What’s the latest real estate news from Calgary?
There is still some uncertainty in our market with fluctuating interest rates, and there are some new rules in place that have knocked some buyers out of the market. Due to decreased demand, inventory has increased. However, there are new rules coming down the pipeline which will most likely give us a little boost because buyers have a fear of missing out before the rules change again.
Let’s look at the latest numbers. In September, we had 6,861 listings and 1,462 home sales, and Calgary’s overall benchmark price for that month was $441,500. The average price for detached houses was $508,900, the price for attached homes was up to $336,000, and the price for condos was $263,700.
As I often say, though, averages are dangerous. You can have your head in the oven and your feet in the freezer and your average temperature would be OK, but you wouldn’t be feeling too good. This rationale also applies to our market.
Take a look at our months of inventory, for example. In Northwest Calgary, things are relatively hot, and we’re just above our three-month moving average. Just above that in North Calgary, the moving average is also just above three months, but in reality, things are much cooler because there is about 5.5 months of inventory available on the market right now.
There are challenges and opportunities in both these kinds of markets—it really just depends on where you are, having the right skill set, and having the right plan in place.
Next time, we’ll talk about three seller mistakes you want to avoid in today’s changing market and what you shouldn’t overlook when buying your next property.
In the meantime, if you have any questions about our current market, don’t hesitate to reach out to me. I’d love to help you.