The stats are in for the month of September thanks to CREB (The Calgary Real Estate Board).
Here are the highlights:
- September sales activity totaled 1, 272 units, a 13 per cent decline since last year. This is far below long-term averages.
- There were decreased sales in all product types (detached, row, apartment, semi-detached), but it was the worst for the detached market.
- CREB® chief economist Ann-Marie Lurie says: "Calgary's economy continues to struggle with unemployment, which rose again last month to over eight per cent. Concerns in the employment market, higher lending rates and shaken confidence are weighing on housing demand. At the same time, supply levels continue to remain high, resulting in persistent oversupply and price declines."
- The total amount of inventory on the market in September was 7,941 units. This is major oversupply when you compare it to the mere 1, 272 units sold, which has put pressure on prices to decline.
- The average amount of time a home sat on the market before being sold was 6.25 months.
- The benchmark price for a home in September in the city of Calgary was $428,700. Just as before, this is 1 per cent below last month and three per cent below last year's averages.
- CREB® president Tom Westcott notes: "This is the new normal of Calgary's real estate. Some potential buyers may want to take advantage of the market conditions, but they face difficulties selling their existing home based on their expectations. This prevents them from purchasing something else."
- "The Calgary economy continues to struggle, but there are some signs of improvement in the rental market, which could contribute to a slow reduction in overall housing supply."
To read a more in-depth report on these statistics CLICK HERE.
If you have any questions please call me at 403-630-6363. I would be happy to answer any of your questions and to talk through your options with you.