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CREB® Statistics – 2022 on track to be a record year for sales
The Calgary Real Estate Board (CREB®) has released their statistic report for November 2022. A couple of quick statistics to take away from the article:
- The benchmark price in November slowed to $619,700, down from the high in May of $648,500. While prices have eased over the past several months, they continue to remain nearly 11 per cent higher than levels reported last year.
- On a year-to-date basis, sales have eased for homes priced under $500,000 as the level of new listings in this price range has dropped by over 36 per cent limiting the options for purchasers looking for affordable product.
- Residential sales in the city slowed to 1,648 units, a year-over-year decline of 22 per cent, but 12 per cent above the 10-year average.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
Residential sales in the city slowed to 1,648 units, a year-over-year decline of 22 per cent, but 12 per cent above the 10-year average.
The pullback in sales over the past six months was not enough to erase gains from earlier in the year as year-to-date sales remain nearly 10 per cent above last year’s record high. The year-to-date sales growth has been driven by a surge in both apartment condominium and row sales.
“Easing sales have been driven mostly by declines in the detached sector of the market,” said CREB® Chief Economist Ann-Marie Lurie. “Higher lending rates are impacting purchasers buying power and limited supply choice in the lower price ranges of the detached market is likely causing many purchasers to place buying decisions on hold.”
A decline in sales was met with a pullback in new listings and inventories fell to the lowest level reported in November since 2005. The pullback in both sales and new listings kept the months of supply relatively tight at below two months. The tightest conditions are occurring in the lower-price ranges as supply growth has mostly been driven by gains in the upper-end of the market.
Despite the lower supply levels, prices have trended down from the peak reached in May of this year. Even with the adjustments that have occurred, November benchmark prices continue to remain nearly nine per cent higher than levels reported last year.
Detached
Detached sales slowed across every price range this month, contributing to the year-over-year decline of nearly 34 per cent and the year-to-date decline of five per cent. On a year-to-date basis, sales have eased for homes priced under $500,000 as the level of new listings in this price range has dropped by over 36 per cent limiting the options for purchasers looking for affordable product.
Meanwhile, new listings and supply selection did improve for higher-priced properties creating more balanced conditions in the upper-end of the market. This has different implications on price pressure in the market.
The benchmark price in November slowed to $619,700, down from the high in May of $648,500. While prices have eased over the past several months, they continue to remain nearly 11 per cent higher than levels reported last year.
Semi-Detached
The pullback in sales this month was enough to cause the year-to-date sales to ease by nearly one per cent compared to last year. Despite the recent declines, year-to-date sales remain 37 per cent above long-term averages for the city.
Easing sales this month were also met with a pullback in new listings, causing further declines in inventory levels and ensuring market conditions remained relatively tight with a month of supply of 2 months and a sales-to-new-listings ratio of 100 per cent.
Unlike the detached sector, the tight conditions prevented any further retraction in prices this month. In November, the benchmark price reached $562,800, slightly higher than last month and nearly 10 per cent higher than last year’s levels.
Row
Further declines in new listings likely contributed to the slower sales activity this month as the sales-to-new-listings ratio remained high at 99 per cent. Inventory levels fell to 383 units, making it the lowest level of November inventory recorded since the 2013. This low level of inventory ensured that the months of supply remained below two months.
Despite the persistently tight market conditions, prices trended down this month reaching $358,700. While prices have eased from the June high, they are nearly 14 per cent higher than prices reported last November. The strongest price growth was reported in the North East, North and South East districts where prices have risen by over 18 per cent.
Apartment Condominium
Despite a pullback in new listings this month, apartment condominium sales continued to rise, and inventories fell to the lowest November levels seen since 2013. This caused further tightening in market conditions as the sales-to-new-listings ratio pushed above 100 per cent and a months of supply dropped to two months.
Recent tightening in the market has put a pause on price adjustments for apartment condominiums. In November, prices remained relatively stable at $277,000 compared to last month. While prices have reported a year-over-year gain of nearly 10 per cent, prices are still below their previous highs set back in 2014.
REGIONAL MARKET FACTS
Airdrie
November sales eased mostly due to the significant pullback in detached sales. While sales this month are down over last year’s record levels, overall activity is still far stronger than long-term trends and year-to-date sales are still on pace to reach a new record high.
