Every month our team posts the information we receive from the Calgary real estate board. We hope you find this informative. Purchasing or selling your home or an investment property is one of the most important things you do in your life so we hope the information we provide is helpful. Please never hesitate to call us with any questions you might have about Calgary and surrounding areas market conditions. We are here to help!
As sales kept trending upward, detached inventory levels continued to ease in February. These conditions caused months of supply to fall to 2.4 months, putting less downward pressure on pricing. Unadjusted detached benchmark prices totaled $501,900 in February, which is one per cent lower than prices recorded last year, but slightly higher than January figures.
“There seems to be a new sense of optimism these days,” said CREB® president David P. Brown. “Some sellers are feeling upbeat about the changing landscape and the improved chances of selling their home. Other people are looking at the spring market with caution and wondering if we’re going to see a higher than expected surge of listings. While there’s less product on the market right now, sellers still need to be realistic with their pricing.”
The amount of excess inventory eased in the overall market in February, setting the stage for a transition to a more stable market this year. Months of supply totaled 3.4 months, down from five months over last February. At the same time, the sales-to-new-listings ratio trended from a near record February low of 39 per cent last year to 55 per cent this February.
Please click HERE for the full market update and statistical report.
Market Update and Statistics
Calgary real estate report for February
After celebrating the New Year, we are yet again preparing for Valentine’s and Family Day this month!Read our featured article on a new cool gadget called FridgeCam™ in our Newsletter and get a full real estate market update for the month. As always, we love hearing from you. If you, your friends or family are looking to buy or sell real estate please keep me in mind. Your referral is the best compliment we can receive. Click HERE or on photo to view full report.
Calgary Real Estate Board January housing statistics
City of Calgary, Feb. 1, 2017 – For the fourth consecutive month, housing inventory levels have recorded year-over-year declines. At 4,112 total units, January’s inventory was 18 per cent below last year’s levels.
“While housing conditions continue to favour buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices,” said CREB® chief economist Ann-Marie Lurie. “Conditions have improved over last year, but people need to remember that last year’s market was one of the weakest on record. Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process.”
January sales totaled 947 units, 24 per cent above last year, but 21 per cent below 10-year averages for the month. Sales activity improved across all product types, but only when compared to the near record lows that occurred in January 2016.
The detached segment of the market is demonstrating the most improvement. Sales activity totalled 584 units in January, a considerable improvement over the 466 sales recorded last year. Inventories have also declined pushing the months of supply to 3.2 months well below the 5.4 months recorded in January 2016.
“This past month showed how the market never stands still,” said CREB® president David P. Brown. “The market isn’t expected to be as unpredictable in 2017, but it’s early in the year and there are still lots of unknowns that will shape decision-making for consumers.”
“Every transaction is a personal decision and anyone going through the process of buying and selling real estate will be trying to make the best decision for their family. They need to consider their long-term objectives and think about the price they are willing to accept or pay for a home.”
City-wide benchmark prices totaled $437,400, 0.16 per cent lower than last month and 2.82 per cent lower than last year’s levels. Since recent highs in 2014, residential prices have declined from a low of 4.9 per cent in the detached sector to highs of 11.5 per cent in the apartment condominium market. Click HERE for full report or feel free to contact Doug, Susan or Kristen with any questions you might have!
2017 Economic Outlook & Regional Housing Market Forecast for Calgary
Our housing market is moving toward a new equilibrium, but that shift is heavily dependent on stability in the energy sector and overall labour markets. There is also considerable risk from recent government policy changes that could derail expected gains in the second half of 2017. It’s a new outlook this year, but the market risks shouldn’t be overlooked. Please do not hesitate to call us with any questions or concerns 403-283-7113.
Make it a GREAT year,
Doug, Susan and Kristen Team Penley McNaughton at REMAX Central Real Estate in CALGARY
For the entire CREB® forecast, Click HERE.
January 2017 Market update and Newsletter
New Year is about new heights and new achievements, new experience and new acquaintance. As we start Year 2017, a year of the rooster – a very proud and confident bird that carries itself with dignity, we hope all these necessary qualities help you to emerge victorious in all your new and existing endeavors! To start the new year right, we have provided a quick recap of the local real estate market last year to give you a sense of where we are at today. Click HERE for full details. Doug, Susan and Kristen from Team Penley McNaughton at RE/MAX Real Estate Central in Calgary wish you all the BEST in the year to come!
Check out the RE/MAX Housing Market Outlook 2017
For a full detailed report on the housing market provided by RE/MAX for the entire country of Canada please CLICK HERE . If you are just interested in the Calgary’s real estate market go straight to page 8 of the update. If you have any questions – never hesitate to call us as we would be happy to help. Our family team is always here for you 403-283-7113 www.penleymcnaughton.com RE/MAX Central Calgary.
