Calgary Real Estate Market Update for August 2015
– Sales activity drops lower than that seen over the long-term –
The residential resale housing market in Calgary experienced a further drop in absorption rates due to decreased sales activity during the month of August 2015.
Statistically speaking, sales across the city dropped by 27 percent year-over-year to 1,643 units, or 12 percent lower than the decade-long averages. These drops can be contributed to faltering prices of oil and gas which has directly affected Alberta’s energy industry.
Month-to-month sales-to-new-listings ratio dropped from 67 percent in July 2015 to 60 percent in August 2015, helping a total of 5,146 residential units accumulate and consist of Calgary’s current inventory.
Furthermore, lower sales activity combined with a drop in sales-to-new-listings ratio has pushed supply higher than 3 months.
Calgary`s luxury home market saw the sharpest decline in absorption rates on a year-over-year basis. In the $600,000’s plus range, new listings on a year-to-date basis increased while sales activity dropped by almost 20 percent year-over-year.
August 2015 Real Estate Market Facts & Statistics
- $456,300 residential benchmark price, a relatively stable figure despite lower absorption rates
- Stable benchmark price contributed to balanced state of attached and detached sectors
- Condominium / apartment sector continues to struggle, an increase of 4.3 months of supply
- 1.44 percent decline in year-over-year prices as increasing supply in condo / apartment sector begins to take its toll
Buyers now have more time to make the most informed decisions on a home or condo, and have the liberty of browsing a larger selection of properties with the market now exiting sellers’ territory.
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