New listings did improve over the previous year, thanks to gains in row, semi and apartment style product. While the growth in new listings did cause November inventories to rise over last year’s low levels, inventory levels remain nearly 40 per cent below long-term trends in the area.
Despite persistently tight conditions, benchmark prices continue to trend down from the record high level reported in April of this year. Despite some adjustments, prices remained over 13 per cent higher than last year’s levels.
Cochrane
Further declines in November sales contributed to the six per cent year-to-date decline in sales. However, with 1,091 sales so far this year, this is still 69 per cent above long-term trends for the town.
Meanwhile, new listings have remained relatively low compared to sales, preventing a more significant shift in inventory levels. In November, inventory levels did rise above the low levels seen last year, but remained 35 per cent below longer term trends for the area.
Following significant gains reported earlier in the year, benchmark prices continue to trend down in November. However, the adjustments did not erase previous gains as the benchmark price remained over 12 per cent higher than levels reported last year.
Okotoks
Both sales and new listings eased in November preventing any significant change to inventory levels. While inventory levels are higher than last year, they remain 54 per cent below long-term trends for the area. Overall year-to-date sales activity has improved over last year and are 41 per cent higher than long-term trends.
As conditions have remained relatively tight this month, we saw a reversal of some of the price adjustments recorded over the previous two months. The benchmark price in November reached $549,100, a two per cent gain compared to last month, and a year-over-year gain of nearly 16 per cent.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
Just Listed – 1141 Brightoncrest Common SE
Welcome to the sought-after community of New Brighton! This stunning masterpiece is nestled beside a vast greenspace and walking paths that run just steps behind your back door.
Quick Details:
– Listed at $674,900
– 2279 Square Feet
– 5 Bedrooms
– 2.5 Bathrooms
– Double Attached Garage
– Backing onto greenspace!
View the full listing details for 1141 Brightoncrest Common SE.
Upon entering your new home, you’re welcomed into a large foyer with hardwood throughout the main floor. Head into the heart of the home where you’ll find a semi-private room perfect for your at-home office or designated play area for the kids, and open concept living with plenty of room to accommodate a large family.
The chef’s kitchen features a large center island, upgraded built-in stainless-steel appliances, and a walk-through pantry into the mudroom. The dining and living room include large windows to showcase a view to the backyard worthy of hosting any gathering with friends, or a quiet night with the family outside.
The landscaping was masterfully designed to ensure you have visually appealing foliage year-round. Complete with a rear deck, pergola, hot tub, and fire pit area, this yard offers plenty of room to play or relax.
Find your way upstairs and you’ll be met with a generous bonus room perfect to settle in for a late-night movie with the family. Your private retreat awaits in the primary bedroom with a seating area, large walk-in closet, and a 5-pc spa-like ensuite. Two bedrooms, a main 4-pc bathroom, and upstairs laundry (no need to drag those baskets down any flights of stairs) finish off the top floor.
The basement has been completed with two bedrooms, where one is currently set up as a music studio including a sound booth to professionally record your music or podcasts! The unfinished space is ready for your finishing touches with enough room to add a full bathroom (already roughed-in and framed), another rec area, and a large storage room.
Only minutes to the New Brighton Athletic Park, schools, South Hospital, shopping, restaurants, and more!
View the full listing details for 1141 Brightoncrest Common SE
Call today to book your private viewing!
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
Just Listed – 521 Midtown Street, Airdrie
Welcome to Midtown! Built by award-winning Trico Homes, this semi-detached 3 bed/2.5 half bath home is located in Midtown, in the heart of Airdrie. This community was thoughtfully designed with village charm, bringing family and community together in a bustling city.
Quick Details:
– Listed at $474,900
– 1372 Square Feet
– 3 Bedrooms
– 2.5 Bathrooms
– Single Attached Garage
– South facing backyard!
View the full listing details for 521 Midtown Street.
The main floor features an open concept plan with tons of natural light flowing in from the large south-facing windows. The chef’s kitchen was upgraded with quartz counters, 42″ cabinets, walk-in pantry, undermount sink, tile backsplash and center island.
Designed with entertaining in mind, the living and dining room are conveniently located steps from the kitchen, with a sliding patio door to access the fully-fenced backyard.
