@KenRichter.com to learn how and make your move!