Calgary Real Estate Market Statistics September 2021
Sales remain strong in September
The month of September reached a total of 2,162 sales for the month, close to the recorded high for the month in 2005. New listings have gained momentum, supporting some of the growth experienced this month.
"While sales activity in the fall tends to be slower than in the spring months, the continued strong sales are likely being driven by consumers who were unable to transact earlier in the year when supply levels had not yet adjusted to demand," said CREB chief economist Ann-Marie Luire. "The market continues to favour the seller, but conditions are not as tight as they were earlier this year.
September inventory levels eased to 5,607 units while keeping the month supply below three months. Noting that there is a significant variation on property types with the tightest conditions to be the detached market with under a two-month supply. Further noting that the apartment condominium sector is faced with a nearly five-month supply of inventory based on the current demand levels, certainly not the same supply challenge.
The changing supply adjustments have helped to relieve the upward pressure on home prices. Although prices remain well above the levels recorded earlier this year, they have eased slightly relative to a few months ago. As of September, the total benchmark price of $457,900.00 in Calgary is over eight per cent higher than levels recorded last year.
Houseing Market Facts
Detached Calgary Real Estate
Calgary recorded 1,268 sales for the month of September, which is a significant gain relative to last year and 30 per cent higher than the longer-term trends. Sales this month improved across all price ranges except homes in the lower price range of under $400,000.00, which may be due to limited supply choice.
Looking at the year-to-date prices, they have improved across the districts with gains ranging from a low of five per cent in the City Centre to nearly twelve per cent in the South East. The City Centre is the only district where prices have remained lower than any previous highs. The benchmark prices of $537,500.00 for detached homes in September has trended down slightly from the record high set in July, but it remains nearly 10 per cent higher than last year.
Semi-Detached Calgary Real Estate
Many consumers have chosen the semi-detached sector as the solution to the decreased choices in the lower price ranges for detached homes. Sales year-to-date are over 45 per cent higher than the long-term trends and have reached new record highs with 2,005 sales so far this year. The improvement in new listings was in part responsible for the improvement in sales. The sales-to-new-listings ratio for this sector has been averaging below 70 per cent over the past several months. The semi-detached sector is still nowhere as tight as the detached sector with an average of 80 per cent.
Conditions for the semi-detached have not been as tight but have shown substantial price gains this year. September shows to be a slightly lower month with the benchmark price at $424,900.00 but is eight per cent higher than last year’s levels. As we saw with the detached sector, the semi-detached sector’s slowest price growth was seen in the City Centre. When we look at the year-to-date prices, they remain below previous highs in the City Centre, North East and South districts.
Townhouse / Row Calgary Real Estate
September produced 318 sales, pushing up the year-to-date sales to 3,057 which is 62 per cent above the long-term trends and on pace to hit record levels this year. Sales have risen across every district with the most growth being experienced in the South East district.
New listings did improve in the month of September, but it was not enough to prevent a decline in the inventory levels. The total months of supply is less than three months, remaining relatively low and is well below traditional levels for this time of year. Unlike the detached and semi-detached sectors, row prices remain below any previous highs across all districts in the city. Tighter conditions have supported the price growth across all districts so far for 2021
Apartment Calgary Real Estate
The increase of new listings for the month of September has translated into some gains in sales activity. Having said that, with the sales-to-new-listings ratio at 58 per cent, the inventories will trend upward relative to the previous month and last year’s levels.
September’s months of supply remained just below five months which is far lower than recorded last year and over the past five years. The apartment sectors conditions have generally been more balanced compared to other sectors, preventing strong price gains. On a year-to-date basis, the citywide benchmark prices have improved by almost three per cent but they still remain over 14 per cent lower than previous highs.
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