Good news, everyone! We are starting to see a trend emerge: inventory levels are declining, edging off a buyers’ market into more balanced conditions.
The Calgary Real Estate Board (CREB®) reports, "for the fourth consecutive month, inventories in the market declined compared to last year. This is due to the combination of improving sales and a decline in new listings." While the market still leans towards benefiting buyers, if supply continues to reduce and sales balance out, we should see really strong conditions.
CREB® chief economist Ann-Marie Lurie notes, "we are starting to see reductions in supply across the resale, rental and new-home markets. This adjustment in supply to the lower levels of demand will support more balanced conditions. It is starting to support more stability in prices. If this continues, the housing market should be better positioned for recovery as we move into 2020.”
This is all fantastic news! It has taken a long time for the market to recover from the initial crash, but as our economy grows stronger and more people begin buying up the inventory on the market, conditions should level out. Months of supply has eased to 4.5, which is an entire month lower than last year's levels at this time of 5.5. This is the trend we have been waiting for, and it is poised to be the saving grace for the housing market as we finish up the 2019 year.
Remember that during these complex times, having a professional real estate agent is your greatest asset. That is why you need me. Call me directly today at 403-630-6363. To learn more about the current Calgary real estate market conditions, visit the Calgary Real Estate Board's website at www.creb.com.
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