Single-family new infills posted 14 sales during the month of December, down from the 24 sales recorded last month and also down from the 21 sales posted in December of last year.
Single-family new infills finished the year at 285 sales, down over 24% from 2021 however, only 4.7% from 2020 figures.
Single-family new infill inventory eased slightly, to 133 active listings, from 141 active listings recorded last month - on par with the 133 active listings recorded at this time last year. Year-to-date average inventory sits at 124 active listings, down 14.5% compared to 2021 and almost 35% compared to 2020.
New infill townhomes posted 7 sales during the month of December, up from 5 sales recorded last month and up from 3 sales recorded in December of last year. New infill townhomes finished the year with 77 units sold, down 43% from 2021 and over 21% from 2020.
New infill townhome inventory has not changed since last month and remains at 15 active units for sale, which is down from 27 units recorded at this time last year. Year-to-date average townhome inventory sits at 20 units for sale, down almost 55% compared to 2021 and almost 68% compared to 2020.
As we make our way towards the Spring market, which historically is the busiest time of the year for real estate, inventories remain extremely low with little relief on the horizon. Even though interest rates continue to inch upward, it may not be enough to stop the effects of continuous demand on low supply, putting upward pressure on prices.
From all of us at Urban Upgrade & NewInfills, we wish you a Happy New Year!
CALGARY MARKET UPDATE (CREB)
City of Calgary, January 3, 2023 - December sales eased, however, slowing sales over the second half of 2022 were not enough to offset earlier gains as sales reached a record high of 29,672 units in 2022.
Over the past several months, the pullback in sales was also met with a significant pullback in new listings, causing further declines in inventory levels. As of December, there were 2,214 units available in Inventory, making it the lowest level of inventory reported for December in over a decade.
“Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year,” said CREB® Chief Economist Ann-Marie Lurie. “However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year.”
Benchmark prices eased to $518,800 in December, down nearly five percent from the peak price in May but almost eight percent higher than last December. While prices have trended down annually, they remain over 12 percent higher than last year’s levels.
The housing market in 2022 generally outperformed expectations both in terms of sales and price growth.
Over the past several months, the pullback in sales was also met with a significant pullback in new listings, causing further declines in inventory levels. As of December, there were 2,214 units available in Inventory, making it the lowest level of inventory reported for December in over a decade.
“Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year,” said CREB® Chief Economist Ann-Marie Lurie. “However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year.”
Benchmark prices eased to $518,800 in December, down nearly five percent from the peak price in May but almost eight percent higher than last December. While prices have trended down annually, they remain over 12 percent higher than last year’s levels.
The housing market in 2022 generally outperformed expectations both in terms of sales and price growth.