All Categories

Airdrie August Market Report

4/9/2019

Sales activity increase led by lower-priced homes

3/9/2019

Sales activity increase led by lower-priced homes

City of Calgary, September 3, 2019 – Increased sales and easing new listings reduced housing inventories in August. Sales were primarily driven by homes priced below $500,000.
“Employment numbers have been improving, but mostly in industries that are traditionally lower paid,” said CREB® chief economist Ann-Marie Lurie. “This is contributing to the shift that we are seeing in the housing market, with growth being limited to product priced below $500,000.”
Rising sales for homes priced under $500,000 offset sales declines in the higher price ranges. This caused August sales to improve by six per cent compared to last year.
Sales activity improved for all product types. The growth was largest for apartment-style and attached properties.
Attached sales increased for the sixth consecutive month compared to the previous year. This is also the only property type with year-to-date sales higher than last year’s levels.
New listings continued to ease this month, which caused inventory to decline. This is helping the market shift toward more balanced conditions.
The amount of downward pressure on prices is also easing. At $426,000, the unadjusted citywide benchmark price this month remained comparable to last month, but 2.6 per cent lower than last year’s levels.
Despite improving sales and reductions in inventory, housing market recovery will take time. Inventory levels remain elevated and sales activity is still well below historical norms. The market continues to favour the buyer, with over four months of supply.

HOUSING MARKET FACTS
Detached

Year-to-date detached sales remain just below last year’s levels, but sales improved in the South and North West districts this month.
Citywide growth has been driven by homes priced under $500,000. Meanwhile, easing sales and elevated inventories among homes priced above $500,000 have increased the months of supply, pushing it further into buyers’ market territory.
Benchmark prices in August ranged from a year-over-year decline of over five per cent in the South district to a decline of nearly one per cent in the South East.

Apartment

For the second month in a row, sales activity improved for apartment-style homes, but these gains were met with a rise in new listings. This prevented any significant adjustments to inventory levels and kept the months of supply elevated.
Sales activity remains just below last year’s levels. On average, the amount of inventory in the market this year has eased compared to last year.
Citywide benchmark prices in August eased compared to last year, but the East, South East and North East districts recorded modest gains. Despite those gains, prices remain well below 2014 highs.

Attached

For the sixth consecutive month, year-over-year attached sales improved in the city. This has resulted in year-to-date sales of 2,665 units, nearly a five per cent increase compared to the previous year. At the same time, new listings continue to ease, causing further reductions in inventory.
The months of supply have moved from over six months at this time last year to under five months in August.
These improvements have supported some monthly gains in benchmark prices, but August benchmark prices remain 2.6 per cent below last year’s levels.

REGIONAL MARKET FACTS
Airdrie

Despite a year-over-year decline in sales activity this month, year-to-date sales sit just above last year’s levels. Unlike Calgary, most of the growth here has been driven by gains in the detached sector. Year-to-date new listings have eased by 13 per cent and inventories have edged down relative to last year.
A general trend toward more balanced conditions has eased downward pressure on prices. The benchmark price was $334,600 in August – 1.8 per cent below last year’s levels.

Cochrane

Fuelled by reductions in new listings and stable sales, inventories continue to trend down. This has supported some easing in the months of supply, which dropped from nearly eight months in August of last year to five months this year.
Reductions in oversupply have supported more stability in monthly prices. The benchmark price was $408,000 in August, nearly four per cent below last year’s levels.

Okotoks

Improving sales in August contributed to year-to date sales of 373 units, slightly higher than last year’s levels, but still below long-term averages. The number of new listings continues to ease. This is causing inventories to decline and reducing the months of supply.
Months of supply dropped from nearly 10 months last year to under five months this August. Despite this reduction in oversupply, benchmark prices so far this year have remained over four per cent below last year’s levels.

