September is an interesting month for real estate dynamics. Note the following statistics for the overall Calgary market:
Sales: Between August & September, sales invariably cool off. Well, there was one exception in the past decade – in 2010, sales increased m/m by 7.9%.
New Listings: More people list their home in September than they do in August. Again, in the past 10 years there was one instance of new listings dropping between August & September and that was back in 2005.
Fewer sales with more new listings doesn’t generally translate into price growth. Since 2004, the MLS® Home Price Index level for Calgary from August to September was flat five years, declined three years, and only increased twice.
When comparing month-over-month statistics, don’t forget to take the seasonality of real estate into account.