Market Insights: January 2018

 In Blog

The real estate market for January in the Calgary region remained stable compared to last year’s numbers. Overall sales numbered 958 units, nearly 2{01df0b7908a20796f548bfcafc93a6f31396465f66df51ba94f6977c92f98848} above last year but 11{01df0b7908a20796f548bfcafc93a6f31396465f66df51ba94f6977c92f98848} below the long term averages. According to CREB chief economist Ann-Marie Lurie, “The (ongoing) recovery will be bumpy, and we will continue to monitor the impact of the lending changes relative to the overall economic climate.”

Region wide, unadjusted prices were $432,300, 0.21{01df0b7908a20796f548bfcafc93a6f31396465f66df51ba94f6977c92f98848} below December and 0.25{01df0b7908a20796f548bfcafc93a6f31396465f66df51ba94f6977c92f98848} below last year’s numbers, with price declines more pronounced in the apartment and attached sectors.

In the detached sector, new listings rose, with declining sales activity in the segment above $500,000, but between $300,000-$399,000 there was an increase in activity. The implication of these numbers is that there will be a mismatch between supply and demand over different price segments.

CREB president Tom Westcott commented, “Sellers needs to be aware of the competing supply in the market. This can influence the timing of their decision, along with setting realistic expectations regarding time on the market and selling price. For buyers, getting pre-approved for a mortgage is essential, along with getting advice from a REALTOR® to get into a home they will be happy with.”

For the specific market of Airdrie real estate, new listings rose in accordance with increased sales activity, causing a minimal change to the months-of-supply metric. However, the level of supply relative to demand remains consistently high, weighing on prices. As such, detached prices in Airdrie totaled $371,800 in January, 0.27{01df0b7908a20796f548bfcafc93a6f31396465f66df51ba94f6977c92f98848} below last month’s price and nearly 1{01df0b7908a20796f548bfcafc93a6f31396465f66df51ba94f6977c92f98848} below last January.

These numbers represent opportunities for buyers in Airdrie to access the property that fits their budget while also fitting their desire for a home above market from what would be available to them within the city of Calgary.

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