Detached Prices Stabilize in Soft Market!
While overall economic conditions remain soft, the detached sector is the greatest influence on the overall market is showing signs of pricing stability.
The decline in demand has caused many to anticipate steeper price declines for detached homes, however that hasn’t happened because the detached supply levels haven’t climbed as sharply as many expected. The limited amount of supply in the overall market when this cycle began and the new listings also eased compared to last year helping push down year-over-year inventory levels for the 2nd consecutive month.
Consumer are starting to come to terms with the current environment. Most sellers have adjusted their expectations at the same time buyers are realizing the price of homes is influenced by factors like location, supply in specific price ranges and conditions of the property.
The detached benchmark price for September is $503,400 a decrease of 3.29 % year-over-year. The apartment benchmark price is $274,700 a decrease of 6.75% and the attached benchmark price is $331,600 a decrease of 4.79%. Overall sales for the month totaled 1,488 units, compared with 1,458 during the same period last year.
The City of Calgary home market has 3.73 months of inventory and the sales to new listings are at 51.17%, meaning 48.83% of homes are not selling. The sale price to list price ratio is 96.98% and 45 days on market.
Airdrie’s inventory decreased to 403 from 423 units, sales decreased by 2 to 121 for September. The benchmark price for September $356,100 a decrease of $2,000 from last month. Overall sales for the month totaled 121 units, compared with 118 during the same period last year.
The City of Airdrie home market has 3.33 months of inventory and the sales to new listings are at 65.76%, meaning 34.24% of homes are not selling. The sale price to list price ratio is 97.4% and 58 days on market.
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