New Listings Surge in Higher Price Ranges
The Calgary real estate market experienced a notable rise in new listings, particularly among higher-priced homes. However, sales in September totalled 2,003, marking a 17% decline from last year's record levels. Despite this decrease, sales were still over 16% higher than the typical figures for September.Market Dynamics
New Listings: September saw 3,687 new listings—the highest for the month since 2008. This influx helped push inventory levels to 5,064 units, nearly double the low levels of spring but still below the 6,000 units typically seen in September.
Months of Supply: The months of supply reached 2.5, indicating a shift towards more balanced market conditions. While still favouring sellers, this increase offers more options for buyers.
Price Trends
The unadjusted benchmark price for September stood at $596,900, slightly lower than last month but over 5% higher than the previous year. Notably, detached homes saw nearly 9% growth, while apartment condominiums surged nearly 14%.
The unadjusted benchmark price for September stood at $596,900, slightly lower than last month but over 5% higher than the previous year. Notably, detached homes saw nearly 9% growth, while apartment condominiums surged nearly 14%.
Segment Insights - Calgary market
Detached Homes:
Sales over $700,000 increased by 9%, but this was not enough to offset a significant decline in the under $600,000 market. September sales totaled 942 units, down 17% from last year.The unadjusted benchmark price for detached homes is $757,100, reflecting nearly 9% annual growth, though monthly adjustments are typical in the fall.
Semi-Detached Homes:
With 299 new listings and 182 sales, the sales-to-new listings ratio improved to nearly 61%. Despite rising inventory, levels remain about 33% below long-term September trends.The unadjusted benchmark price eased slightly to $678,400, but is still over 9% higher than last year.
Row Homes:
September brought over 600 new listings, with more than 70% priced above $400,000. Sales totaled 377 units, slightly below last year's levels.Inventory rose to 747 units, while the unadjusted benchmark price is $459,200, reflecting a 10% increase year-over-year.
Apartment Condominiums:
Strong new listings continued, totaling 993, but sales dropped to 502 units, resulting in a sales-to-new listings ratio of 50%. This led to an inventory increase to 1,623 units.The unadjusted benchmark price is $345,000, which is 14% higher than last year, with year-to-date prices averaging a remarkable 17% increase.
Regional Market Snapshots
Airdrie:
Inventory levels rose to 349 units with 151 sales in September, leading to a months of supply increase to 2.3. The benchmark price is $551,000, nearly 7% higher than last year.Cochrane:
New listings and a balanced sales-to-new listings ratio helped inventory rise to 174 units. The benchmark price remains stable at $578,300, nearly 9% higher than last year.Okotoks:
New listings supported inventory gains, reaching 106 units. The months of supply hit 2, with a benchmark price of $630,300—up nearly 1% from last month and 9% from last year.As we move into fall, the Calgary real estate market is adjusting to evolving conditions. While the rise in higher-priced home listings is promising, the challenges in the lower price ranges persist. Buyers and sellers alike should stay informed about these market trends to make the best decisions moving forward. If you're looking to enter the real estate market as a first time home buyer, now is a great time to invest in your first condo.
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- Claire