Higher inventory levels push downward on price Sales activity in the resale residential housing market surrounding Calgary continued to outperform long-term averages in the third quarter despite reporting double-digit declines when compared with last year.
A total of 1,269 units exchanged hands from July to September, representing a 20 per cent drop from record-setting levels established during the same time in 2014. Overall, however, year-to-date activity in the surrounding area continued to outperform both the five- and 10-year averages.
New listings, meanwhile, declined year-over-year by a moderate three per cent to 2,229 units, contributing to inventory gains during the quarter. Months of supply in the region increased from 4.3 in July to 5.7 in September. While higher months of supply are typical for the surrounding area, easing absorption rates started to place downward pressure on quarterly benchmark prices, declining by 0.41 per cent to $433,033 compared to last quarter.
Robust listings in both Airdrie and Cochrane, specifically, caused notable inventory gains. Nonetheless, detached benchmark prices in both municipalities remained relatively stable, posting moderate changes from the previous quarter and remaining higher than levels recorded last year.
Click on the link to download the entire report: Town_and_Country_Stats_Third_Quarter
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