The light at the end of the tunnel??? Might be a little ambitious to think that, however, the detached segment has stabilized (somewhat). Flat for 2 months in a row? Let’s call that a win! It is the detached properties that have shown some resilience throughout this downturn so we shouldn’t be surprised that the value has held fairly well. Prices are down 3.29% year over year ($503,400). Sales are up 4.3% and inventory is down 6.8% from last September. That is probably more the reason that prices have stayed relatively stable – lower inventory. Most sellers have decided to stay put, leaning more towards renovating than pursuing their plan of upsizing. The detached market isn’t so bad though. Months of supply sits at just under 3. Really, the detached segment is in a balanced market. Buyers have enough time to make educated decisions with homes staying on the market an average of 42 days. The north & southeast districts have seen some nice gains since last month (0.34% & 1.01% respectively) with the north district only down 1.5% year over year. Year to date sales for the city are 14,003 which is down 8.3% from last year. While inventory levels have increased about 5%, sales are up 2.4% from last September. Benchmark prices are down 4.1% year over year. The semi-detached properties city wide tend to be holding their value a bit more as well. Sales are up a whopping 50% compared to last September although inventory levels are only down by 7%. This kind of recipe creates for stable prices (or even increases) as well. Keep an eye on this segment over the next few months. If sales keep on pace, you will see some price gains especially in the southeast & northwest districts. The row house segment is a bit of a different animal. High inventory levels characterize this segment (up 23% from last year). The benchmark prices are down 5.7% to $311,100. The northeast, southeast & city centre districts have seen the least price erosion while the city centre, north & south districts all saw over 1% price gains since last month. The city centre is especially interesting as inventory levels are still quite high (6.5 months supply). There was an increase in sales by almost 20% in the $200-$300K range. Looks like buyers are making a move on more affordable options closer to downtown. Inventory levels for the apartment segment still remain high (8.3 months supply and 1,651 units). Sales are down 20% year to date, however, there are still people buying condos. The northwest and southeast districts have faired the best with year over year price declines of 3.7% & 1.3% respectively. The southeast has seen decent price gains (0.7%) month over month as well! While the west also saw month over month gain of 0.7%, the district was hit hardest with price decreases year over year (down 8.75). It is still taking a while to sell an apartment with average days on market for sold properties at 56. The surrounding towns are fairly similar to Calgary’s market. Surprisingly, sales in Cochrane & Airdrie were above the 10 year average. Airdrie has about 3.5 months supply and Okotoks sits at 4.5 which does fit in to a more balanced market. Once again, if you look deeper, the supply will be much thinner with detached homes and quite a bit more substantial with apartments. Okotoks has managed to maintain more stable prices over the last 9 months than any of the other satellites.
For a more in depth look at the stats click the links – Calgary or Calgary Region
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