The Calgary Real Estate Board announced its stats for January 2019! Read on for the inside scoop....
As economic challenges linger into 2019, housing markets remain on a sluggish pace.
- In January 804 units were sold. This is 21 per cent below long-term averages for the month of January, and 16 per cent below last January's averages.
- Citywide benchmark prices eased to $414,800 for residential homes, dropping 1 per cent from the previous month of December, and 4 per cent below averages from January in 2018.
- Months of supply now sits at seven months. This is due to yet another increase in inventory, without enough sales to balance the scales. As such, Calgary continues to stay locked in a buyer's market.
CREB® chief economist Ann-Marie Lurie stated, "the slow start to the year does not come as a surprise, as concerns about job losses and the state of the energy sector weigh on consumers. We anticipate that the slow market conditions will persist throughout much of the first quarter."
While this news may not come as a surprise, it certainly is not what many people want to hear. As we reported at the end of the month, CREB® released it's official 2019 Calgary Real Estate Market forecast. In it they reported that this year would still be focused on survival and recovery, with next year (2020) being when real gains will be made.
CREB® reported, "buyers' market conditions are expected to persist throughout most of the year, impacting prices across all property types. However, the pace of decline is expected to ease by the end of the year, as concerns over the economy ease." Alan Tennant, CREB® CEO, noted "in this market, buyers have the advantage of choice. A REALTOR® can help buyers find a home that best fits their lifestyle. For home sellers, knowing all the data and facts surrounding their home is critical to maximize their selling price. Working with a real estate professional can take the guess work out of the process."
With all of that in mind, we encourage you to keep your spirits bright and to lean on me, your trusted real estate professional, during these challenging times. Call me today at 403-630-6363 so we can discuss your options.
Your Real Estate Professional,