September 2023 CALGARY AND AIRDRIE REAL ESTATE MARKET – THE RESULTS ARE IN…
September brought exciting news to Calgary’s real estate market.
Hello, real estate enthusiasts. September brought exciting news to Calgary’s real estate market with record sales totalling of 2,441 transactions. While we’ve seen notable year-over-year increases over the past four months, it’s important to note that year-to-date sales are currently down approximately 12% year-over-year.
The improvement in the number of new entries this month is particularly pleasing, especially compared to last year. This positive change resulted in a strong sales to new listings ratio of 76%, effectively limiting further declines in monthly inventory levels. However, not all is well in the world of supply and demand. Inventories in September remained down more than 24% year-on-year. Looking at sales activities, the supply period remains at less than two months, and the balance between supply and demand has not changed significantly.
Our market continues to struggle with supply issues, in part due to interstate population growth, which is driving demand for housing despite rising loan rates. New proposals are increasingly appearing, but they have not yet succeeded in freeing us from a seller’s market situation. The unadjusted standard home price in September was $570,300, up nearly 9% from a year ago.
Now let’s look at some details.
– Demand remains high for single-family homes, particularly those under $700,000, where supply options are somewhat limited.
– For semi-detached houses, the number of new listings increased and standard prices remained steady.
・Demand for townhouses remains high, although the sales ratio to new properties has declined slightly.
– Business results for condominiums continued to be strong, with sales for the month hitting a record high and standard prices rising accordingly. Within the broader regional market, areas such as Airdrie, Cochrane, and Okotoks are experiencing unique trends, including fluctuating inventory levels and rising prices.
We support you as your trusted real estate advisor. If you have any questions, need advice, or just want to talk about the market, please feel free to contact us. We will be happy to assist you in any way we can.
For a comprehensive overview of his September real estate market statistics for Calgary and surrounding areas, click here to read the full report.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.