The June statistics are in!
For those of you just joining us here at Team Ken Richter, welcome! Every month the Calgary Real Estate Board (CREB®) publishes a summary of what happened in the housing market during the previous month. This is a fantastic way for buyers, sellers, investors and renters to stay up to date on market conditions. By tracking trends you can make smarter real estate choices, and we are here to help.
So, what happened in June?
Home prices continued to slide downwards as a buyers market persisted. What is a buyer’s market, you ask? That is when there are high inventory levels with low prices. This kind of market gives buyers the advantage because they have more to choose from at a lower price.
The detached home sector was the one area that started to see levelling out. CREB® chief economist Ann-Marie Lurie says, “The detached market has been gradually moving towards more balanced conditions, helping to prevent price levels from declining at the faster rates we saw in the previous two quarters. While this is welcomed news for sellers, it’s very likely that pricing challenges will persist in the housing market until economic conditions start to improve.”
In June 2,028 units were sold, meanwhile 5,973 were on the market. This is high for inventory levels and has forced benchmark prices to drop. CREB® president Cliff Stevenson notes, “The price adjustments that we’ve seen in the past year have allowed some buyers to get into homes that were previously unattainable. This is especially true for homeowners with financial stability and a good amount of equity in their home. With so much choice out there, it’s giving consumers an opportunity to find their ideal home at a price they can afford.”
For more information, visit CREB®’s website at www.creb.com.
If you have questions, call the number on our website to get in touch with us. We would love to meet with you, discuss your goals and help you achieve them. Here at Team Ken Richter we love YYC and are dedicated to keeping you informed and equipped to take on every turn in the market.
Your Real Estate Professional,