Good news, Calgary! Gains in the real estate market for the first half of 2017 have bumped sale levels 7% higher than last year!
Inventory levels rose to 6,861 units in September. While this increase was seen across all the different property types, attached homes and apartments saw the largest increase. CREB® chief economist AnnMarie Lurie reported:
“The recent rise in inventories is preventing further price recovery as sales activity has moderated over recent months. This does not come as a surprise as sales activity is expected to remain modest by historical standards until more substantial economic improvements take hold. Some may consider this a setback, but it is important to note that recent movements are balancing out the higher than expected gains that occurred in the first-half of the year.”
In September the unadjusted benchmark price for a home was $441,500. This price point reflects the semi-balanced conditions we are experiencing in the market right now. Sellers are putting their homes on the market, and buyers are purchasing said homes. Prices are not skyrocketing because inventory levels are high. This makes the market a fairly comfortable place for both buyers and sellers right now.
CREB® president David P. Brown notes:
“There are several factors influencing new listings. Given the falling prices over the past two years, some sellers were waiting for market conditions to improve prior to listing their homes. More stability in the market has prompted many of those sellers to no longer delay their listing decision. In some segments, rising new home inventories are also impacting total housing supply. Ultimately, prices are affected. However, this inventory also opens up opportunity for buyers to step up into a home that was financially unattainable.”
For more information, visit www.creb.com!
(Image Via Canva)
Posted by Ken Richter on
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