Info provided by CREB

0 Comments

Sales improving and inventory declines for fourth month in a row

6/8/2019

0 Comments

City of Calgary, August 1, 2019 – For the fourth consecutive month, inventories in the market declined compared to last year. This is due to the combination of improving sales and a decline in new listings.
The market continues to favour the buyer, but a continuation in supply reduction compared to sales is needed to support more balanced conditions.
“We are starting to see reductions in supply across the resale, rental and new-home markets,” said CREB® chief economist Ann-Marie Lurie.
“This adjustment in supply to the lower levels of demand will support more balanced conditions. It is starting to support more stability in prices. If this continues, the housing market should be better positioned for recovery as we move into 2020.”
Year-to-date sales activity remains just below last year’s levels and well below longer-term averages. However, the reduction in inventory has caused the months of supply in July to ease to 4.5 months, a significant improvement from the 5.5 months recorded last year.
With less oversupply in the market, prices are showing some signs of stability on a monthly basis. This is causing the rate of price decline to ease on a year-over-year basis. Overall, year-to-date benchmark prices remain over four per cent below last year’s levels.

HOUSING MARKET FACTS
Detached

Sales activity in July was slightly higher than last year’s levels, but it was not enough to offset earlier declines, as year-to-date sales remain just below last year’s levels. Despite overall declines, trends vary significantly by price range. Year-to-date sales for product priced below $500,000 have improved by 11 per cent compared to last year, while sales over $500,000 have declined by nearly 16 per cent.
New listings continue to ease for detached product, reducing inventory across most price ranges. This is also starting to result in year-over-year declines in the months of supply for all prices ranges except homes over $1 million.
Adjustments in sales and inventories also vary significantly by district. Year-to-date sales have declined across all districts except the North West and South districts. Easing inventories have not occurred across all districts, with year-over-year July inventory gains occurring in both the City Centre and West districts.
Buyers’ market conditions persist, with detached benchmark prices at $488,400 in July. This is over three per cent lower than last year’s levels. Price declines range from a high of 5.7 per cent in the South district to a low of 1.4 per cent in the North East district.

Apartment

Despite improvement in July, year-to-date sales for apartment condominiums eased by over four per cent and remain well below longer-term averages.
Available rental supply and ample selection in the new-home sector have impacted sales in the resale market. However, inventories continue to adjust, reducing the oversupply in this sector.
With conditions favouring the buyer, prices continue to edge down. However, year-to-date benchmark price declines are not occurring across all districts, with modest gains occurring in the North East district.

Attached

The attached sector is the only sector with recorded growth in year-to-date sales, up nearly four per cent. The affordable nature of this product, relative to detached, has likely supported some of these gains.
The number of new listings continues to ease. This is causing inventory declines and reductions in oversupply. Like the other sectors, this segment continues to favour the buyer, preventing any significant changes in prices.
Both row and semi-detached prices remain over three per cent lower than last year’s levels and well below historical highs. Attached price declines have been the highest in the City Centre district at over five per cent.

REGIONAL MARKET FACTS
Airdrie

For the fifth consecutive month, year-over-year sales improved in Airdrie. Year-to-date sales reached 757 units, over three per cent higher than last year. Improving sales combined with declines in new listings have resulted in less inventory in the market compared to last year. This market is moving toward balanced conditions.
Oversupply is easing, but July benchmark prices remain over three per cent below last year’s levels. There are steeper price declines occurring in the higher density sectors of the market.

Cochrane

Year-to-date residential sales in Cochrane totalled 376 units, slightly lower then last year’s levels. New listings have been in decline, resulting in the fourth consecutive month with a year-over-year decline in inventory.
This has caused the amount of oversupply to ease, supporting more stability in pricing. As of July, the benchmark price in Cochrane is $408,300, over four per cent lower than last year’s levels.

