November Sales Slide into Old Patters!
November was the first full month with CMHC’s new lending rules in effect. As suspected the gains in last month’s sales were temporary. Stringent conditions for borrowers are converging with the current economic climate and weighing on demand. While supply levels eased in November the decline in sales resulted in a slight rise in months’ supply which caused the benchmark prices to reduce even further.
Again it can’t be overstated how important it is for housing consumers to keep asking questions and drilling down on what’s happening in their specific area to make good real estate decisions in any market.
The detached benchmark price for November is $498,300 a decrease of 3.36 % year-over-year. The apartment benchmark price is $271,300 a decrease of 6.80% and the attached benchmark price is $330,000 a decrease of 4.43%. Overall sales for the month totaled 1,227 units, compared with 1,262 during the same period last year.
The City of Calgary home market has 3.73 months of inventory and the sales to new listings are at 53.94%, meaning 46.06% of homes are not selling. The sale price to list price ratio is 96.98% and 46 days on market.
Airdrie’s inventory increased to 392 from 379 units, sales decreased by 56 to 73 for November. The benchmark price for November $355,900 an increase of $600 from last month. Overall sales for the month totaled 73 units, compared with 89 during the same period last year.
The City of Airdrie home market has 5.37 months of inventory and the sales to new listings are at 51.77%, meaning 48.23% of homes are not selling. The sale price to list price ratio is 97.7% and 54 days on market.
Make sure to ask us about the results we achieve for our clients!
Call Jeff Campbell 403-275-3331