Upstairs you will find the primary bedroom with a 5 piece ensuite bath and large walk-in closet. Two other excellent sized bedrooms, an additional 4 piece bath, and conveniently located upper floor laundry complete this level.
The basement awaits your personal touch and is large enough to accommodate a 4th bedroom, a family room, and is already roughed-in for the development of another full bathroom. You won’t ever have to worry about outgrowing this expertly designed home and can enjoy the peace of mind that comes with the remaining 6 years of Alberta New Home Warranty on this stunning home.
Outside, a natural gas hook-up provides endless BBQs on the back deck while you throw the ball for Fido or watch the kids play and the hot tub provides a relaxing oasis year round. The single garage and driveway allow plenty of room to park two vehicles and provides additional storage space. Venture out into the community and enjoy the central pond, promenade, parks, paths and green spaces, perfectly interwoven into this fantastic community.
View the full listing details for 521 Midtown Street.
Are you ready to put down some roots in one of Airdrie’s best new neighbourhoods? Call to book your showing today!
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
CREB® Statistics – Sales remain stronger than pre-covid levels
The Calgary Real Estate Board (CREB®) has released their statistic report for October 2022. A couple of quick statistics to take away from the article:
- With 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic.
- We are also seeing divergent trends in the market with conditions continuing to favour the seller in the lower-price ranges and shifting to more balanced conditions in the upper-price ranges.
- It is also important to note that the October benchmark price is still nearly 10 per cent higher than levels reported last year.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
October sales eased compared to last year’s levels, mostly due to slower activity in the detached sector.
However, with 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic. Year-to-date sales have reached 26,823 and with only two months to go, 2022 will likely post a record year in terms of sales.
“Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product,” said CREB® Chief Economist Ann-Marie Lurie. “While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact.”
New listings also trended down this month causing the sales-to-new-listings ratio to rise to 85 per cent and inventories to trend down. Much of the inventory decline has been driven by product priced below $500,000.
While conditions are not a tight as what was seen earlier in the year, with only two months of supply, conditions remain tighter than historical levels. We are also seeing divergent trends in the market with conditions continuing to favour the seller in the lower-price ranges and shifting to more balanced conditions in the upper-price ranges.
As of October, prices have eased by four per cent relative to the highs reached in May. This is considered a relatively small adjustment when considering price movements in other large cities. It is also important to note that the October benchmark price is still nearly 10 per cent higher than levels reported last year.
Detached
Sales growth in the over $700,000 price range this month were not enough to offset the declines in the lower-price ranges, causing detached sales to ease by over 29 per cent compared to last year. Limited supply growth in the lower-price ranges continue to keep conditions exceptionally tight for lower-priced detached homes.
In October, inventory levels for detached homes were under 2,000 units, nearly 35 per cent lower than typical levels reported for the month. Moreover, over 42 per cent of the inventory falls in the upper-price ranges of the market. This is likely creating a situation where pricing trends will vary depending on price range.
Overall, detached prices did trend down relative to last month and peak levels in May but remain nearly 12 per cent higher than levels reported last October. The strongest year-over-year price gains have occurred in the North and South East districts.
Semi-Detached
While sales remain lower than last year’s levels in October, recent pullbacks have not offset gains from earlier in the year and year-to-date sales improved by nearly three per cent. A pullback in new listings relative to sales caused the sales-to-new-listings ratio to push above 80 per cent this month and inventories to ease, leaving the months of supply just over two months.
The benchmark price, while easing slightly compared to last month, remained over nine per cent higher than last year’s levels. Year-over-year price gains have varied from a low of nearly eight per cent in the City Centre to a high of 16 per cent in the North district.
Row
Row sales continue to rise relative to last year supporting a year-to-date gain of nearly 42 per cent. At the same time, new listings this month eased ensuring that the sales-to-new-listings ratio remain exceptionally tight at 106 per cent. Falling inventories and improving sales have ensured this market continues to favour the seller with less than two months of supply. This has also prevented the same adjustment in price.
As of October, the benchmark price was $361,200, less than one per cent lower than the peak achieved in June of this year. Overall, prices remained nearly 15 per cent higher than last year’s levels. The strongest price gains occurred in the South East, North East and North districts.
