Sales have eased but benchmark sales prices have improved. Here is a brief look at the market stats in Calgary for the month if October.
Home Prices
In October, the benchmark sales price was $523,900, which dipped around 0.7% from September, but increased around 9.6% in year-over-year prices.
What is a benchmark price? The benchmark price is the estimated value of a “typical” home in a community, based on the most popular combination of features, e.g. age, size, number of bedrooms and bathrooms.
Sales and Inventory
There were 1,857 home sales in October, which declined 15% in year-over-year sales. The inventory for the month clocked in at 3,887, which declined around 20% compared to October of 2021.
Conclusion
While sales in October softened compared to 2021, CREA notes that “levels are still stronger than long-term trends and activity reported prior to the pandemic.” Regarding the benchmark sales price for October, we can also be encouraged that it has increased since last year.
Data provided by the Calgary Real Estate Board. For more information, visit their website.
