Calgary Home Sales at Record Highs in September, Yet Supply Remains a Challenge

Sales: September saw 2,441 home sales, reaching another record high.

Year-to-Date: Despite year-over-year gains in the past four months, year-to-date sales are nearly 12% lower than the previous year.

New Listings: New listings improved compared to last year, contributing to a higher sales-to-new listings ratio of 76%.

Inventory: Inventory levels remained over 24% lower than the previous year, and the months of supply remained at less than two months.

Market Conditions: Calgary continues to experience a seller's market due to high demand, even with increased listings.

Detached Homes

Inventory: Record low inventory levels, particularly for homes below $700,000.

Price Stability: Unadjusted benchmark prices remained stable, with a benchmark price of $696,100, up over 11% from the previous year.

Semi-Detached Homes

Sales-to-Listings Ratio: The sales-to-new listings ratio dropped below 70% in September, resulting in the first monthly increase in inventory levels since 2005.

Price Changes: Benchmark prices slightly eased over the past month, reaching $621,300, reflecting an 11% year-over-year increase.

Row Homes

Sales-to-Listings Ratio: Sales dropped faster than new listings, causing the sales-to-new listings ratio to fall to 84%. However, inventory levels remain low, with less than one month of supply.

Price Growth: Benchmark prices reached $419,400, marking a 1.5% monthly gain and a 17% year-over-year increase.

Apartment Condominiums

Record Sales: New listings in September were at record-high levels, contributing to strong sales, year-to-date sales reaching 6,286, a 25% gain over the previous year.

Inventory: While inventory levels saw a modest increase, they remain tight with 1.5 months of supply.

Price Increases: Unadjusted benchmark prices reached $312,800, a 1.2% increase over the previous month and nearly 15% higher than the previous year.

Regional Market Facts

Airdrie

Sales-to-Listings Ratio: The ratio dropped to 70% in September, with improved new listings compared to sales.

Inventory: Inventory levels are amongst the lowest since 2005, resulting in a low months-of-supply figure.

Price Growth: Unadjusted benchmark price reached $518,000, reflecting an over 8% year-over-year increase.

Cochrane

Inventory Stability: Sales and new listings eased, leading to relatively stable inventory levels.

Price Stabilization: Despite a slight monthly price decrease, total residential prices are over 5% higher than the previous year.

Okotoks

Sales-to-Listings Ratio: Dropped to 75% in September.

Inventory: Inventory levels remain amongst the lowest in over 20 years, causing months of supply to rise.

Price Increase: Unadjusted benchmark price was $580,200, nearly 9% higher than the previous year.

Overall, Calgary's real estate market remains robust, with high demand and low inventory driving prices upward, despite some fluctuations in specific housing types and regional markets.