October 2022 Real Estate Statistics – Sales remain stronger than pre-covid levels

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

October sales eased compared to last year’s levels, mostly due to slower activity in the detached sector.

However, with 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic. Year-to-date sales have reached 26,823 and with only two months to go, 2022 will likely post a record year in terms of sales.

“Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product,” said CREB® Chief Economist Ann-Marie Lurie. “While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact.”

New listings also trended down this month causing the sales-to-new-listings ratio to rise to 85 per cent and inventories to trend down. Much of the inventory decline has been driven by product priced below $500,000.

While conditions are not a tight as what was seen earlier in the year, with only two months of supply, conditions remain tighter than historical levels. We are also seeing divergent trends in the market with conditions continuing to favour the seller in the lower-price ranges and shifting to more balanced conditions in the upper-price ranges.

As of October, prices have eased by four per cent relative to the highs reached in May. This is considered a relatively small adjustment when considering price movements in other large cities. It is also important to note that the October benchmark price is still nearly 10 per cent higher than levels reported last year.

October 2022 Total Sales in Calgary

 

Sept 2022 Year to Date Year to Year
 

Sales

 

1,857

 

26,823

 

13%

 

New Listings

 

2,175

 

36,251

 

5%

 

Inventory

 

3,887

 

4,458

 

-22%

 

Average Days on Market

 

40

 

29

 

-25.64%

 

Average Price

 

$509,576

 

$519,459

 

5.16%

  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

 

942 / -29.23% 1,151 / -14.68% 36 / -8.31% $655,584 / 15%
Semi-Detached

 

158 / -28.83% 188 / -16.81% 39 / -1.85% $536,375 / 10.77%
Row

 

320 / 18.08% 303 / -23.10% 37 / -20.26% $356,323 / 9.04%
Apartment 437 / 21.39% 533 / 0.57% 52 / -11.74% $297,374 / 3.21%

 October 2022 Total Sales in Airdrie

 Easing sales over the past several months have not been enough to offset earlier gains as year-to-date sales reached 2,269 units, over 11 per cent higher than last year and on pace to hit a new record high. The growth in sales was possible thanks to a boost in new listings this year. However, the gains in new listings did little to impact inventory levels which remained well below levels traditionally seen in the market in October.

While conditions are not as tight as they were earlier in the year, the months of supply remained exceptionally tight at one and a half months. Despite persistently tight conditions, prices have trended lower from the earlier highs. Airdrie hit a record high price back in April of this year at $510,700, prices have since fallen by six per cent since then yet remain over 14 per cent higher than levels reported last year.

Oct 2022 Year over Year
 

Sales

 

143

 

-20.1%

 

New Listings

 

142

 

-9%

 

Inventory

 

210

 

7.1%

 

Benchmark Price

 

$482,500

 

4.3%

 October 2022 Total Sales in Cochrane

 A pullback in new listings relative to sales activity caused the sales-to-new-listings ratio to push up to 90 per cent once again, causing inventories to trend down relative to last month. While overall inventories still remain higher than the exceptionally low levels seen last year, levels are still well below what is typically seen in the market.

While prices have eased off recent highs, at a benchmark price of $507,000, prices remain over 16 per cent higher than last years levels. Price growth has been mostly driven by the detached and semi-detached sector which have reported year-over-year gains exceeding 18 per cent.

Oct 2022 Year over Year
 

Sales

 

71

 

-9%

 

New Listings

 

78

 

-10.3%

 

Inventory

 

154

 

35.1%

 

Benchmark Price

 

$507,000

 

16.3%

October 2022 Total Sales in Okotoks

A pullback in new listings likely weighed on sales this month as the sales-to-new-listings ratio pushed above 100 per cent causing inventories to remain exceptionally low for October. While conditions are still not as tight as they were earlier in the year, the shift this month did little to support more balanced conditions.

Persistently tight conditions did slow the pace of adjustment in prices as the benchmark price was $537,800 in October. While prices have eased from the high reported in May, they remain over 11 per cent higher than last years levels.

Oct 2022 Year over Year
 

Sales

 

47

 

21.7%

 

New Listings

 

45

 

-23.7%

 

Inventory

 

73

 

-1.4%

 

Benchmark Price

 

$537,800

 

11.4%

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