November 2022 Calgary Real Estate Statistics
Calgary Real Estate Market Statistics for November 2022
Sales in the city residential industry have slowed to 1,648 units, a year-over-year decline of 22 percent , but 12 per cent above the average over the 10 past years.
The reduction in price and demand over the past six months was not enough to eliminate gains from the beginning of the year as year-to-date sales settle nearly 10 per cent above last year's record high. Year-to-date sales development has been navigated by a rush in both apartment condominium and row sales.
A decrese in sales was join together with a reduction in newer listings and inventories had fallen to the lowest level recorded in November since the year of 2005. The reduction in sales and new listings kept the several months of supply rather tight at below two months. The tighest conditions are happening in the lower-price areas as supply has been growing through the driving of gains in the upper-end of the market.
Price have trickled down from the peak reached in May of this year, regalrdless of the lower supply levels. November benchmark prices still remain to stay nearly nine percent higher than levels recorded last year, even with the adjustments that have occurred.
According to the year-over-year falling of nearly 34 percent and the year-to-date falling of the five percent, detached sales have slowed across every price range this month. On a given yea-to-date basis, sales have loosened for homes priced under $500,000 as the level of new listings in this price range has fallen by over 36 per cent limiting the options for consumers looking for affordable product.
New listing and supply options did enhance for higher-priced properties creating more stable conditions in the upper-end of the market. Implications on price pressure in the market differ because of this.
The standard price in November fallen to $619,700, down from the peak in May of $648,500. While prices have eased over the past several months, they continue to stay nearly 11 per cent above than levels recorded last year.
The fallback of sales this month was enough to cause the year-to-date sales to ease by almost one percent compared to last year. For the city, year-to-date sales remain 37 percent above long-term averages, regardless of the recent declines.
Easing sales this month were also met together with a fallback in new listings, causing more decrease in supply levels and guarentee market conditions remained relatively close with a month of supply of two months and a sales-to-new-listings ratio of 100 per cent.
Different from the detached sector, the compact conditions prevented any firther retraction in the prices this month. During the month of November, the standard price reached $562,800 which is slightly higher than the last month and nearly 10 per cent higher than last year's levels.
Row / Townhosue Condos
More extreme declines in new listings more likely provided to the much slower sales activity this month as the sales-to-new-listings ratio stayed put at 99 per cent. inventory levels had fallen to 383 units, mkaing it the lowest level of November inventory documented since the year of 2013. Months of supply stood below two months because of the low inventory levels.
Regardless of the constantly tight market conditions, prices had fallen down this month extending to $358,700. While some prices have eased from the high in June, they are nearly 14 per cent higher than prices reported last November. The most powerful price growth was documented in the North East, North and South East areas where prices have jumped by over 18 per cent.
Regardless of the fallback in the new listings this month, apartment condominium sales have continued to increase, and inventories fell to the lowest November levels have ever been since 2013. This created further tightening in hte marketing conditions as the sales-to-new-listings ratio forced above 100 per cent. and a months of supply dropped to two months.
More recent tightening in the market has froze on price alterations for apartment condominiums. Price retained a stable status in the month of November compared to last month. While prices have recorded a year-over-year gain of nearly 10 per cent, prices are stll ranging below the highest set bak in 2014.
Regional Market Facts
Airdrie Real Estate
Due to specific fallbacks in detached sales, November sales have eased. Complete activity is still alot stronger then long-term trends and year-to-date sales are still on track to get to a new record high, while the sales this month are down over last year's recorded levels.
Despite the constantly extreme conditions, standard prices regulate to fall down from the record high level recorded in April of this year. Other than some adjustments, prices continued to be over 13 per cent higher than last year's levels.
Cochrane Real Estate
Additional declines in November sales had given to the six per cent year-to-date decline in sales. Nevertheless, with 1,091 sales so far this year, is still above 69 per cent above long-term trends for the town.
In the meantime, new listings have continued to be low compared to sales, intercepting a larger shift in inventory levels. Inveontory levels have passed above the low levels seen last year, however have stayed 35 per cent below longer term trends for the area.
Consequential gains recorded ealier in the year, standard prices began trending down in November. Although, the adjustments did not ease the earlier gains and the standard price stayed over 12 per cent higher than the levels reported last year.
Okotoks Real Estate
Sales and new listings eased in November, intercepting any larger change to inventory levels. They continue to stay 54 per cent below long-term trend for the area, while inventory levels are still higher than last year. Generally year-to-date sales activity has upgraded over last year and are 41 per cent higher than long-term trends.
As circumstances have stay steadily tight this month, we noticed a reversal of some of the price changes documented over the past two months. The standard price in November reached $549,100, a two per cent difference compared to last month, and a year-over-year gain of nearly 16 per cent.