September 2022 Real Estate Statistics – Demands shifting to more affordable options

As released by CREB® on October 3, 2022 – full link here.

Strong sales for condominium apartment and row properties was not enough to offset declines reported for other property types. This caused city sales to ease by nearly 12 per cent compared to last year.

However, with 1,901 sales in September, activity is still far stronger than levels achieved prior to the pandemic and is well above long-term trends for September. Despite recent pullbacks in sales, and thanks to strong levels earlier in the year, year-to-date sales remain 15 per cent higher than last year’s levels.

“While demand is easing, especially for higher priced detached and semi-detached product, purchasers are still active in the affordable segments of the market, cushioning much of the impact on sales,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, we are seeing new listings ease, preventing the market from becoming oversupplied and supporting more balanced conditions.”

In September, new listings declined by ten per cent. With a sales-to-new-listings ratio of 72 per cent, it was enough to prevent any gain in inventory levels, which declined over last month and were nearly 21 per cent lower than last year’s levels. The adjustments in both sales and supply levels have caused the months of supply to remain relatively low at less than three months.

The shift to more balanced conditions is causing some adjustments to home prices. While prices have slid from the highs seen in May, as of September, benchmark prices remain 11 per cent higher than last year and six per cent higher than levels reported at the beginning of the year.

September 2022 Total Sales in Calgary 

  Sept 2022 Year to Date Year to Year
 

Sales

 

1,901

 

24,971

 

15.32%

 

New Listings

 

2,625

 

34,076

 

6.69%

 

Inventory

 

4,453

 

4,522

 

-21.95%

 

Average Days on Market

 

39

 

28

 

-26.32%

 

Average Price

 

$499,484

 

$520,299

 

5.13%

 

 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

 

971 / 0.21% 1,381 / 3.08% 36 / -25.81% $638,813 / 12.28%
Semi-Detached

 

153 / 6.19% 238 / 1.87% 37 / -33.77% $509,122 / 9.72%
Row

 

327 / 43.83% 401 / 16.97% 38 / -36.96% $343,876 / 9.2%
Apartment 450 / 59.91% 605 / 13.61% 46 / -30% $308,639 / 7.24%

 

September 2022 Total Sales in Airdrie

 Both sales and new listings eased in September, preventing any significant shift in inventory levels this month. With a sales-to-new-listings ratio of 89 per cent and a months-of-supply still below two months, conditions remain relatively tight in the market.

While inventory levels remain low, purchasers are more cautious than they were a few months ago which is weighing on home prices. In September, the benchmark price eased by nearly two per cent compared to last month but remains 16 per cent higher than the previous year.

  Sept 2022 Year over Year
 

Sales

 

147

 

-12%

 

New Listings

 

165

 

-7.8%

 

Inventory

 

260

 

8.3%

 

Benchmark Price

 

$485,300

 

17.9%

 September 2022 Total Sales in Cochrane

 Sales eased for the sixth consecutive month in September. This caused year-to-date sales to reach 970 units, a three per cent decline over the previous year. At the same time, new listings have risen relative to the low levels seen last year, helping support gains in inventory levels.

As of September, there were 165 units available in inventory. While this is higher than last year’s levels, this is still nearly 30 per cent lower than levels traditionally seen in September.

Shifts in both supply and demand are causing the market to shift toward more balanced conditions and it is also taking some of the pressure off home prices. In September, the benchmark price eased by nearly two per cent, totaling to $508,800. Despite the monthly pullback, prices are still over 16 per cent higher than September 2021 prices.

  Sept 2022 Year over Year
 

Sales

 

71

 

-26.8%

 

New Listings

 

98

 

22.5%

 

Inventory

 

165

 

43.5%

 

Benchmark Price

 

$595,700

 

18.5%

 September 2022 Total Sales in Okotoks

 Supply levels continue to be a challenge in Okotoks. While new listings have improved over last year, sales have generally kept pace as the sales-to-new-listings ratio remained elevated at 81 per cent. At the same time, inventories remain nearly 50 per cent lower than levels traditionally seen in September, keeping the months of supply below two months.

While conditions remain relatively tight, purchasers are more cautious than they were earlier this year, causing monthly prices to ease by nearly two per cent. Despite the downward trend recorded over the past four months, prices remain over 12 per cent higher than last year.

  Sept 2022 Year over Year
 

Sales

 

56

 

3.7%

 

New Listings

 

68

 

11.5%

 

Inventory

 

91

 

11%

 

Benchmark Price

 

$598,600

 

13.8%

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