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Market Update November 2016

Posted by Jeff Campbell on Thursday, November 3rd, 2016 at 1:10pm.

Home Sales Rebound in October!

For the first time in 2 years, sales activity in October resembled normal levels.   This shift in sales this month is likely related to the new mortgage rule changes, inventory gains in the lower price ranges and further price adjustments. The combination of all these factors may have encouraged purchasers to take advantage of the market conditions particularly in the lower price ranges. However, with several factors at play, the monthly shift in demand may be temporary and will need to be monitored over the next several months.

The detached benchmark price for October is $502,200 a decrease of 3.20 % year-over-year. The apartment benchmark price is $273,800 a decrease of 6.33% and the attached benchmark price is $329,600 a decrease of 5.01%. Overall sales for the month totaled 1,644 units, compared with 1,422 during the same period last year.

The City of Calgary home market has 4.16 months of inventory and the sales to new listings are at 50.55%, meaning 49.45% of homes are not selling. The sale price to list price ratio is 97.11% and 49 days on market.

Airdrie’s inventory decreased to 379 from 403 units, sales increased by 92 to 129 for October. The benchmark price for October $355,300 a decrease of $1,000 from last month. Overall sales for the month totaled 129 units, compared with 95 during the same period last year.

The City of Airdrie home market has 2.94 months of inventory and the sales to new listings are at 70.40%, meaning 29.60% of homes are not selling. The sale price to list price ratio is 97.8% and 46 days on market.

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