The Calgary Real Estate Board's latest market update has been released, and 2023 is already off to a great start! While there are shifts that may feel like the market is taking a hit, it actually is just beginning to balance itself out. This is good, and setting 2023 up for success. Here are some highlights from the report, which you can read in full by clicking here:
- "The level of new listings in January fell to the lowest levels seen since the late 90s. While new listings fell in nearly every price range, the pace of decline was higher for lower-priced properties."
- "There has been a shift in the composition of sales as detached homes only comprised 47 per cent of all sales."
- "With 2,451 units available in inventory, levels remain 43 per cent lower than long-term trends for the month... Homes priced under $500,000 reported year-over-year inventory declines of nearly 30 per cent while inventory levels improved for homes prices above that level."
- "Lower supply levels are preventing a significant shift toward balanced conditions and prices did trend up slightly over last month breaking the seven consecutive month slide. As of January, the benchmark price reached $520,900, 5 per cent higher than last January, but still well below the May 2022 high of $546,000."
Calgary Real Estate Board Chief Economist, Anne-Marie Lurie, writes, "higher lending rates are causing many buyers to seek out lower-priced products in our market. However, the higher rates are likely also preventing some move-up activity in the market impacting supply growth for lower-priced homes. This is causing differing conditions in the housing market based on price range.”
Are you ready to make your move? Contact Team Ken Richter today at 403-630-6363 or Ken@KenRichter.com
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