Calgary Home Sales Increase to Record Highs in September, While Supply Remains a Challenge
Even with low inventory and heightened interest rates, home sales across Calgary are noted to be at record highs for September 2023.
According to eXp Realty’s Calgary September housing statistics, a total of 2,441 sales were recorded this September, a year-over-year increase, compared to 1,902 in September 2022. Higher-priced detached properties experienced more sales than more affordable housing options in the city, mostly due to more inventory available.
Price gains have occurred across Calgary, increasing 5% year-over-year to an overall benchmark price of $696,100. Townhomes experienced the largest price increase year-over-year at 17% with the benchmark price in September reaching $419,400, a 1.5% month-over-month increase, according to the report.
Inventory levels were more than 24% lower than this time last year, lowering the sales-to-new-listings ratio to 76%. As of September, the months of supply has remained relatively low at less than two months.
“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates… While new listings are improving, it has not been enough to take us out of sellers’ market conditions.” – CREB® Chief Economist Ann-Marie Lurie.