In the ever-competitive Calgary real estate market, October 2023 proved remarkable. Despite seasonal slowdown, the 2,171 sales marked a 17% rise from last year, driven by robust apartment condominium sales amid high-interest rates. New listings peaked at 2,684, yet tight inventory, especially below $700,000, persisted.
Calgary Real Estate Insights: October 2023 Market Recap
With 1,302 new listings and 976 sales, tight conditions prevailed, influencing a slight increase in benchmark price to $697,600. Notably, the North East and East districts saw significant price growth.
October showcased 235 new listings and 179 sales, maintaining high sales-to-listings ratio. The City Centre district stood out with remarkable gains, pushing the unadjusted benchmark price to $628,700.
October witnessed 420 new listings, 375 sales, and a record low in inventory levels. City Centre experienced substantial growth, reflecting in the benchmark price of $425,200.
Sales surged with 727 new listings and 641 sales. Condos below $300,000 drove the market, resulting in a benchmark price of $316,600, showcasing a 16% YoY increase.
Persistently tight conditions fuelled price gains across districts, emphasizing the city's dynamic real estate landscape.
Regional Market Highlights: Airdrie, Cochrane, Okotoks - October 2023
Sales in Airdrie eased, contributing to a year-to-date decline of 29%, driven mainly by decreased detached home sales. Limited supply in lower price ranges led to a drop in sales below $500,000. Despite improved inventory levels, tight conditions persist, supporting price gains. The benchmark price rose to $521,400, reflecting a nearly 10% YoY increase.
New listings improved, boosting monthly gains in sales, though year-to-date sales dropped by nearly 22%. Despite slowed sales, levels remain above long-term trends. Tight market conditions propelled further price growth, reaching $539,900 in October, a 7% YoY increase. Price growth spanned property types, with significant gains in apartment condominiums.
Low inventory levels hindered stronger sales activity, resulting in a 26% decline in year-to-date sales, particularly in detached homes. Despite minor price adjustments, the unadjusted benchmark price rose over September, exceeding last October by over 9%. Detached and semi-detached homes experienced the highest YoY gains.
***All information ffrom the Calgary Real Estate Board***