As the school year starts and fall begins to set in around us, the market continues to evolve as well. Calgary and surrounding regions are all showing strong signs of moving into a buyer’s market. Airdrie’s prices have not gone up this month, with a benchmark of $553 300. The city also has a higher inventory than last month, with 310 units for sale. Okotoks and Cochrane are also maintaining very similar prices as last month, at about $623 000 and $579 000, respectively. Inventory is going up and sales rates are going down. This means that there is less competition, and less scarcity of housing to drive pricing up. These trends are the cornerstone of a transition into a buyer’s market.
Calgary residential pricing has also decreased about $5000 from $606 700 to $601 800. Breaking this down, detached homes are at $762 600, semi-detached homes at $681 200, townhomes are around $462 000, and apartments are at $346,500. All of these prices are either lower, or the same as last month. There are also substantially more units for sale this month, up to 4487 from 4158 homes for sale. Governmental efforts to increase inventory by supporting new home sales have also been supporting a stronger equilibrium in the real estate market. However, the supply levels are still lowest for the most affordable homes on the market right now. Even with prices slowly lowering, the numbers are still about 9% higher than they were at this time last year. Almost 30% of sales in Calgary were sold over list price, with the average amount over list price being about $12 000.
If you are thinking of selling your home, it may be best to think about doing it right away. From what we know at this moment, it appears that we will continue into a buyer’s market moving forward. If you are thinking about buying, but have been apprehensive because of how the market has been recently, this is a great time to get in touch with a realtor about buying a house.