The Calgary real estate market is hot. Crazy hot. For the second month in a row, sales activity is at an all-time record high. Sales reached 4,107 sales but the real number is greater with new construction sales and as the market is so hot, many homes are being sold before they even reach the market.
Inventory is slowly starting to increase to support the growth in sales activity but levels are still low favoring the seller.
“With just over one month of supply in the market, the persistently tight market conditions continue to place significant upward pressure on prices,” said CREB® Chief Economist Ann-Marie Lurie.
The unadjusted benchmark price has increased by another 4% and after 3 months of gains, prices have raised $55,000 since December, 18% higher than last year’s levels.
As always, it does depend on location and property types as well. Apartment condos have been fairly stagnant however, as prices go up and inventory goes down, buyers may be forced to adjust their property type based on budget and supply.
If you’re a seller, now is a great time to list. Beat the surge of inventory that is typical with the spring market as well as interest rate increases that may limit buying power.
Buyers, this market isn’t for the faint of heart. Many homes sell competing, over-ask, unconditional, first few days on market, so it is so important to have a strategy and to get great, experienced advice to navigate the process.
If you know anyone looking to buy, sell, or just needs advice on their real estate, please let us know. We will do our best to help at the highest level possible.
For the detailed market statistics from the Calgary Real Estate Board for March 2022 click HERE. Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn, or other areas in the Calgary region.