A rise in new listing inventory kept levels elevated. Sales posted a modest gain in August. Listing inventory grew to 6,621 units at the end of August, where over half were attached and apartment style properties. A large amount of apartment style listings continue to have downward pressure on pricing. This sector is the only one that had a decrease in the Benchmark price year over year of -3.09% ending a $263,300. Downward price pressure in this sector is expected as inventory supply levels remain elevated in the new, resale and rental market.
With the summer months behind us, we expect to see the Fall sales numbers improve which should help balance the growing inventory levels.
The pace of growth in the detached sales has closely matched new listings this year. The attached and detached homes remained balanced with slight increases to the benchmark price year over year. Attached homes coming in at $336,300 and detached at $510,900. These numbers include all of Calgary. Some areas are doing better than others. How does your neighborhood rate click here?
Interestingly, in August we have noticed that sales year over year in the $449,900 and under price ranges have continued to slow. Sales between $450,000 and $1,499,999 have seen upticks in the number of sales year over year for the month. The year to date sales numbers range between $100,000 – $349,900 and $450,000 – $1,499,999. All have improved year to date. This tells us that the consumer confidence continues to strengthen as our market continues to recover.
If you should or shouldn’t move, now is the time to take advantage of an ideal market to move up the property ladder.
Buyers, with prices remaining stable and slow signs of improvement, now is the time to make a move while homes are still affordable.
Sellers keep in mind that when listing a home within a market with large amounts of inventory, pricing is a key factor in getting the home sold. Be realistic regarding the price you expect to receive for your home. How do your home attributes compare to your neighborhood attributes? The buyers have plenty of options and they have the ability to shop around prior to making a commitment.
Overall inventory levels higher than August 2016 levels – all property types
Unadjusted city wide benchmark price $442,300 – all property types
Detached benchmark $510,900 in August
Apartment condominium benchmark price $263,300
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