The Calgary Real Estate Board has released their latest market statistics for the City of Calgary! Here are the highlights:
- November sales in the city totaled 1,171 units, which is below long-term averages So far in 2018, there have been 15,349 units sold in Calgary. This is 20 per cent below long-term averages and a 14 per cent decline over last year.
- There was a seven per cent ease in new listings this November compared to last year, preventing more inventory gains. Currently, there are 6,501 units available in Calgary. This is good, but still 32 per cent higher than typical averages for November.
- In November, the citywide benchmark price was $422,600. This is three per cent below averages and one per cent lower than last month's averages.
- Units priced below $200,000 have continued to sell at a regular pace, but in all other price ranges there are declines. Units in the $600,000 - $999,9999 range have taken the biggest hit.
Here is what the experts say:
- “Recent challenges in the energy sector have weighed on consumer confidence over the past month. Combined with weakness in the employment market and further gains in lending rates, this is impacting ownership demand. Higher inventories and weaker sales are resulting in buyer’s market conditions and price declines." - CREB® chief economist Ann-Marie Lurie.
- “In any market, affordable product is always desirable. For buyers, it may mean being able to step into a home that was previously unattainable. It also means that sellers need to be keenly aware what is successfully selling in their neighbourhood and surrounding communities.” - CREB® president Tom Westcott