Despite the decline, sales were still 16% higher than typical September figures, according to the Calgary Real Estate Board (CREB).
Sales in higher price ranges increased, but a shortage of lower-priced homes kept overall sales lower.
New listings surged to 3,687, the highest for this month since 2008, mainly in higher price ranges.
“While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market,” said Ann-Marie Lurie, Chief Economist at CREB.
“While the challenges in the lower price ranges are not expected to change, improved supply combined with lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that contributed to the rapid price growth earlier this year,” she added.
With more homes hitting the market, the pressure on home prices has eased slightly over the past few months, following a strong spring season.
In September, the benchmark price settled at $596,900. While this is a small dip compared to the previous month, it’s still over 5% higher than prices from the same time last year.
Market performance by home type
Here’s a breakdown of how each sector performed last month.
Detached homes
Sales for detached homes fell to 942 units in September, a 17% drop from last year. While homes priced over $700,000 saw a 9% increase, a sharp decline in sales below $600,000 dragged down the market. The benchmark price was $757,100, a slight dip from August but up 9% year-over-year.
Semi-detached homes
Semi-detached sales reached 182 units, with a 61% sales-to-new listings ratio. Despite an inventory rise, it’s still a seller’s market. The benchmark price was $678,400, up 9% from last year.
Row homes
Row home sales were down slightly to 377 units, but new listings topped 600, mostly above $400,000. Inventory increased, easing seller’s market pressure. The benchmark price rose 10% to $459,200 year-over-year.
Apartment condos
Sales for apartment condos fell to 502, but new listings surged to 993 units. Inventory climbed to 1,623 units, with the benchmark price hitting $345,000, a 14% annual increase.
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Last modified: October 2, 2024