Apartment Condominium
Apartment sales continue to rise over levels reported last year contributing to the year-to-date increase of over 56 per cent. Improving sales were also met with gains in new listings, but as the growth in sales outpaced the new listings activity, inventory levels continue to trend down. As of October, the months of supply remained just below three months, the lowest level recorded in October since 2013.
In October, the benchmark price was $277,800, similar to last month and nearly 11 per cent higher than last year’s levels. Some of the strongest price gains have occurred in areas outside of the City Centre. Despite persistent price growth, overall prices remain nine per cent below previous highs set back in 2014.
REGIONAL MARKET FACTS
Airdrie
Easing sales over the past several months have not been enough to offset earlier gains as year-to-date sales reached 2,269 units, over 11 per cent higher than last year and on pace to hit a new record high. The growth in sales was possible thanks to a boost in new listings this year. However, the gains in new listings did little to impact inventory levels which remained well below levels traditionally seen in the market in October.
While conditions are not as tight as they were earlier in the year, the months of supply remained exceptionally tight at one and a half months. Despite persistently tight conditions, prices have trended lower from the earlier highs. Airdrie hit a record high price back in April of this year at $510,700, prices have since fallen by six per cent since then yet remain over 14 per cent higher than levels reported last year.
Cochrane
A pullback in new listings relative to sales activity caused the sales-to-new-listings ratio to push up to 90 per cent once again, causing inventories to trend down relative to last month. While overall inventories still remain higher than the exceptionally low levels seen last year, levels are still well below what is typically seen in the market.
While prices have eased off recent highs, at a benchmark price of $507,000, prices remain over 16 per cent higher than last years levels. Price growth has been mostly driven by the detached and semi-detached sector which have reported year-over-year gains exceeding 18 per cent.
Okotoks
A pullback in new listings likely weighed on sales this month as the sales-to-new-listings ratio pushed above 100 per cent causing inventories to remain exceptionally low for October. While conditions are still not as tight as they were earlier in the year, the shift this month did little to support more balanced conditions.
Persistently tight conditions did slow the pace of adjustment in prices as the benchmark price was $537,800 in October. While prices have eased from the high reported in May, they remain over 11 per cent higher than last years levels.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
Just Listed – 19 Emerald Court, Airdrie
Welcome to Edgewater in Airdrie! Backing onto a green space, this semi-detached home is located on a quiet street near parks, walking paths, shopping, and schools.
Quick Details:
– Listed at $349,900
– 1091 Square Feet
– 3 Bedrooms
– 1.5 Bathrooms
– Single Attached Garage
– South facing backyard!
View the full listing details for 19 Emerald Court.
Upon entering your new home from the single attached garage, you are welcomed into a warm and inviting foyer. The kitchen has just been upgraded with brand new cabinets and countertops, with plenty of storage and full-sized pantry.
The heart of the home highlights substantial windows to flood the full dining area and living room with natural light.
The primary bedroom is large enough for your king-sized furniture, a sitting area, complete with a walk-in closet.
There are two other bedrooms with plenty of space for children or guests, and a full 4-piece bathroom.
Retreat to the basement for the perfect entertaining area, play some family games together, foosball, reading nook, office.. the ideas are endless!
To top everything off, the backyard has a large deck, zero maintenance landscaping and mature trees.
Mainstreet Square is only minutes away, with Safeway, Shoppers Drug Mart, Starbucks, and more!
View the full listing details for 19 Emerald Court.
Contact today to book your private viewing!
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
Just Listed – 79 Rocky Ridge Heath NW
Welcome to Rocky Ridge! This great family home is located on a quiet street near parks, walking paths, shopping, and schools.
Quick Details:
– Listed at $599,900
– 1517 Square Feet
– 3 Bedrooms
– 3.5 Bathrooms
– Double Attached Garage
– South facing backyard!
View the full listing details for 79 Rocky Ridge Heath NW.
Upon entering your new home, you are welcomed into a warm and inviting open concept living space with hardwood floors.
The updated kitchen features white cabinets, a large peninsula countertop, and plenty of storage with a walk-in pantry. The heart of the home highlights substantial windows to flood the full dining area and kitchen with natural light.
The primary bedroom is large enough for your king-sized furniture and the ensuite bathroom and oversized walk-in closet is perfect for any queen!
There are two other bedrooms with plenty of space for children or guests.
