Buyers market for Calgary as numbers continue to drop
Calgary Housing prices continue on a downward trend.
The good news is that if you’re looking to move to Calgary, the time is right! Historically prices have been low in December, but we’ve seen a few months of trends favoring buyers. The inventory on market continued to stay high and sales continued to slide.
The Calgary Real Estate Board (CREB®) released their monthly report yesterday, much of which is reflective on the current economic situation Alberta is facing due to low oil prices.
New units in Calgary went up by 5% from November 2014, while sales came in at 1,263 units, around 25% less than November last year. Leaving us with high supply and low demand, simple economics dictates that this leads us into a buyers market. Tons of people want/have/need to sell/offload while buyers can remain selective on what they pick up and many holding out for presumed better deals.
Compared to the last largest downturn (2008) Calgary is still in a better position with inventory still holding below those numbers and we’re not seeing as big of drops in the market during the 2008 downturn.
The condo market is seeing more negative action for sellers in this market, this is similar to the 2008 downturn.
From the CREB® release; “detached sales in the city over $700,000 totaled 159 units or 15 per cent of the market sales. This November, there were only 103 sales representing 13 per cent of the market sales.” which shows how the higher end listings can alter the average sale price dramatically, which is why knowing the average, median, and benchmark prices is important.
We’re facing a challenging market, as CREB® stated, this is why it’s important for agents to posses market intelligence.
November 2015 CALGARY HOUSING MARKET STATISTICS:
Source: Calgary Real Estate Board
November 2015 year to year Comparative Analysis
COMBINED CALGARY RESIDENTIAL SALES
Sales: 1,263 (-28.68%)
New Listings: 2,189 (+4.66%)
Active Listings (Inventory): 5,316 (+ 31%)
Median Sale Price: $410,149 (- 4.24%)
Average Sale Price: $460,859 (-5.08%)
CALGARY DETACHED HOME
Sales: 799 (-22.65%)
New Listings: 1,185 (+5.24%)
Current # of Listings: 2,680 (+24.19%)
Average Days on Market: 43 (+12.96%)
Median Sale Price: $465,000 (-3.88%)
Average Sale Price: $523,430 (-7.24%)
YTD Median Price: $480,000 (- $1.64%)
CALGARY METRO APARTMENT/CONDO STATS
Sales: 195 (– 40.37%)
New Listings: 489 (+2.73%)
Current # of Listings: 1,349 (+29.59%)
Average Days on Market: 50 (+20.06%)
Median Sale Price: $272,500 (-6.03%)
Average Sale Price: $299,850 (-6.83%)
YTD Median Price: $273,000 (- 4.21%)
If you have any questions, are interested in taking advantage of this buyers market in Calgary, or are looking to move away, connect with me Cody Tritter @ Re/Max First by email firstname.lastname@example.org or phone 403-478-5587
Thanks for reading!