CREB® has released the November housing summary recap. Here are some of the highlights that you should be aware of:
November was not a tumultuous one for the real estate market. Despite the downward trend in activity, conditions are remaining stable enough to not cause too much worry. One good thing about less activity is that the housing market is officially a buyers market right in time for you to close a deal before the new year.
What is the headline CREB® gave the November housing statistics? “Weak sales activity relative to inventory places downward pressure on prices.”
High inventory levels in the Calgary resale sector persisted through November. These inventory levels were paired with weak sales levels, leading to a buyers market. Monthly sales dropped, meanwhile listing increased. Since there have been a lot of available properties but not a lot of demand, sellers have had to lower asking prices in order to catch the attention of those buying.
CREB® chief economist Ann-Marie Lurie reflects on the situation, saying, “The housing market is reflecting the realities of the economic conditions. Calgary has continued to post job losses in the energy sector, unemployment levels are high, wages are down and recovery expectations have changed. All of these factors have contributed to the weak demand we have seen throughout the year.”
Despite all this, conditions aren’t as dire as they have been before. CREB® is hopeful that the market holds on despite these tough economic times.
For more information about the market, check out the Monthly Housing Summary. CREB® is such a fantastic resource for buyers and sellers alike! If you have any questions, lets set up a meeting where we can strategize with you.
Enjoy your December! We have lots of exciting things coming up.
Your Real Estate Professional,