Retreat to the finished basement for the perfect movie night in. You’ll also find a room perfect for your home office or sewing room, along with a full bathroom and more storage.
To top everything off, the south facing backyard is fully landscaped with a large deck, ready for enjoying the all-day sun.
Walking distance to the Rocky Ridge Community Association where you have the added benefits of using the tennis and basketball courts, splash pool, and outdoor skating area. Both the Rocky Ridge and Royal Oak shopping centres are only minutes away, with Sobeys, Shoppers Drug Mart, Tim Hortons, and more!
View the full listing details for 79 Rocky Ridge Heath NW.
Contact today to book your private viewing!
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
CREB® Statistics – Demand shifting to more affordable options
The Calgary Real Estate Board (CREB®) has released their statistic report for September 2022. A couple of quick statistics to take away from the article:
- While prices have slid from the highs seen in May, as of September, benchmark prices remain 11 per cent higher than last year and six per cent higher than levels reported at the beginning of the year.
- While the overall detached market is far more balanced than it was earlier this year, for homes priced below $500,000 conditions remain relatively tight.
- With a new September record, apartment condominium sales continue to rise relative to last year, contributing to year-to-date sales of 5,026, a 60 per cent gain over last year.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
Strong sales for condominium apartment and row properties was not enough to offset declines reported for other property types. This caused city sales to ease by nearly 12 per cent compared to last year.
However, with 1,901 sales in September, activity is still far stronger than levels achieved prior to the pandemic and is well above long-term trends for September. Despite recent pullbacks in sales, and thanks to strong levels earlier in the year, year-to-date sales remain 15 per cent higher than last year’s levels.
“While demand is easing, especially for higher priced detached and semi-detached product, purchasers are still active in the affordable segments of the market, cushioning much of the impact on sales,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, we are seeing new listings ease, preventing the market from becoming oversupplied and supporting more balanced conditions.”
In September, new listings declined by ten per cent. With a sales-to-new-listings ratio of 72 per cent, it was enough to prevent any gain in inventory levels, which declined over last month and were nearly 21 per cent lower than last year’s levels. The adjustments in both sales and supply levels have caused the months of supply to remain relatively low at less than three months.
The shift to more balanced conditions is causing some adjustments to home prices. While prices have slid from the highs seen in May, as of September, benchmark prices remain 11 per cent higher than last year and six per cent higher than levels reported at the beginning of the year.
Detached
For the sixth consecutive month, sales activity has slowed in the detached market and is now offsetting the gains recorded in the first quarter. The recent decline in sales has been mostly driven by a reduction in the under $500,000 segment of the market, as a significant reduction in supply for those price ranges have left little options for potential purchasers.
At the same time, detached sales continue to improve for homes priced between $600,000 – $999,9999. This higher price range group has reported the largest growth in new listings and overall supply levels.
While the overall detached market is far more balanced than it was earlier this year, for homes priced below $500,000 conditions remain relatively tight. This is likely causing divergent trends in pricing activity based on price range.
Overall, detached prices eased by nearly one per cent over the last month with the largest monthly decline occurring in the City Centre district. Despite monthly adjustments, prices remain nearly 13 per cent higher than last year.
Semi-Detached
Further pullback in sales this month was not enough to offset gains from earlier in the year as year-to-date sales remained six per cent higher than last year’s levels. While new listings in this segment can vary month-to-month, year-to-date new listings have remained just slightly lower than levels achieved last year. This kept inventories at levels that are still far below long-term trends.
The recent pullback in sales was enough to cause the months of supply to push up relative to levels seen earlier in the year. However, with less than three months of supply, conditions remain relatively tight for this property type.
While conditions do remain tight, prices still trended down following higher than expected gains earlier this year. Overall, benchmark prices remain over 10 per cent higher than levels reported last year.
Row
Row sales activity improved over last year’s levels, contributing to the year-to-date record high pace of sales. Recent pullbacks in new listings and strong sales activity have caused inventory levels to remain low, keeping the months of supply below two months.
With conditions remaining tight, prices stay mostly unchanged compared to last month and are 15 per cent higher than prices reported in September 2021. The highest year-over-year price gains occurred in the North district.
