The Calgary Real Estate Board has released their summary of what happened in the market last month, November 2021. It was a busy one, staying on trend with a year of frantic market activity that has surprised and delighted everyone. Calgary has seen a real estate boom that has allowed sellers to finally sell their properties, and buyers to settle into new homes. While this boom is slowing down, as is typical this time of the year as people are busy with the holidays, Calgary's future remains bright.
Here are the highlights from the Calgary Real Estate Board's report:
- "New listings in November totaled 1,989 units."
- "Inventory levels dropped to 3,922 units and the months of supply dipped below two months."
- "It is not unusual to see new listings and inventories trend down at this time of year, but slower sales are also typical. Instead, sales have remained at roughly the same levels seen since August."
- "Persistent demand and slow supply reaction caused the benchmark price to trend up this month to $461,000, an increase compared with last month and nearly nine per cent higher than levels recorded last year."
Anne-Marie Lurie, Calgary Real Estate Board Chief Economist, says, "Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise... At the same time, supply levels have struggled to keep pace, causing tight conditions and additional price gains.”
You can read the full report here!
Are you ready to make your move? Selling or buying right at year's end is a strategic move that can significantly benefit you. Contact Ken Richter directly today at 403-630-6363 or email at Ken@KenRichter.com to start strategizing.
Have a great Holiday season, everyone!
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