The Calgary Real Estate Board has released it's statistics summary for the month of February. You may have noticed that each month we summarize their report for you. Here is the reason:
When it comes to buying or selling a home, you need to be informed. The real estate market can be fickle, so having a good understanding of current market trends, long-term forecasts and more is crucial in helping you make the best decision possible. Stay informed, but also don't feel like you need to figure it out all on your own! Your real estate professional is your absolute best resource when it comes to understanding the housing market.
Ready to make a move? Contact me directly at 403-630-6363. I would be happy to offer you a complimentary home evaluation and discuss your options with you.
As for February's report, here is what you need to know:
Benchmark prices dropped to $414,400 across the city. This is lower than last month's benchmark prices, and a full 10% lower than the highs that were recorded in 2014. This illustrates how much these prices need to recover for us to get back to the glory days of 2014. Inventory levels dropped this past month by 8%, which is really good given the market. However, there still were not enough sales to fully balance out the scales. With 976 units being sold in February, we still remain heavily in a buyer's market.
CREB® chief economist Ann-Marie Lurie says, "It is not a surprise that slowing activity in the housing market has persisted into February. There has been no substantial change in the economic climate and concerns regarding potential layoffs in the energy sector are weighing on confidence.” (Fun Fact: The economy really impacts the housing market. You can typically see a direct correlation between how the energy sector is performing and how the housing market is performing)
Your Real Estate Professional,