Apartment Condominium
With a new September record, apartment condominium sales continue to rise relative to last year, contributing to year-to-date sales of 5,026, a 60 per cent gain over last year. While new listings also improved so far this year, it has not been enough to prevent some easing in inventory levels.
Unlike the other sectors, since 2016, inventories have generally been higher for apartment condominium. It is only the strong demand this year that has caused this market to shift from buyers’ market conditions reported throughout most of last year to one that is now relatively balanced.
Relatively balanced conditions prevented any significant shift in prices this month compared to last month and overall, apartment condominium prices remain over 10 per cent higher than last year’s levels. Despite recent gains, prices remain below the 2014 high.
REGIONAL MARKET FACTS
Airdrie
Both sales and new listings eased in September, preventing any significant shift in inventory levels this month. With a sales-to-new-listings ratio of 89 per cent and a months-of-supply still below two months, conditions remain relatively tight in the market.
While inventory levels remain low, purchasers are more cautious than they were a few months ago which is weighing on home prices. In September, the benchmark price eased by nearly two per cent compared to last month but remains 16 per cent higher than the previous year.
Cochrane
Sales eased for the sixth consecutive month in September. This caused year-to-date sales to reach 970 units, a three per cent decline over the previous year. At the same time, new listings have risen relative to the low levels seen last year, helping support gains in inventory levels.
As of September, there were 165 units available in inventory. While this is higher than last year’s levels, this is still nearly 30 per cent lower than levels traditionally seen in September.
Shifts in both supply and demand are causing the market to shift toward more balanced conditions and it is also taking some of the pressure off home prices. In September, the benchmark price eased by nearly two per cent, totaling to $508,800. Despite the monthly pullback, prices are still over 16 per cent higher than September 2021 prices.
Okotoks
Supply levels continue to be a challenge in Okotoks. While new listings have improved over last year, sales have generally kept pace as the sales-to-new-listings ratio remained elevated at 81 per cent. At the same time, inventories remain nearly 50 per cent lower than levels traditionally seen in September, keeping the months of supply below two months.
While conditions remain relatively tight, purchasers are more cautious than they were earlier this year, causing monthly prices to ease by nearly two per cent. Despite the downward trend recorded over the past four months, prices remain over 12 per cent higher than last year.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
For Sale – 3217, 115 Prestwick Villas SE
Welcome to Prestwick Place in McKenzie Towne!
Quick Details:
– Listed at $202,900
– 575 Square Feet
– 1 Bedrooms
– 1 Bathroom
– Titled Parking Stall
– Located in a quiet complex with west facing mountain views!
View the full listing details for 3217, 115 Prestwick Villas SE.
Come enjoy many quiet evenings on your second floor balcony overlooking the large park while you watch the sunset behind the mountains.
There is plenty of space for the first-time buyer or investor complete with one bedroom, one bathroom, and a den area perfect for your at home office. The kitchen is upgraded with granite countertops, stainless steel appliances, and a large breakfast bar overlooking the spacious living room with engineered hardwood floors.
The bedroom has a large walk-through closet to the jack-and-jill bathroom. You’ll appreciate the in-suite laundry, titled parking stall, and extra underground storage unit for all your seasonal items.
With board approval, you’re welcomed to have up to two animals in your home – two small dogs, two cats, or one cat and one dog! Located within a few walking minutes to all amenities and restaurants in South Trail Crossing!
Close to transit with quick access to Deerfoot, Stoney, and minutes to South Health Campus and Fish Creek Park.
View the full listing details for 3217, 115 Prestwick Villas SE.
Call today to book your private viewing!
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
CREB® Statistics – Supply levels ease with fewer new listings in August
The Calgary Real Estate Board (CREB®) has released their statistic report for August 2022. A couple of quick statistics to take away from the article:
- While higher lending rates have slowed activity in the detached market, we are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong
- For the third month in a row, benchmark prices eased declining to $531,800. While the reduction reflects shifting market conditions, it is important to note that previous gains are not lost, and prices remain over 11 per cent higher than last year.
- Easing demand on detached homes has had an impact on prices which have trended down relative to the high levels achieved in May. However, with a benchmark price of $633,000, levels are still over 13 per cent higher than last year.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
August sales activity was comparable to the strong levels recorded last year and well above long-term trends for the month.
While sales have remained relatively strong, there continues to be a shift towards more affordable options as the year-over-year pullback in detached sales was nearly matched by gains for multi-family product types.
