September 1-7, 2015 Calgary Real Estate Market Update

Feel that chill in the air?  It’s seeping into Calgary’s real estate market as well.

It was another quiet start as overall sales remained below the 5 & 10 year average, but particularly for the Attached category which recorded the second fewest sales for the opening week of September since 2002.

Only 3 homes sold for $1 million dollars or above month-to-date compared to 14 a year ago and is ultimately the reason for the -10.17% annual drop in the average price thus far.   That’s the slowest September start for the luxury segment dating back to 2005.

New listings are just a smidge below the 5-year average (-1.5%) but the low sales have frosted the sales-to-new-listing ratio to 42% and closer to a buyer’s market.

The City of Calgary benchmark price annual growth has essentially flat-lined and posted the first back-to-back monthly decline since 2011.  I expect the slow but persistent downward price pressure to continue.

Calgary benchmark prices were down every so slightly for two straight months

Calgary benchmark prices were down y/y every so slightly for 2 straight months

Calgary home sales Sept 1-7 2015

Calgary home sales Sept 1-7 2015

Calgary luxury home sales Sept 1-7 2015

Calgary luxury home sales Sept 1-7 2015

Calgary New Listings Sept 1-7 2015

Calgary New Listings Sept 1-7 2015

Sales-to-new-listings ratio Sept 7 2015

Sales-to-new-listings ratio Sept 7 2015

Calgary Stats Summary Sept 1-7 2015

Calgary Stats Summary Sept 1-7 2015

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