Detached vs Higher-Density Segements:Two Very Different Stories in August!
Overall sales have eased for the detached homes, along with the amount of new listing on the market which is preventing inventories from reaching previous highs and limiting the downward pressure on pricing. This is not the case in both the attached and apartment sectors which have recorded inventory levels near August highs.
It is very important for both buyers and sellers to pay close attention to the data in their particular area, segment and price point. There is clearly a significant difference in the performance between the detached and attached and apartment segments of the market, making it very difficult to use city-wide housing data for decision making purposes in today's market.
The detached benchmark price for August is $502,300 a decrease of 3.27 % year-over-year. The apartment benchmark price is $274,900 a decrease of 7.10% and the attached benchmark price is $331,000 a decrease of 4.69%. Overall sales for the month totaled 1,567 units, compared with 1,642 during the same period last year.
The City of Calgary home market has 3.72 months of inventory and the sales to new listings are at 52.26%, meaning 47.74% of homes are not selling. The sale price to list price ratio is 96.98% and 45 days on market.
Airdrie’s inventory decreased to 417 from 446 units, sales decreased by 21 to 117 for August. The benchmark price for August $358,100 an increase of $100 from last month. Overall sales for the month totaled 117 units, compared with 135 during the same period last year.
The City of Airdrie home market has 3.56 months of inventory and the sales to new listings are at 67.63 meaning 32.37% of homes are not selling. The sale price to list price ratio is 97.6% and 56 days on market.
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