CREB® is happy to report that "Calgary’s housing market in June saw a modest improvement in sales along with an increase in new listings." This is great news for both buyers and sellers! For buyers this means that there are more options available for purchase, and for seller's this means that there are actually potential byers for their property.
There was a lot of inventory gain in June. Inventory levels were 11% higher than last years average, coming in at 6,659 units. However, CREB® affirms that despite this, the market remains stable. They report, "second quarter activity continues to demonstrate improved supply-demand balance and price stability. City wide benchmark prices totaled $441,500 in June. This is a 0.5 per cent gain over last month and nearly one per cent higher than last year."
CREB® president David P. Brown notes, “while there were many buyers waiting for lower prices to step into the housing market, there were also many sellers waiting until prices stabilized before listing their home. Some of this recent growth in listings will help provide more choice, particularly in the detached market where market conditions had significantly tightened over the past few months.”
What can you expect in the coming months? Continued stability. With the way buyer interest is matching inventory levels, the market will continue to move in relative equilibrium. Although you may feel like letting out a big breath, remember that the market can change very quickly. Continue to stay informed so that you can make wise choices regarding your real estate portfolio.
As always, Ken Richter is greatest ally! Connect with him today and benefit from his 30+ years of experience working in Calgary.
Your Real Estate Professional,