Home sales rise along with supply
City of Calgary, October 1, 2020 – September sales activity jumped to 1,702 units, the
strongest September total since 2014.
New listings in September improved over last month, but levels remained comparable to the
previous year. The increase in sales relative to new listings did prevent any monthly gains in
inventory levels, but supply in the market is still down 12 per cent compared to last year.
“The recent rise in new listings, combined with low lending rates and softness in prices, has
helped support some of the recent upward trend in sales,” said CREB® chief economist Ann-Marie Lurie.
“However, conditions vary significantly based on the price range and property type.”
The adjustment in supply relative to demand has caused the housing market to move
toward more balanced conditions. The current 3.7 months of supply represents the most
balanced conditions seen for September in over five years. This has helped support some of
the recent monthly gains in prices.
Total residential benchmark prices have trended up over the past three months, resulting in
September prices that are similar to prices recorded at the same time last year.
Despite some of the recent improvements, the impact of COVID-19 is still present. Year-to-date sales remain nearly nine per cent below last year’s levels, while citywide prices are still
over one per cent lower than last year. Considerable risk also weighs on the housing market
due to economic uncertainty and a struggling labour market.
CREB October 1, 2020 ( Release )
DARYL CARLSON – RE/MAX Realty Professionals
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