Okotoks

Total residential sales in Okotoks have totalled 321 units so far in 2019. This is similar to last year, but below long-term trends. New listings continue to trend down, supporting inventory declines and easing in the months of supply.
As the amount of oversupply in the market eases, prices have been showing signs of improvement compared to the previous month. However, year-to-date benchmark prices remain over four per cent lower than last year’s levels.

Information provided by CREB

0 Comments

Sales activity improves for second consecutive month

4/6/2019

0 Comments

Sales activity improves for second consecutive month
City of Calgary, June 3, 2019 – Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12 per cent compared to last year.
Improving sales relative to inventory levels caused the months of supply to ease to just under four months. While still oversupplied, this is an improvement from the five months of supply recorded last May.
Citywide sales in May totalled 1,921 units, 11 per cent higher than last year’s levels. However, sales remain 10 per cent below longer-term trends. This sales growth was primarily driven by homes priced under $500,000.
“While sales activity remains low based on historical activity for May, the easing prices have brought some people back to market, while also preventing some others from listing their homes,” said CREB® chief economist Ann-Marie Lurie.
“This has started to push the market towards more balanced conditions. If this trend continues, it could limit some of the downward pressure on prices.”
Citywide benchmark prices totalled $423,100 in May. Prices have shown some signs of improvement month-over-month but remain four per cent lower than 2018 levels.

HOUSING MARKET FACTS
Detached

Detached sales in May totalled 1,182 units. This is a 12 per cent increase over last year, but still 13 per cent below long-term averages. The improvement in sales was driven primarily by gains in homes priced under $500,000.
Sales activity increased across most districts in May. However, year-to-dates sales have only increased in the East, South and North East districts of the city. Citywide sales remain one per cent lower than last year’s levels.
New listings in May pulled back significantly from previous year’s levels. Combined with an improvement in sales, this resulted in inventories declining from 4,504 units last May to 3,921 units this month. This is the first time since May 2017 that year-over-year inventories declined.
Easing inventory and improving sales caused months of supply to ease to 3.3 months. This is still elevated compared to historical levels, but represents an improvement compared to levels from the past year.
Prices have remained relatively stable over the past few months, with some modest monthly improvements. However, the oversupply scenario has left prices four per cent lower than last year and seven per cent lower than 2014 highs.

Apartment

The improvement in monthly sales was not enough to offset previous declines. Year-to-date apartment sales sit at 1,030 units. This is seven per cent lower than last year and 28 per cent lower than longer-term averages. Easing sales were met with fewer new listings, reducing the market inventory. This pushed months of supply to just over five months.
If the reduction in oversupply continues, it will eventually help limit price declines. However, this market remains oversupplied and prices continue to edge down.
May benchmark prices totalled $246,900, 0.6 per cent lower than last month and nearly three per cent lower than last year’s levels. This is resulting in a total price adjustment of over 17 per cent since 2014.

Attached

Attached sales activity continue to improve in May. Year-to-date sales improved by two per cent, making this the only sector to record a year-to-date improvement. Improvements occurred throughout most districts of the city, apart from the City Centre, North West and West districts.
New listings have also pulled back relative to sales. This is causing inventories to ease compared to last year and months of supply to trend down.
Benchmark prices remain five per cent lower than last year’s levels but have seen some modest gains on a month-to-month basis. Despite some signs of improvement, prices remain 10 per cent lower than 2014 highs.

REGIONAL MARKET FACTS
Airdrie

May sales activity remained similar to last year, pushing year-to-date sales to 514 units. This is slightly higher than last year’s levels. At the same time, there has been a sharp pullback in new listings coming onto the market. This is causing inventories to decline and the market to move towards more balanced conditions.
Despite some oversupply reduction, prices struggled to improve following declines last year. The May benchmark price in Airdrie was $331,900, similar to last month, but nearly four per cent below last year’s levels.

