New infill sales ease as we head into the Holiday Season with attention shifting towards seasonal festivities.
Single-family new infills posted 20 sales during the month of November, down from 29 sales recorded last month, and also down from the 24 sales recorded in November of last year.
Single-family new infill listings have bumped up to 173 active listings, from 149 active listings recorded last month, and are also up from the 141 active listings recorded at this time last year.
New infill townhomes posted 3 sales during the month of November, down from 4 sales recorded last month and also down from 5 sales recorded in November of last year.
New infill townhome inventory has slightly declined, to 12 active units for sale, from 13 active units recorded last month, and is down from 15 active units recorded at this time last year.
With another interest rate announcement scheduled for this coming Wednesday, expectations are high that there will be little to no change to the prime lending rate. As such, sales activity is expected to be moderate throughout December.
From all of us at NEWINFILLS, we wish you all the best this Holiday Season.
CALGARY MARKET UPDATE (CREB)
City of Calgary, Dec 1, 2023 - New listings in November reached 2,227 units, nearly 40 percent higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000.
Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales-to-new listings ratio remained high at 80 percent, and the months of supply remained below two months.
“Like other large cities, new listings have been increasing,” said CREB® Chief Economist Ann-Marie Lurie. “However, in Calgary, the gains have not been enough to change the low inventory situation thanks to strong demand. Our market continues to favour the seller, driving further price growth.”
As of November, the benchmark price was $572,700, up over last month and nearly 11 percent higher than November 2022. Year-to-date, the average benchmark price has risen by over five percent.