Cheers, Doug, Susan and Kristen
Calgary Market update and Newsletter
We are a few days away from the holidays and closing the exciting year of 2016. We hope you enjoy the holidays with your loved ones, and take this time to reflect and be grateful for all the blessings you have received this year. Feeling a little stressed out about decorating your home this holidays? Our article on Christmas lights will provide you with the advantages of choosing LED lights compared with the traditional incandescent lights. And if you are into high-tech stuff, then the Christmas Laser Lights Projector might interest you. We listed a few questions to guide you in choosing the best projector that suits your needs. However, if you are into DIY projects and are looking to save some money on decorations, check out our photo feature for some creative Christmas tree ornaments you can easily do on your own. As always, we are here to support you with whatever real estate concerns or needs you have. Your referrals are always welcome and appreciated. On behalf of our family, we extend our warmest holiday greetings to you and your family. Cheers, Doug, Susan & Kristen
CLICK HERE to access the full report and newsletter.
Doug, Susan and I here at Team Penley McNaughton wanted to take a second to THANK YOU! To anybody who has entrusted their business with us or referred one of their family, friends or colleagues our way we are truly grateful! We love what we do, we love Calgary and we love our clients. To view a quick video I made today that includes a statistical market update please click here or on the photo below.
Calgary Housing Market Statistics as of November 1st 2016
Detached prices stabilize in soft market
For the first time in two years, sales activity in October resembled normal levels. City-wide sales totaled 1,644 units, which is an increase of nearly 16 per cent over last year.
“The shift in sales activity this month is likely related to the new mortgage rule changes, inventory gains in the lower price ranges and further price adjustments,” said CREB® chief economist Ann-Marie Lurie. “The combination of all these factors may have encouraged some purchases to take advantage of the market conditions, particularly in the lower price ranges. However, with several factors at play, the monthly shift in demand may be temporary and will need to be monitored over the next several months.”
Sales activity rose across all product types in comparison to last year, but the largest gain in sales occurred in the detached sector at 18 per cent.
There was a noticeable shift in sales activity by price range in October. In the detached market, homes priced between $300,000 and $400,000 saw the largest improvement in sales, while attached and apartment sales growth was mainly occurring in the lower price ranges.
“This year has been a challenge for many sellers,” said CREB® president Cliff Stevenson. “So when we have a rise in sales, it means more buyers got into the market and more sellers got out, which is a positive for consumers on both sides of the transaction.”
“Sales activity changed direction in October, but we need to see some consistency next month and the month after to call it a trend,” adds Stevenson. “For now it’s a nice building block.”
Despite the monthly rise, year-to-date sales activity in all sectors remained lower than last year’s levels and well below longer term trends. In fact, year-to-date sales activity has totaled 15,642 units, which is 6.3 per cent below last year’s levels. While increased activity in the lower price ranges had a greater impact on the average and median price, benchmark prices once again edged down in October.
The city-wide unadjusted benchmark price totaled $438,900, or 0.34 per cent below last month and four per cent below last year’s levels.
Since the start of the downturn, home prices have declined from a low of 3.8 per cent in the detached market to a high of 9.4 per cent in the apartment condominium sector. And, despite the rise in October sales, monthly prices continued to decline for most product types in the market.
Click on the following link to view the full .pdf report! October-2016-statistics-package-for-the-city-of-calgary
Click on this following link to view the full .pdf report for the Regional Statistics: october-2016-regional-statistics-package-for-calgary-and-area
Detached prices stabilize in soft market
The segment of Calgary’s housing market with the greatest influence on the overall market is showing signs of pricing stability. The detached benchmark price totaled $503,400 in September, which is 3.3 per cent below last year, but the second consecutive month at this price level.
While overall economic conditions remain soft, for now the detached sector is demonstrating some steadiness in terms of pricing.
“The decline in demand has caused many to anticipate steeper price declines for detached homes,” said CREB® chief economist Ann-Marie Lurie. “That hasn’t happened in large part because detached supply levels haven’t climbed as sharply as many expected. There was a limited amount of supply in the overall market when this cycle began, and while levels did rise and remain somewhat elevated, they were well below previous highs.”
The level of detached new listings also eased compared to last year, helping push down year-over-year inventory levels for the second consecutive month.
“Consumers are really starting to come to terms with the current environment,” said CREB® president Cliff Stevenson. “Most sellers have adjusted their expectations at the same time that many buyers are realizing the price of a home is influenced by factors like location, supply in specific price ranges and condition of the property.”
Residential inventory levels totaled 5,877 in September, five per cent higher than last year, due to gains in both the apartment and attached sectors. City-wide months of supply neared four months, but ranged from a low of three months in the detached sector to a high of eight months in the apartment sector.
Sales were equally inconsistent, improving by four percent in the detached market while declining by 23 percent in the apartment sector. Nonetheless, in every category, sales activity year-to-date sales activity has declined over levels recorded last year and remains below long-term averages.
The resale apartment market has recorded large inventory gains and a sharp pull-back in sales. This, combined with additional competition from new builds, is resulting in steeper price adjustments in this sector.
Condominium apartment prices totaled $274,700 in September, 0.1 per cent below last month and 6.8 per cent below last years’ price.
Click on the following link to see the Calgary Housing Stats: september-2016-monthly-housing-statistics
or Click on following link to see the Regional Housing Stats: september-2016-regional-monthly-stats-package
