Calgary Real Estate Market Statistics October 2021
The market continues to favour the Seller throughout the month of October
The month of October produced 2,186 sales, a record high for October and over 35 percent higher than the long-term average. The year-to-date sales are on track to hit a new record high with 61 percent higher activity over the past five years and 42 percent higher than the 10-year averages.
"Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city", said CREB chief economist Ann-Marie Lurie. "Much of the persistent strength is likely related to improving confidence in future economic prospects, as well as a sense of urgency among consumers to take advantage of the low-lending-rate environment."
The new listings have improved in relation to last year, with stronger sales causing further easing in the inventory levels, which have remained 16 percent under last year and the longer-term averages for the month. The supply levels struggled to keep pace with demand, although much of the decline in the months' supply was due to the strong sales levels. As of October, the supply had dipped to just over two months.
The tight market conditions have caused a benchmark price gain for this month. The benchmark price for this month has reached $460,100, which is slightly higher than September and almost 9 percent higher than last October coming in at $422,600.
Housing Market Facts
Detached Calgary Real Estate
Detached home sales have improved by 17 percent compared to last year, thanks to gains in most districts. The most affordable districts in the city which are showing the strongest growth occurred in North East and East districts.
The sales-to-new-listing ratio for detached homes rose to 99 percent with 1,350 new listings and 1,333 sales but inventories fell to 2,063 and the month supply dropped below two months.
In the month of October, we experienced a further tightening of the detached market resulting in pressure on the home prices. The detached home reached $540,000, up nearly 1 percent over last month but 10 percent higher than reported last October. On a year-to-date basis, the price growth has been the strongest in the North and South East districts with prices increasing over 11 percent.
Semi-Detached Calgary Real Estate
Sales continued to improve for semi-detached homes over the month of October, contributing to a year-to-date high. New Listings did ease throughout the month and the sales -to-new-listings ratios increased to 98 percent while inventories fell. Although the months of supply trended down over the past several months creating pressure on the pricing in this sector.
The benchmark for semi-detached rose to $427,800 for the month, nearly 9 percent hight than last year. Year today, sales have improved across every district, with the tightest conditions having been experienced in South East and North districts. Both of these districts have experienced the highest year-to-date gains, exceeding 10 percent.
Townhouse/Row Calgary Real Estate
The row sales market remained relatively strong in October, thanks to improvements in most districts. Unlike other sectors, row housing saw a significant increase in new listing compared with last years levels, preventing a large decline in inventory and pushing the months of supply back above 3 months.
The market is not as tight as it was last month but did vary significantly by district with the conditions being far tighter than levels typically seen during this time of year.
Although prices did trend up this month, prices have not recovered from previous highs. So far this year, the largest gains have been for row homes in both the East and North East districts with benchmark prices have averaged less than $200,000 for 2021.
Apartment Calgary Real Estate
October condominium sales were strong relative to both last year's levels and the long-term averages, thanks to improvements across the city. Almost half of the sales occurred in the City Centre, the only district to see monthly sales trend upward significantly compared to last month. October benchmark price was over 3 per cent lower than last year's levels and trended down from last month, this being attributed to price adjustments in the district. The decline in the City Centre prices is offsetting the gains recorded in the other parts of the city causing citywide prices to remain relatively unchanged from last October.
Condominium prices have improved over 2 percent compared with last year, with gains ranging from less than 1 percent in the City Centre to over 6 percent in the West district. We are not seeing the price gains in apartments as we have seen in other property types, as the same supply challenges have not existed in this sector.
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