More buyers in the Calgary real estate market

Over the last few months, there have been more homes listed on the Calgary housing market than the number of buyers, creating a buyers’ market; however, May saw a decrease in new listings and a growth in sales. Calgary is still oversupplied in terms of homes for sale, but this change is helping move the housing market more towards equilibrium than what it has seen for many months.We have seen an 11 per cent increase in sales from this time last year, but that still leaves us 10 per cent lower than historical trends. Most of the rise in sales has been on homes priced at $500,000 or less. With this slide back towards more balanced scales, we are seeing an increase in people looking at new homes as well as hesitancy in others to list their homes.

Depending on what type of home you own, each type has its own range of resale statistics:

Detached

  • We saw a 12 per cent increase in sales from this time last year, but still, sit 13 per cent below long-term averages.
  • Sales activity has increased in the east, south and northeast areas of Calgary.
  • We are seeing a one per cent decrease from last year’s levels.
  • While prices have held stable over the last number of months, we are seeing a slight increase in prices, but are still four per cent lower than last year and seven per cent lower than 2014.

Apartment

  • Sales are seven per cent lower than last year and 28 per cent lower than long-term averages.
  • The market remains oversupplied, but with a slight decrease, we should see prices start to climb back towards the long-term average.
  • Prices are three per cent lower than last year and 17 per cent lower than 2014.

Attached

  • There is an increase in sales of two per cent from other months this year.
  • Supply is trending down and inventories are starting to ease.
  • Prices are five per cent lower than last year with a modest increase. However, they are still 10 per cent lower than in 2014.

 

 

 

 

 

 

When it comes to varying city statistics, here’s what you need to know:

 

Airdrie

  • Inventories are declining and the market is moving to a more balanced condition.
  • Homes are selling for approximately four per cent less than last year.

Cochrane

  • Inventory is starting to lower after record numbers of listings last year.
  • It is still a buyers’ market, seeing homes sell for approximately four per cent less than last year.

Okotoks

  • Sales are holding steady when compared to last year, but remain lower than long-term averages.
  • New listings are starting to ease, resulting in a decrease in inventory.
  • Prices are about five per cent lower than last year.

 

The market continues to sway back towards equilibrium in most parts of Calgary and the surrounding areas, which is great news for people looking to sell their homes. With any luck, we will see things settle into a place where both parties can come out happy on the sale and purchasing ends of a new home.

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