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.