Apartment sales on MLS record year-over-year increase
The apartment segment of the resale housing market in Calgary, which has struggled the most in the recession, saw a year-over-year sales increase in November to 240 homes, up from 224 in November 2017. Here’s the Calgary Real Estate Board’s overview of the entire multi-family segment in November.
• Despite year-over-year gains in sales in November, citywide apartment sales year to date are 2,557 units, five percent below last year and 21 percent below long-term averages.
• The majority of sales – 48 percent – are in the city centre.
• New listings fell 23 percent year over year, helping prevent further significant gains in inventories and even contributing to inventory reductions in the south, east and northeast districts.
• Most areas of the city continue to struggle with oversupply, causing further price declines, which have ranged from a high of nearly six percent in the east district to a low of two percent in the city centre and northwest districts.
• Year-to-date sales are 3,344 units, a 16 percent decline over the same period last year. Sales eased in most districts except the northeast because of improvements in row activity.
• Rising new listings are placing upward pressure on inventory levels, with most gains in semi-detached product.
• Oversupply weighs on prices. The semi-detached benchmark price was $400,700, a monthly and year-over-year decline of 0.67 and 3.3 percent, respectively.
• Row prices have also been edging down, but at a slower pace than semi-detached product. The row benchmark price was $292,900, a 0.2 percent decline from October and just over three percent below last year’s levels. Overall, year-to-date prices remain nearly two percent below last year’s levels and nearly 10 percent below previous highs.