August 2022 Real Estate Statistics – Supply levels ease with fewer new listings in August

As released by CREB® on September 1, 2022 – full link here.

August sales activity was comparable to the strong levels recorded last year and well above long-term trends for the month.

While sales have remained relatively strong, there continues to be a shift towards more affordable options as the year-over-year pullback in detached sales was nearly matched by gains for multi-family product types.

“While higher lending rates have slowed activity in the detached market, we are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong,” said CREB® Chief Economist Ann-Marie Lurie. “This makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales.”

At the same time, new listings continue to trend down, preventing any supply gains or a substantial shift in the months of supply.

Despite year-over-year gains in new listings, the spread between new listings and sales this month narrowed compared to the past three months. This caused total inventory to trend down and prevented any significant shift in the months of supply. The months of supply in August remained at just above two months, not at tight as earlier in the year, but still below levels traditionally seen this time of year.

For the third month in a row, benchmark prices eased declining to $531,800. While the reduction reflects shifting market conditions, it is important to note that previous gains are not lost, and prices remain over 11 per cent higher than last year.

August 2022 Total Sales in Calgary 

  Aug 2022 Year to Date Year to Year
 

Sales

 

2,136

 

23,081

 

18%

 

New Listings

 

2,718

 

31,450

 

8%

 

Inventory

 

4,778

 

4,529

 

-22%

 

Average Days on Market

 

35

 

27

 

-28.95%

 

Average Price

 

$491,392

 

$525,744

 

5.48%

 

Breakdown of Total Sales in Calgary by Type 

Type Sales –

Y/YTD

 

New Listings – Y/YTD Average DOM – Y/YTD

 

Average Price – Y/YTD
Detached

 

1,067 / 2.2% 1,480 / 4.46% 31 / -29.03% $636,353 / 12.37%
Semi-Detached

 

170 / 10.09% 207 / 0.06% 34 / -31.58% $514,793 / 9.43%
Row

 

375 / 48.59% 378 / 19.03% 35 / -39.13% $341,022 / 9.1%
Apartment 524 / 64.72% 653 / 15.63% 44 / -28.81% $270,176 / 6%

 August 2022 Total Sales in Airdrie

 Sales in Airdrie continued a downward trend that began in April. While new listings have also trended down compared to earlier in the year, there are still more new listings on the market this month than there were last year. Overall, inventory levels are starting to rise from the exceptionally low levels, causing the months of supply to shift away from the strong seller market conditions. Despite recent shifts in supply demand balances, with less than two months of supply conditions still remain tight. Nonetheless, prices continue to trend down from earlier in the year as purchasers become more cautious. While this has slowed the pace of growth, prices still remain over 18 per cent higher than last year’s levels.

  Aug 2022 Year over Year
 

Sales

 

169

 

-7.7%

 

New Listings

 

220

 

6.8%

 

Inventory

 

286

 

10.4%

 

Benchmark Price

 

$498,800

 

20.2%

 August 2022 Total Sales in Cochrane

 In August, easing sales were met with gains in new listings, causing the sales-to-newlistings ratio to drop to 70 per cent in Cochrane. The rise in new listings compared to sales caused inventory gains, but levels are still far below what is typical for our market. The gains in inventory did support a shift toward more balanced conditions, but with a month of supply still averaging just over two months, conditions remain tight. Benchmark prices in the centre remain relatively stable this month but is still nearly 17 per cent higher than levels reported last year.

  Aug 2022 Year over Year
 

Sales

 

75

 

-16.7%

 

New Listings

 

107

 

21.6%

 

Inventory

 

161

 

5.2%

 

Benchmark Price

 

$517,400

 

16.5%

 August 2022 Total Sales in Okotoks

 In Okotoks, the residential benchmark price was $549,300, reflecting the third consecutive month where prices trended down. However, recent pullbacks have not offset earlier gains and prices are still 16 per cent higher than last year. Home sales in Okotoks continued to trend down despite a gain in new listings supporting slightly higher inventory levels. These recent shifts in the market are supporting a shift away from the exceptionally strong sellers market conditions seen earlier in the year. However, with less than two months of supply market conditions still remain tight.

  Aug 2022 Year over Year
 

Sales

 

53

 

-18.5%

 

New Listings

 

79

 

41.1%

 

Inventory

 

97

 

14.1%

 

Benchmark Price

 

$549,300

 

16.1%

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