Cochrane

Year-to-date sales in the area remain slightly slower than last year, but higher than activity recorded throughout the recession. The number of new listings is continuing to ease, which is starting to reduce inventories from the highs recorded last year.
Supply is starting to adjust in this market, but conditions continue to favour the buyer, which is weighing on prices. May benchmark prices totalled $404,700, just below last month and over four per cent less than last year’s levels.

Okotoks

Year-to-date sales of 208 units are similar to last year’s levels, but lower than long-term averages for the area. Like many other areas, new listings continue to ease, enough to chip away at inventory levels. This has caused months of supply to fall below four months.
The reduction in the amount of supply compared to sales is helping limit any further downward pressure on prices. Overall benchmark prices of $408,200 remain five per cent lower than levels recorded last year.

Provided by CREB

0 Comments

May 08th, 2019

8/5/2019

0 Comments

April brings a slight inventory decline

6/5/2019

0 Comments

May 1, 2019 – There have been no significant changes occurring in sales activity, but the number of new listings coming onto the market continues to ease relative to 2018 levels.
The decline in new listings was enough to start chipping away at overall inventory levels, which have eased slightly compared to last year.
The slight adjustment in supply levels has helped support further reductions in the months of supply, which was 4.6 months in April. While this level still represents oversupply in our market, it does reflect improvement from the nearly seven months of supply that we saw at the start of the year.
“Demand remains relatively weak in the resale market. However, if supply levels continue to adjust, this could help reduce the amount of oversupply and eventually support some price stability,” said CREB® chief economist Ann-Marie Lurie.
As of April, the total residential benchmark price in Calgary was $415,900. This is slightly higher than last month, but still nearly five per cent lower than last year’s levels.
Citywide sales were 1,547 units in April, two per cent higher than last year’s levels. Year-to-date sales remain nearly six per cent lower than last year and are 26 per cent below longer-term averages.
“Sales have been improving mostly in the lower price ranges, causing tighter supply conditions in that segment. This will likely have a different impact on price trends in the lower price ranges depending on location,” said Lurie.

HOUSING MARKET FACTS
Detached

Detached sales improved by nearly three per cent in April compared to last year, due to gains in homes priced under $500,000. However, with 930 sales, activity still remain 24 per cent below long-term averages. Recent gains were also not high enough to offset pullbacks earlier in the year, causing year-to-date sales to fall by over five per cent.
Improving sales did not occur across all districts. In April, there was growth in the North East, North West, South and South East districts of the city. Despite some signs of sales improvement, overall sales activity remains well below 10-year averages throughout every region in the city.
April detached inventories citywide continue to remain just above levels recorded last year. Months of supply remain relatively unchanged at four months.
The amount of oversupply has varied significantly depending on the area of the city. Months of supply has only risen in the City Centre, South and West districts of the city.
Despite some of the adjustments occurring in the detached sector, overall April prices remain lower than last year’s levels across all districts. Year to date, the largest year-over-year declines occurred in in the City Centre, North West and South districts.

Apartment

Despite the affordability of apartment condominiums, sales activity continues to fall across the city and in most districts. There have been 714 apartment condominium sales so far this year, the lowest level since 2001.
The decline in new listings has started to outweigh the sales decline, causing inventories to ease. As of April, resale apartment condominium inventories totaled 1,546 units, 16 per cent lower than inventory levels last April.
The easing inventories have also caused the months of supply to decline to just above six months. While this is still a buyers’ market, this trend could help ease the downward pressure on prices if it continues.
Apartment condominium prices in April totalled $250,400, comparable to last month, but over two per cent below last year’s levels and nearly 17 per cent below 2014 highs.

Attached

Attached sales activity improved compared to last year’s levels for the second straight month, almost offsetting the declines occurring in the first two months of the year. Year-to-date sales were 1,113 units, nearly one per cent below last year’s levels, and 14 per cent below long-term averages.
Year-to-date sales have improved in all districts except the City Centre, North West and West.
Improved sales and easing listings have helped prevent further inventory gains in this sector and overall months of supply have trended down to five months.
Following several months of prices trending down, semi-detached benchmark prices in April rose over the previous month. However, prices remain over five per cent below last year’s levels at $395,300.
Row prices were $284,900 in April, over five per cent below last year’s levels.

