Calgary’s resale housing market experienced a slow down in sales activity in November while listings fell and prices dipped a bit lower.
The Calgary Real Estate Board reported Monday that MLS sales activity eased over last year levels mostly as a result of pullbacks in the apartment sector.
New listings eased enough relative to sales to cause inventories to ease and the amount of oversupply to come down slightly compared to last year’s levels, said the real estate board.
“Achieving more stable conditions will take time. Sales activity has been settling in at lower levels and is likely being influenced by the economic conditions and uncertainty weighing on our market,” said Ann-Marie Lurie, the board’s chief economist.
“While the amount of supply in the market continues to ease, the persistent oversupply continues to weigh on prices.”
Key highlights from November and their comparison from November 2018 include:
- MLS sales dipped by 1.02 per cent to 1,160;
- Dollar volume was down 1.50 per cent to $512 million;
- New listings decreased by 3.45 per cent to 1,848;
- Inventory of homes for sale at the end of the month was off by 10.35 per cent to 5,858;
- Months of supply to sell a home, which is determined by the inventory and the level of current demand, declined by 9.42 per cent to 5.05 months;
- The benchmark price – which the board says is reflective of the typical home in a market, dropped by 2.31 per cent to $419,900;
- The median price was up by 0.85 per cent to $400,000; and
- The average sale price was down 0.48 per cent to $441,418.
Mario Toneguzzi is a business reporter in Calgary.
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