Last week’s “chill in the air” update wasn’t hyperbole. It’s shaping up to be a frosty September for Calgary real estate.
Through two weeks, home sales backed off further in comparison to last year (-32.3%), the 5-year average (-15.9%), and the 10-year average (-13%). If this pace continues, it will be the second slowest September in a over a decade.
The overall sales-to-new-listing-ratio edged closer to buyer’s market territory, now at a cool 41.3% compared to 57.5% the same time a year ago.
Throughout this year, the pullback in new listings have countered the low sales and averted any significant price declines. Keep an eye on new listings as the year-over-year gap has narrowed. A month ago, new listings were down nearly -13%. Today, the difference has shrunk to only -5.7%.