REGIONAL MARKET FACTS
Airdrie

Stronger sales in March and April offset earlier declines, causing year-to-date sales to total 363 units, similar to levels recorded last year. New listings continue to decline, causing April inventories to ease compared to last year. Months of supply remain elevated at five months, but this is a notable improvement compared to last year, when months of supply was over six months.
Rising sales and easing inventories helped prevent further price declines in April compared to March. However, overall, April prices remained nearly four per cent below last year’s levels. Prices have eased across all property types, with the largest year-to-date decline in the apartment sector at eight per cent.

Cochrane

Despite improving sales in April, year-to-date sales in Cochrane eased by six per cent compared to last year. However, new listings have also eased, helping reduce some of the inventory in the market. While inventories and months of supply remain elevated, for the first time since June 2018, the months of supply fell below six months.
Some improvement with oversupply has likely prevented further monthly declines in prices. As of April, total benchmark prices remain over three per cent below last year’s levels for a total of $415,100.

Okotoks

Despite some recent improvements in sales, year-to-date sales activity slowed compared to last year. New listings have also eased, but it was not enough to prevent further inventory gains, keeping months of supply above five months.

The amount of oversupply has impacted prices. April residential prices totalled $406,700. This is nearly four per cent below last year’s levels. Price declines were slightly higher in the attached sector, with a year-over-year decline of nearly five per cent.

0 Comments

April 04th, 2019

4/4/2019

0 Comments

Oversupply persists despite improved sales activity for affordable product

4/4/2019

0 Comments

Media release: Oversupply persists despite improved sales activity for affordable product
City of Calgary, April 1, 2019 –
March saw a modest decline in city wide sales activity compared to last year. However, sales have been rising for more affordable product in the detached and attached sectors.
Shifts in the lower end of the market have not outweighed easing across the higher priced product. First-quarter sales dropped to 3,108 units. This is nine per cent below last year and 28 per cent below typical levels of activity.
Price declines and relatively slow sales activity are impacting the number of new listings. For the second consecutive month, new listings eased compared to last year’s levels and long-term trends, but it was not enough to prevent inventory growth.
“If new listings continue to slow compared to sales, it could start to help with the persistent oversupply scenario weighing on our housing market,” said CREB® chief economist Ann-Marie Lurie.
“However, inventory is still high. It will still take time for our market to transition towards more balanced conditions and stable pricing.”
With 6,595 units in inventory in March, the months of supply eased to five months. This is an improvement over the past several months, but still considered oversupplied when compared to levels traditionally recorded in March.
The oversupply in the Calgary market has caused further price declines this month. As of March, benchmark prices eased to $413,900, five per cent below last year’s levels and just below levels recorded last month.

HOUSING MARKET FACTS
Detached

First-quarter sales declined by nearly nine per cent compared to last year and 30 per cent below typical levels of activity.
Detached sales have varied depending on location and price range, with gains occurring mostly in the most affordable price ranges of each district.
In March, citywide detached sales improved for all homes priced under $500,000.
Despite easing in new listings, inventories increased over last year’s levels, pushing months of supply to the highest level ever recorded for the month of March. When considering activity by districts, the North East and East districts have seen the level of oversupply ease compared to last year.
Oversupply in the detached sector continues to weigh on prices across all districts in the city. Citywide detached benchmark prices eased 5.4 per cent compared to last year for a total price of $475,800.

