There was a rise in inventory and fall in sales for Calgary’s housing market in September but the overall picture is still positive for 2017.
Calgary Real Estate Board reports that new listings for the City of Calgary jumped 10% last month while total inventory increased more than 16% to 6,861, more than 4.6 months of supply.
Meanwhile sales slipped 1% to 1,462 year-over-year but were up 7% year-to-date from 2016 due to strong sales in the first half of 2017.
Prices eased 0.2% from August but were up almost 1% from September 2016 to a benchmark $441,500. The average price fell 1.1% year-over-year to $484,849 while the median was down 2.25% to $422,750. Year-to-date average and median prices improved on the first 9 months of 2016.
"The recent rise in inventories is preventing further price recovery as sales activity has moderated over recent months. This does not come as a surprise as sales activity is expected to remain modest by historical standards until more substantial economic improvements take hold," said CREB® chief economist Ann-Marie Lurie.
Prices in the detached sector remain relatively stable compared to last year. Condominium apartment prices remain four per cent below 2016.
"In some segments, rising new home inventories are also impacting total housing supply. Ultimately, prices are affected. However, this inventory also opens up opportunity for buyers to step up into a home that was financially unattainable," added Lurie.
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