March was an interesting month for the Calgary real estate market. It started off strong, but like everything else in our world, was significantly impacted by the new coronavirus pandemic. Here are the highlights from the March 2020 Calgary Housing Market Statistics provided by the Calgary Real Estate Board:
- "March sales activity started the month strong, but quickly changed, as concerns regarding the spread of COVID-19 brought about social distancing measures. This had a heavy impact on businesses and employment." - CREB®
- “This is an unprecedented time with a significant amount of uncertainty coming from both the wide impact of the pandemic and dramatic shift in the energy sector. It is not a surprise to see these concerns also weigh on the housing market. The impact on the housing market will likely persist over the next several quarters. However, measures put in place by the government to help support homeowners through this time of job and income loss will help prevent more significant impacts in the housing market.” - CREB® chief economist Ann-Marie Lurie.
- "New listings dropped by 19 per cent this month. This decline in new listings compared to sales caused supply levels to ease and helped prevent a larger increase in oversupply. Overall, the months of supply remain just below five months, similar to levels recorded last year." - CREB®
- "In March, the citywide benchmark price was $417,400. This is nearly one per cent lower than last year’s levels. The reduction in both sales and new listings should help prevent significant price declines in our market. However, price declines will likely be higher than originally expected due to the combined impact of the pandemic and energy sector crisis." - CREB®
You can read the report in full by clicking here!
If you have any questions on this information, connect with me today! Times may be uncertain, but as the proverb says, "this too shall pass." I am available to help you buy, sell and invest in any market, including this one.
(Photo via Canva)