Congratulations, Calgary! The Calgary Real Estate Board, also known as CREB®, had incredible news to share in their February market report summary: “With gains in every price range, residential sales activity in February totaled 1,836. This reflects the best February since 2014.”
Time for a happy dance! This is wonderful news considering the last year we have had navigating a COVID-19 world. While we experienced the shock of a global pandemic in 2020 with a near pause in the market, the new year continues to push ahead with strength and optimism.
CREB® chief economist Ann-Marie Lurie says, “Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates. Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices.”
While February saw an increase in listings, it also saw an increase in sales. This caused “the sales-to-new-listings ratio to rise to 65 per cent, keeping the months of supply well below three months. Conditions are far tighter in the detached sector of the market, especially for product priced below $600,000, where strong sellers’ market conditions are present with less than two months of supply.”
Benchmark prices are up as relatively low inventory is surpassed by sales. The “residential benchmark price rose over the previous month and currently sits four per cent above last years’ levels.” The detached sector has the biggest price gains and the lowest months of supply on the market.
You can read the full report by clicking here. If you have any questions, please contact Ken directly at 403-630-6363. Now is a great time to sell or buy, so take advantage of a strong market and partner with Team Ken Richter today!
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