The housing market in Calgary has improved as compared to December of last year. November 2019 saw a decrease in sales in the apartment sector as compared to last year’s levels.
Simultaneously, inventories had eased out enough that the amount of surplus supply decreased. All of this is attributed to the new listings easing the adequate number of sales.
As quoted by CREB® chief economist Ann-Marie Lurie, “Due to levels of uncertainty in the market and current economic conditions, sales activity is being influenced, causing sales activity to stoop to lower levels. Thus, achieving stable market conditions will take time.”
“Due to the continuous rise in the supply, the surplus eases the market with its weigh on prices.”
The benchmark price in November city-wide was $419,100 – which is a little below last month’s level and 2% lower than last year,
According to pricing, location, and type of product, market conditions keep evolving. For instance, in the East, prices have a declining trend of nearly 8% for row products to a 2% increase for less relevant products in the North district.
Relative to demand, high supply in retail stores, resale markets, and new-home often cause large price falls.
CALGARY HOUSING MARKET STATS
Detached Homes for Sale in Calgary
- Mainly due to growth in the $400,000- $500,000 range, detached homes for sale have improved in November as compared to the levels last year. By records, although, sales in November and general transactions have remained low.
- Year-to-date sales, when compared to last year’s levels, are 20% below longer-term trends; however, there have been recent gains in sales activity. Detached sales this year, on the other hand, seemingly increased in South and North West areas.
- Inventories in this sector decreased due to betterment in sales and further declines in new listings. However, due to seasonal ups and downs, and trend basis, supply remains at a constant increase.
- The detached market is gradually but surely moving to more stable conditions just as the other sectors. But, the supply remains in excess, and it continues to weigh down on prices.
- A little below last month’s level and 2% lower than last year, the benchmark price in November city-wide was $419,100.
Apartment & Condo Sales in Calgary
- Mainly because of setbacks in the apartment and condos for sale in Calgary sector, sales activity remains comparable to last year’s levels and 21% below average.
- Due to setbacks in the City Centre, North West, and South East areas, there was a monthly decline in sales. In the North, West, and South East districts, however, sales have increased on a year to date basis.
- There were city-wide inventory gains this month due to an increase of new listings across most districts. The benefits were mainly a mere consequence of the rise in new-home listings entering the resale market.
- Increasing inventories, as well as fewer sales activity, delayed November months of supply to beyond seven months. This is greater than more than five months’ level of last year.
- Prices have been at ease due to a consistent surplus of supply. There has been a more than 2% decline in the year-to-date benchmark price.
Attached Homes for Sale in Calgary
- Hence remaining just below long-term averages, year-to-date sales remain more than 6% greater than last year’s levels.
- As compared to last year, new listings have eased this year with better sales activity. The monthly rises of last year are now easing up the inventory levels. Stable with the excess supply, the attached market pertains to better over last year’s levels.
- Prices of semi-detached products in November eased by 2% with comparison to last year. The City Center District experienced the most significant year to year declines.
- Compared with last year, row prices were better by almost 4%. There have been yearly decreases from greater than 7% in the North East area to nearly 2% in the North West and East areas.
Now more than ever it is extremely important to engage an experienced and market educated Calgary real estate agent like Jesse Davies. Jesse is an award-winning top producer at Re/Max house who has been a licensed realtor in the city of Calgary for over 12 years. Contact him or his team at 403.969.2363 or via email at [email protected].