“While higher lending rates have slowed activity in the detached market, we are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong,” said CREB® Chief Economist Ann-Marie Lurie. “This makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales.”
At the same time, new listings continue to trend down, preventing any supply gains or a substantial shift in the months of supply.
Despite year-over-year gains in new listings, the spread between new listings and sales this month narrowed compared to the past three months. This caused total inventory to trend down and prevented any significant shift in the months of supply. The months of supply in August remained at just above two months, not at tight as earlier in the year, but still below levels traditionally seen this time of year.
For the third month in a row, benchmark prices eased declining to $531,800. While the reduction reflects shifting market conditions, it is important to note that previous gains are not lost, and prices remain over 11 per cent higher than last year.
Detached
Sales continued to trend down compared to levels seen earlier in the year and August of last year. While the recent declines have not offset the strong gains reported earlier in the year, conditions are changing in this segment of the market. At the same time, we have seen listings continue to ease in for lower-priced homes. This is causing persistently tight conditions for homes priced below $500,000. Meanwhile, supply gains in the higher price range of the market are supporting more balanced conditions.
Easing demand has had an impact on prices which have trended down relative to the high levels achieved in May. However, with a benchmark price of $633,000, levels are still over 13 per cent higher than last year.
Semi-Detached
There was a significant pullback in new listings relative to a slight easing of sales for semi-detached properties this month. This caused the sales-to-new-listings ratio to push above 80 per cent for the first time since April while total inventory dropped relative to levels seen over the past several months and last year. Like the detached sector, conditions do vary depending on price ranges with the lower-price ranges continuing to see relatively tight market conditions.
Despite the adjustment this month, prices still trended down compared to May levels. However, like other property types, price levels are over 10 per cent higher than last year with a benchmark price of $569,300.
Row
Despite sales trending down relative to levels seen earlier in the year, the row-home market remains strong and year-to-date levels are nearly 50 per cent higher than last year. At the same time, there was a notable decline in new listings this month causing a decline in inventory levels. This prevented any significant adjustments to the months of supply which remained below two months.
While market conditions remain relatively tight, home prices have remained fairly stable over the past few months. Overall, the benchmark price for row properties in August was over 14 per cent higher than levels reported last year.
Apartment Condominium
Sales activity improved in August, contributing to year-to-date record sales of 4,576 units, which is an increase of 65 per cent compared to last year. Some of this growth was possible thanks to this segment of the market having more supply. However, the recent growth in sales relative to new listings has caused the supply gap to narrow.
Though conditions have shifted over the past month, prices remain relatively stable compared to July but are over 10 per cent higher than last year’s prices. Despite the recent gains in prices, apartment condominium sales remain below peak prices set back in 2014.
REGIONAL MARKET FACTS
Airdrie
Sales in Airdrie continued a downward trend that began in April. While new listings have also trended down compared to earlier in the year, there are still more new listings on the market this month than there were last year. Overall, inventory levels are starting to rise from the exceptionally low levels, causing the months of supply to shift away from the strong seller market conditions.
Despite recent shifts in supply demand balances, with less than two months of supply conditions still remain tight. Nonetheless, prices continue to trend down from earlier in the year as purchasers become more cautious. While this has slowed the pace of growth, prices still remain over 18 per cent higher than last year’s levels.
Cochrane
In August, easing sales were met with gains in new listings, causing the sales-to-new-listings ratio to drop to 70 per cent in Cochrane. The rise in new listings compared to sales caused inventory gains, but levels are still far below what is typical for our market.
The gains in inventory did support a shift toward more balanced conditions, but with a month of supply still averaging just over two months, conditions remain tight. Benchmark prices in the centre remain relatively stable this month but is still nearly 17 per cent higher than levels reported last year.
Okotoks
In Okotoks, the residential benchmark price was $549,300, reflecting the third consecutive month where prices trended down. However, recent pullbacks have not offset earlier gains and prices are still 16 per cent higher than last year.
Home sales in Okotoks continued to trend down despite a gain in new listings supporting slightly higher inventory levels. These recent shifts in the market are supporting a shift away from the exceptionally strong sellers market conditions seen earlier in the year. However, with less than two months of supply market conditions still remain tight.
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Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
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Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
