The story of Calgary’s Real Estate Market for the month of April is, imbalance. The math is simple, with a decrease in year-over-year sales and an increase in new listings, there’s a lot of homes on the market. It’s buyer’s market out there and the choices of properties are plentiful! The downtown core has it’s highest vacancy for office space and an increase in unemployment are continued signs of a slow economy in Alberta, and things don’t look like they are changing. With that said, with realistic expectations and proper adjustments, selling your home is still a viable option. Continue reading as I break down the numbers for the month of April.
Calgary Real Estate Numbers
- Benchmark Price $441,000
- Benchmark Price down 0.4% from last month and down 3.4% from last year
- 7th consecutive month of price declines
- Year-to-date sales down 19% for the Apartment Sector
- Year-to-date sales down 13% for the Attached Homes
Supply & Demand
Another month in Calgary’s housing market saw further increase in inventory. Not much has changed, it remains a buyer’s market across the board. With continued decline in sales (especially in the condo market) new listings join homes that have been on the market for months. It’s not all bad news, the Detached sector (although down 4% in sales activity from last year) had an improved sale to new listing ration in April, which prevented further inventory increase and is headed towards a more balanced level.
What Does It All Mean?
With 7 months of price declines, homeowners either have to reconsider selling their home or have to adjust listing price according to market realities. The Catch-22 is; home buyers are still waiting for prices to decline further or simply bottom out. Home buyers are thinking, if a home has already reduced it’s listing price once then why not wait for it to drop again.
The buyer’s market in Calgary is a great time for both move-up buyers and for people looking to enter the housing market for the first time. Sellers need to either reconsider their listing or consider prices that are competitive in both the sector (condo, attached or detached) and neighbourhood. May and June tend to have the most activity market activity, and you need to have strategic marketing plans to ensure your home at the right price. If you’re looking to enter Greater Calgary’s housing market for the first time, move-up, or sell your home, contact me today at firstname.lastname@example.org