Even with low inventory and heightened interest rates, home sales across Calgary are noted to be at record highs for September 2023.
According to eXp Realty’s Calgary September housing statistics, a total of 2,441 sales were recorded this September, a year-over-year increase, compared to 1,902 in September 2022. Higher-priced detached properties experienced more sales than more affordable housing options in the city, mostly due to more inventory available.
Price gains have occurred across Calgary, increasing 5% year-over-year to an overall benchmark price of $696,100. Townhomes experienced the largest price increase year-over-year at 17% with the benchmark price in September reaching $419,400, a 1.5% month-over-month increase, according to the report.
Inventory levels were more than 24% lower than this time last year, lowering the sales-to-new-listings ratio to 76%. As of September, the months of supply has remained relatively low at less than two months.
“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates… While new listings are improving, it has not been enough to take us out of sellers’ market conditions.” – CREB® Chief Economist Ann-Marie Lurie.
This Market Report has been provided by
Spencer Rivers, LuxuryHomes.com Affiliate.