Regardless of the decline, gross sales had been nonetheless 16% increased than typical September figures, in accordance with the Calgary Actual Property Board (CREB).
Gross sales in increased worth ranges elevated, however a scarcity of lower-priced properties stored total gross sales decrease.
New listings surged to three,687, the best for this month since 2008, primarily in increased worth ranges.
“Whereas demand has stayed sturdy throughout all worth ranges, the restricted selection for lower-priced properties has seemingly prevented stronger gross sales in our market,” mentioned Ann-Marie Lurie, Chief Economist at CREB.
“Whereas the challenges within the cheaper price ranges will not be anticipated to alter, improved provide mixed with decrease lending charges ought to maintain demand sturdy all through the autumn, however with out the acute vendor market circumstances that contributed to the speedy worth progress earlier this yr,” she added.
With extra properties hitting the market, the stress on house costs has eased barely over the previous few months, following a powerful spring season.
In September, the benchmark worth settled at $596,900. Whereas it is a small dip in comparison with the earlier month, it’s nonetheless over 5% increased than costs from the identical time final yr.
Market efficiency by house sort
Right here’s a breakdown of how every sector carried out final month.
Indifferent properties
Gross sales for indifferent properties fell to 942 models in September, a 17% drop from final yr. Whereas properties priced over $700,000 noticed a 9% enhance, a pointy decline in gross sales under $600,000 dragged down the market. The benchmark worth was $757,100, a slight dip from August however up 9% year-over-year.
Semi-detached properties
Semi-detached gross sales reached 182 models, with a 61% sales-to-new listings ratio. Regardless of a listing rise, it’s nonetheless a vendor’s market. The benchmark worth was $678,400, up 9% from final yr.
Row properties
Row house gross sales had been down barely to 377 models, however new listings topped 600, principally above $400,000. Stock elevated, easing vendor’s market stress. The benchmark worth rose 10% to $459,200 year-over-year.
Residence condos
Gross sales for condominium condos fell to 502, however new listings surged to 993 models. Stock climbed to 1,623 models, with the benchmark worth hitting $345,000, a 14% annual enhance.
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Final modified: October 2, 2024