The market is in an interesting place right now. It continues to do better than this time last year, but it is still falling short of long term, ten year averages. This is leaving people in an awkward space where they should be encouraged, but also not comfortable. There will be lots of growth and changes yet.
CREB® chief economist Ann-Marie Lurie says, “while housing conditions continue to favour buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices. 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.”
In January there were 947 units sold. This is 24 per cent more than last year, but still 21 per cent below 10-year averages for the month of January. This bustling sales activity was seen across all areas and product types, but again, this is only in light of the record lows experiences last year at this time. Still, it is okay to be optimistic. We definitely are.
“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.” He reminds 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.”
So, where does this leave you? Now more than ever we encourage you to partner with a realtor, such as us. We have a lot of experience in the real estate market. We have seen Calgary’s ups and downs and learned how to navigate even the most complex market conditions. We are passionate about finding those we partner with the best deals possible so that they can have a great long-term outcome.
Contact us today for more information. Thank you to CREB® for the information, to read more check out their website HERE.
Your Real Estate Professional,