Apartment

Resale condominium sales fell by 14 per cent in March, causing first-quarter sales to total 464 units, 17 per cent below last year. The decline did not occur in all districts, as sales activity improved in both the North and West districts of the city. Despite some signs of improvements in those districts, activity remains well below long-term trends.
Supply in this sector is showing signs of adjusting to the lower levels of demand. New listings eased again this month compared to last year’s levels. Unlike other property types, this adjustment is impacting inventories. Inventory in March was 1,488 units, 12 per cent below last year’s levels.
The months of supply has edged down from levels recorded earlier in the year, but due to weak sales, it is elevated compared to last year’s levels.
Citywide, apartment condominium prices fell by 0.7 per cent from last month and 2.6 per cent over last year. However, in both the North East and South East districts, prices posted a modest gain over last year.

Attached

There was a slight uptick in attached sales in March due to improvements in both the semi-detached and row sectors. Despite the gains in March, year-to-date sales remain four per cent below last year’s levels and 16 per cent below long-term averages.
Year-to-date sales have eased, but there have been improvements in the South and South East districts.
Despite some improvements in sales, citywide months of supply remain elevated.
Prices continued to trend down for semi-detached product. March’s benchmark price was $391,000, nearly six per cent below last year’s levels and 0.4 per cent below last month’s price. However, the North district saw different results, as tightening months of supply supported a modest gain in prices compared to both last month and last year.
Row prices in March remained relatively flat compared to February levels, but remain more than four per cent below last year’s levels and over 13 per cent lower than previous highs.

REGIONAL MARKET FACTS
Airdrie

First quarter sales were seven units less than last years levels, but the number of new listings also declined by 47 units over the same period. This prevented any significant change in inventory levels in the market. However, the months of supply remained elevated averaging five months after the first quarter.
The persistent oversupply in the market has weighed on prices. City-wide benchmark first quarter prices eased by 1.7 per cent compared to the previous quarter and remain 4.6 per cent below levels recorded in the first quarter of last year. While prices eased across all property types, the largest declines occurred in the apartment sector.

Cochrane

Cochrane’s first quarter sales and new listings were 114 units and 330 units, respectively, both declining over last years levels. However, the relatively steeper pull-back in sales caused inventories to rise and months of supply to average eight months in the first quarter.
Persistent oversupply in the market has weighed on prices. After the first quarter benchmark prices eased by 1.6 per cent compared to last year and 1.5 per cent compared to the previous quarter. However, year-over-year declines were higher in the attached sector at 2.7 per cent compared to the detached sector which was 1.5 per cent.

Okotoks

In the first quarter both sales and new listings slowed compared to last year. However, the pull-back in new listings was not enough to reduce inventory levels in the market and months of supply remained elevated averaging 7.7 months in the first quarter.
The persistent oversupply has impacted prices. The detached benchmark price averaged $413,733 in the first quarter a 4.8 per cent decline compared to last year and 3.8 per cent below the fourth quarter of 2018. Price declines were slightly higher in the attached sector with the benchmark price totaling $376,433 for the first quarter a five per cent decline over the previous year.

Provided by CREB

0 Comments

Airdrie Market Report

6/3/2019

0 Comments

Housing market feels the chill as oversupply continues

5/3/2019

0 Comments

City of Calgary, March 1, 2019 – The effects of Calgary's economic climate continue to create weak sales activity and elevated inventory in the city's housing market.
As a result, prices are being affected.
“It is not a surprise that slowing activity in the housing market has persisted into February,” said CREB® chief economist Ann-Marie Lurie.
“There has been no substantial change in the economic climate and concerns regarding potential layoffs in the energy sector are weighing on confidence.”
As of February, citywide benchmark prices were $414,400. This is nearly five per cent below last January, slightly lower than last month’s figures and over 10 per cent below highs recorded in 2014.
While the market remains oversupplied, slower sales and price declines do appear to be influencing sellers. New listings this month eased by eight per cent compared to last year for a total of 2,211 units. However, the 976 sales this month were not enough to substantially impact inventories levels, which remain elevated at 5,885 units.

