July 2022 Real Estate Statistics – Detached home sales decline as apartment condominium sales rise

As released by CREB® on August 2, 2022 – full link here.

Significant slowdowns in the detached and semi-detached market were nearly offset by sales growth in the apartment and row sectors. This left July sales three per cent lower than levels recorded last year. While this is the second month where sales activity has slowed, total residential sales this month are still amongst the strongest levels recorded in our market.

Rising lending rates are causing shifts within the market and, as a result, new listings for higher-priced product are on the rise relative to sales activity,” said CREB® Chief Economist Ann-Marie Lurie.

Meanwhile, there continues to be a lack of supply for lower-priced detached and semi-detached product. This is driving consumers who are looking for affordable homes to purchase apartment- and row-style properties.”

Residential new listings in the city declined compared to what was seen in 2021, but when considering the dynamics between price ranges, we are seeing a different trend play out. Listings for homes priced below $500,000 fell by 18 per cent, while levels rose by 20 per cent for homes priced above $500,000. This has left conditions to remain relatively tight in the lower-end of the market while conditions are shifting toward more balanced levels in the upper-end of the market.

When considering the relationship between the supply and demand, the months of supply has continued to trend up from the exceptionally tight conditions seen earlier in the year. However, with just over two months of supply, the market remains far tighter than anything experienced throughout the recessionary period experienced prior to the pandemic.

As expected, the benchmark price did see some slippage relative to levels seen earlier in the year and rising lending rates have cooled much of the bidding war activity that was driving significant gains earlier in the year. However, prices currently remain over 12 per cent higher than last year’s levels, still outpacing forecasted price growth for the year.

“As we move forward, we do anticipate further rate gains will weigh on housing activity and prices, but not enough to completely offset the exceptionally strong gains recorded over the first half of the year,” said CREB® Chief Economist Ann-Marie Lurie.

July 2022 Total Sales in Calgary 

  July 2022 Year to Date Year to Year
 

Sales

 

2,254

 

20,948

 

21%

 

New Listings

 

3,174

 

28,728

 

10%

 

Inventory

 

5,338

 

4,493

 

-22%

 

Average Days on Market

 

31

 

26

 

-22.05%

 

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

 

1,136 / 5% 1,610 / 6% 29 / -30% $584,472 / 12.8%
Semi-Detached

 

173 / 12% 271 / 6% 29 / -34.21% $512,733 / 9.75%
Row

 

432 / 54% 495 / 22% 30 / -41.3% $326,475 / 9.17%
Apartment 513 / 66% 798 / 16% 37 / -28.81% $275,247 / 6.13%

 

July 2022 Total Sales in Airdrie

Thanks to a pullback in mostly detached activity, sales in Airdrie slowed compared both to levels seen earlier in the year and levels recorded last year. These declines were met with some mixed results for new listings. New listings have trended down from earlier in the year but remained higher than the levels recorded last year. However, much of the growth in new listings, especially in the detached market, have been from homes priced above $500,000. Despite some shift in new listings over the past few months, the sales-to-new-listings ratio remains tight at 83 per cent and the months of supply is still below two months.

Although prices have trended down over the past three months, they remain 20 per cent higher than levels recorded last year. The monthly slippage does not come as a surprise given the pace of growth seen earlier in the year. While conditions remain tight, more caution amongst consumers is weighing on their willingness to bid well above list prices.

  July 2022 Year over Year
 

Sales

 

186

 

-10.1%

 

New Listings

 

221

 

11.1%

 

Inventory

 

274

 

0.4%

 

Benchmark Price

 

$498,800

 

20.2%

 July 2022 Total Sales in Cochrane

 Year-to-date sales activity in the town of Cochrane remains similar to levels reported last year. This is thanks to gains in the row and apartment sector. Higher lending prices and substantially less supply for affordable detached product has contributed to slower detached and semi-detached sales in the market.

Though conditions generally favor the seller, we are seeing some monthly adjustments in prices. Despite the adjustment, with a July benchmark price of $515,100, prices are still over 14 per cent higher than levels reported last year.

  July 2022 Year over Year
 

Sales

 

89

 

-2.2%

 

New Listings

 

107

 

-4.5%

 

Inventory

 

150

 

-13.3%

 

Benchmark Price

 

$515,100

 

14.3%

 

July 2022 Total Sales in Okotoks

 While easing from earlier in the year, sales activity in Okotoks remained consistent with levels reported last year, contributing to a year-to-date gain of nearly 12 per cent. The pullback in new listings likely prevented stronger sales in the town as the sales-to-new-listings ratio pushed up to 97 per cent and inventory levels trended down.

Although conditions remain relatively tight, home prices did trend down relative to previous months. Home prices in Okotoks rose far above expectations earlier in the year and despite recent adjustments that have occurred over the past two months, July prices are still over 16 per cent higher than levels seen last year and nine per cent higher than levels reported in January.

  July 2022 Year over Year
 

Sales

 

71

 

1.4%

 

New Listings

 

73

 

1.4%

 

Inventory

 

90

 

-16.7%

 

Benchmark Price

 

$551,400

 

16.5%

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