Calgary's real estate market saw monthly sales, prices, and new listings decline in November as the inventory of homes for sale fell to the lowest level reported since 2005.
Detached sales slowed across every price range this month, contributing to the year-over-year decline of nearly 34 per cent. The total sales until November are 5 per cent lower than at the same time last year. The market below $500,000 is still quite challenging while higher-priced properties are showing more balanced conditions. The median price year-to-date is 15 per cent higher than in the last year.
The number of sales this November was 37 per cent lower than in November last year but despite this decline, year-to-date sales remain 37 per cent above long-time averages. The market conditions remain tight with sales to new listings ratio of 100 per cent. The median price year-to-date is 17 per cent higher than in the last year.
Further declines in new listings contributed to the slower sales activity this month. Inventory levels are the lowest since November 2013. Despite the persistently tight market conditions, prices trended down this month reaching $352,500. The median price year-to-date is almost 16 per cent higher than in the last year.
Despite some weakness in other segments, apartment sales continue to surge contributing a year-over-year increase of 10 per cent. The inventory fell to the lowest since November 2013. This caused a further tightening in market conditions as the sales to new listings ratio pushed above 100 per cent. The median price year-to-date is almost 9 per cent higher than in the last year but still below its previous highs set back in 2014.