October 2017 – Market Update

Continuing on at a steady pace – Home prices are on par compared to last year.

Conditions for the housing market in October has remained similar to September trends with sales easing, inventories risings and some downward pressure on pricing. Carrying on with the previous months trend, the market activity was not enough to maintain the gains made earlier this year.

October sale a total of 1,467 sales and inventories totaled 6,463 units, or just under 4 and a half months of supply. The gains we saw earlier in the year continue to be offset by a surplus of homeowners wishing to capitalize on the stable market. Several months of increased supply, without a corresponding increase in demand, continues to weigh on pricing. Our City-wide (un-adjusted) benchmark price was $438,900 in October, comparable to 2016 but 0.6% below September.

CREB® chief economist Ann-Marie Lurie stresses that while economic activity has improved in 2017, it takes time for this to translate into housing market growth.

Looking at the Numbers

• $300,000 – $500,000  –  Represents the largest number of units added to inventory for the single family market. Representing around 42% of all single family inventory.
• 62%  –  all detached inventory is under $500,000

• -0.8%  –  The largest monthly price change in October. Occurring in the apartment sector

• -13%  –  The overall price decline in the apartment condo sector since monthly highs recorded in 2014

Bottom Line

Despite some recent market adjustments from the increased supply, prices in both detached and the attached market segments continue to remain relatively stable compared to last year

Want some more area specific information for your current or next home? Give us a call at 403-919-2247!

Contact Us