October 1-7, 2015 Calgary Real Estate Market Update

bearCalgary home sales in the first week of October were down -38.24% y/y, off the 5-year average by -20.7% and the 10-year average by -14.1%.  Third slowest October start in 10 years.

Calgary home sales Oct 1-7 2015

Calgary home sales Oct 1-7 2015

bearNew listings were up 4.57% year-over-year.  It’s the first time since March that new listings were up from the previous year after one week.     Last month’s update is very applicable:

“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%.”
September 1-14, 2015 market update

Calgary new listings Oct 1-7 2015

Calgary new listings Oct 1-7 2015

bearHistorically, the number of Calgary homes for sale drops significantly towards the start of fall. This year there has been a trend reversal:

Calgary housing inventory running counter to seasonal and historical trends

Calgary housing inventory running counter to seasonal and historical trends

Bull-BearEight homes sold for $1M+ in the first two days of the month, twelve  month-to-date.   Not as good as last year, but an  improvement from September when only three luxury homes sold during the first week.

Calgary luxury home sales Oct 1-7 2015

Calgary luxury home sales Oct 1-7 2015

bear According to the Sales-to-new-listings ratio, Attached (38.34%) and Apartments (35.58%) are in a buyer’s market, leaving Detached (45.86%) as the only segment still in balanced territory.

This time last year, Apartments were in balanced market conditions (46.41%),  while Attached (65.99%) and Detached (83.5%) were in a seller’s market.

Month-to-date, only 7.3% of homes sold for list price or above compared to 16.5% during the same period a year ago.

Sales-to-new-listings ratio - October 1-7 2015

Sales-to-new-listings ratio, October 1-7

Calgary Stats Summary Oct 1-7 2015

Calgary Stats Summary, Oct 1-7 Y/Y comparison

One response to “October 1-7, 2015 Calgary Real Estate Market Update

  1. I appreciate your updates Mike and how you let the stats do the talking. I do take all RE updates with a grain of salt because with lower sales numbers, the various price measures can move around quite a bit month to month. For sellers it seems that there are still plenty buyers if you price it right and for buyers there are lots of quality homes on the market. The risk it too great for me to jump in right now, but if you’re braver than me you should be able to find what you are looking for.

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