09/02/2015 13:11 EDT | Updated 09/02/2016 01:12 EDT

Home sales plummet in Calgary compared to last year

Home sales in Calgary dropped by 27 per cent last month compared to a year ago, according to the latest numbers from the Calgary Real Estate Board (CREB).

Last August saw 2,250 homes change hands in Calgary compared to 1,644 this year.

Veteran Calgary real estate agent Gary Cronin says he's not surprised by the numbers.

"In the last 60 days in particular it was a real quiet Calgary resale market, with transactions down about 30 per cent and starting to see some price pressure, especially in the higher categories," he said.

The average price of a home in Calgary has also dipped from about $475,000 last year to about $466,000 this year, CREB says.

New listings in the $600,000-plus category are on the rise, however sales are down from last year, with that price range representing about 18 per cent of sales compared with 20 per cent last year, CREB says.

"With more options in the higher-end of the market, sellers will need to consider their competition as well as their goals regarding a sell date," said CREB president Corinne Lyall in a release.

"This will influence the pricing strategy they agree upon with their real estate professional."