It is no surprise to those watching the housing market that Calgary and surrounding areas continue to see a slowdown in sales activity. Buyers are expecting to see further declines in sale prices, and sellers are responding to the softening market. This makes for a slower market with less inventory.
Here is a summary of some of the top stats from this month.
• The average year-to-date benchmark price decline within the city districts has ranged from highs of 5.1% (City Centre) to lows of 0.8% (North East). • The pullback in detached new listings helped balance out declining sales.
• Detached sales account for around 63% of the entire market this year. Yearto-date, there has been 6,908 sales, which is 22% below the ten year average and the lowest level since 1996;
• Year-to-date apartment sales totaled 1,668 units, a 21% decline over last year, which already recorded an 33% annual drop compared to 2014;
• Months of supply in the apartment sector has averaged 6.3 months this year, far higher than the 3.0 and 4.2 in detached and attached product;
• The average apartment price showed a year-over-year gain of 13%. This does not reflect any change in trend, as the jump was caused by one high end sale that skewed the numbers.