What was the Calgary Real Estate Board's overall message when summarizing the Calgary housing market for the month of August? Listings are outpacing sales.
CREB® chief economist Ann-Marie Lurie had this to say about the market: “Employment growth is contributing to the stability in sales activity, but it is not enough to meet the recent rise in listings and make a substantial dent in inventory levels. Unemployment rates remain elevated and job growth is mostly occurring outside the energy sector, slowing the recovery process. Broader economic improvements will be required prior to it translating into substantial improvements in the housing market.”
- Inventory levels are high, totaling just over 6000 units. While this is 16% higher than last year this time, improvements in sales are preventing inventory overload.
- The North and City Centre are the two areas contributing most to inventory levels. If you are looking for an area to buy in that has lots to offer and competitive prices, look there.
- The unadjusted city wide benchmark price for a property is $442,300. This may be a slight (0.3%) drop from last month, but it is almost 1% above what last years levels were. This shows continued recovery in the market.
- If you are considering selling your property, you are in a good position to get a good price for your home in a reasonable amount of time.
For more information visit www.creb.com.
Your Real Estate Professional,