HOUSING MARKET FACTS
Detached

After the first two months of the year, detached sales were 1,079 units. This is 13 per cent below last year’s levels and nearly 30 per cent below long-term averages. Sales eased across all city districts except the North West. Activity remained well below normal levels across all districts of the city.
The adjustments in new listings ranged from a 15 per cent increase in the North West district to a decline of 23 per cent in the North district. Overall, year-to-date new listings were 2,544 units, nearly two per cent below last year’s levels.
Despite some adjustments in new listings, average inventories in the detached sector so far this year rose by 25 per cent compared to last year. However, some of the most affordable detached areas, including the North East and East districts, have seen inventories fall compared to last year.
With detached months of inventory remaining above five months, prices continue to trend down. In February, citywide detached benchmark prices were $475.600, 0.2 per cent below last month and over five per cent below levels recorded last February.

Apartment

Despite the relative affordability of apartment product, sales activity remained slow with 149 sales.
Unlike the detached sector, the seventh consecutive year-over-year decline in new listings is starting to have an impact on inventory levels.
In February, inventory levels totalled 1,301 units. This is nine per cent below levels recorded last year. Inventories did ease, but slow sales in February kept the months of supply near nine months.
Apartment condominium prices were $252,300 in February, a 1.7 per cent decline compared to last year, but similar to levels recorded last month. Apartment condo prices have fallen by 16 per cent over the previous monthly highs.
Citywide benchmark prices have eased, but some districts of the city have recorded modest gains. This is not enough to erase previous declines, but points toward price stability in parts of the market.

Attached

Conditions remained relatively unchanged in the attached sector, as months of inventory remained near seven months and prices have remained unchanged from last month, but over four per cent below last year’s levels.
Like the apartment sector, activity can vary significantly depending on location. Benchmark prices for semi-detached product eased by over five per cent compared to last year, with the steepest declines occurring in the South and City Centre districts.
Prices slightly improved in the North district.
Row prices declined by nearly four per cent compared to last year. Unlike the semi-detached sector, prices eased across all districts compared to last year and remain nearly 14 per cent below monthly highs.

REGIONAL MARKET FACTS
Airdrie

Housing sales in Airdrie have totalled 150 units in 2019. This is 27 units below levels recorded from the same period last year, but comparable to the average activity occurring over the past 10 years.
Even though new listings have eased compared to 2018, inventory levels increased to 448 units. Higher inventories and low sales activity have caused months of supply to remain elevated at five months.
Detached prices have totalled $355,200 In February. This is over four per cent lower than the same period in 2018.

Cochrane

Year-to-date residential sales in Cochrane remained comparable to last years levels, mostly due to gains in detached sales.
Although new listings levels in the first two months were comparable to the same period in 2018, there were gains in inventory levels. Overall months of supply levels remained just below seven months.
Oversupply in the market has caused year-to-date prices to decline compared to last year. On a year-over-year basis, the February detached benchmark price of $413,300 was 1.3 per cent lower than 2018 price levels.

Okotoks

Sales activity in the first two months of 2019 represents a decline of 30 units over last year. New listings in the market also eased compared to last year, but there were still far more new listings than sales activity. This is causing inventories to rise and months of supply to remain elevated at ten months.
Persistent oversupply has continued to weigh on benchmark prices with detached home prices at $411,500 in February. This is 1.3 per cent lower than last month and 4.6 per cent lower than the same period last year.

Provided by CREB

0 Comments

<<Previous

Airdrie August Market Report

Sales activity increase led by lower-priced homes

Sales improving and inventory declines for fourth month in a row

Sales activity improves for second consecutive month

May 08th, 2019

April brings a slight inventory decline

April 04th, 2019

Oversupply persists despite improved sales activity for affordable product

Airdrie Market Report

Housing market feels the chill as oversupply continues

Evolve's Blog

Archives

Categories

sales@evolverealty.ca

Evolve's Blog

Archives

Categories

​sales@evolverealty.ca

sales@evolverealty.ca