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November Real Estate Market: Seasonal Adjustments and Regional Variations in Price and Inventory
In November, the real estate market saw typical seasonal slowdowns, with sales, new listings, and inventory all decreasing compared to the previous month. Sales totaled 1,553 units, while new listings reached 2,251, leading to a 69% sales-to-new-listing ratio. This helped ease some of the pressure on inventory, which stood at 5,581 units—28% higher than last year and 15% above typical November levels. Despite the seasonal adjustments, supply levels remained elevated, signaling ongoing market shifts.
The increase in available properties was most notable in higher-density housing sectors, like row and apartment-style homes. The additional supply, partly due to new homes transitioning to the resale market, placed downward pressure on prices in these sectors. Apartment and row-style homes saw year-over-year price declines of 7% and 6%, respectively. Detached homes saw a smaller 2% price drop, but when considering year-to-date data, prices have remained slightly higher than last year.
For detached homes, sales in November were 823 units, similar to previous years. Although inventory remained above last year’s levels, it aligned with long-term trends. The months of supply for detached homes remained around three months, suggesting a balanced market. However, the benchmark price for detached homes dropped by nearly 2% from November last year, though it remained 1% higher when looking at year-to-date figures. Price declines were more pronounced in specific areas, such as the Northeast, where competition from new homes and increased supply weighed on prices.
Semi-detached homes experienced stable sales, with new listings higher than typical for November, leading to the highest inventory levels in five years. Despite the increase in supply, prices remained relatively stable, with the unadjusted benchmark price at $671,700. This sector saw the strongest year-to-date price growth at nearly 3%, driven largely by gains in the City Centre. The months of supply for semi-detached homes remained slightly above three, signaling a market approaching balance.
Apartment condominiums struggled the most with excess supply, as new listings remained high and inventory reached record levels. Sales dropped to long-term trend levels, and months of supply edged near six, placing significant downward pressure on prices. The benchmark price for apartments was $309,300, 7% lower than the same time last year. Despite a more modest 2% year-to-date decline, certain areas, such as the North East, saw steeper drops, while the West district held steady.
Regionally, Airdrie, Cochrane, and Okotoks showed varying trends. In Airdrie, inventory rose due to more new homes entering the resale market, causing slight price adjustments. Year-to-date prices for detached homes were down by nearly 1%. Cochrane experienced a record-high level of new listings, leading to higher inventory, but prices remained above last year’s levels. In Okotoks, sales improved compared to last month, supported by higher new listings, though overall supply remained tight. Prices in Okotoks remained higher than last year, despite some minor adjustments.