We are in a balanced market. Balance can be a little boring but it is going to get exciting. There is a lot of good news overall.
July sales totaled 2,319 units in Calgary which is the best July on record. The pace of sales growth has started to ease as well as the pace of new listings growth. July’s inventory was 6,678 units with the months of supply rising to just under three months creating a balance in the market.
For buyers, the balance makes things a little less intense. Less rushing to get in the second something new is listed and fewer competing offers.
Sellers will experience more days on market, fewer showings, and the need for a little more perspective and patience.
3 words – our forecast for the rest of 2021.
Balance. Perspective. Patience.
It’s likely that we could all use a little more of all three nowadays.
As things plan to open up (unless they shut back down) people are taking advantage of the freedom to travel during the last few weeks of summer before school starts. Airports, interprovincial highways, hotel bookings – all that data affects real estate. We track the data and the trends, not just of house sales but of the things that have an effect on house sales.
It’s important to get the right perspective from the macro level, and most importantly, to use that perspective to forecast the direction of the market. Perspective comes from the data, sentiment, and from experience.
Looking forward we expect the market to stay active with an increase in activity into the fall. But, each sector will continue to have significantly different stats. To find out more about how this applies to you and your real estate decisions, please reach out and we will help!
Both sales and new listings trended lower relative to last month but remained higher than last year’s levels. Sales are still at record levels, but with only 1,822 new listings coming onto the market in July, the sales-to-new- listings ratio remained relatively high at 78 percent.
Slower sales relative to the inventory levels also caused the months of supply to trend up.
While new listings are higher than last year’s levels, they trended down enough compared to last month to cause a slight monthly decline in inventory levels. With 209 sales and 577 units in inventory, the months of supply rose to nearly three months. This is still lower than levels recorded last year, but much higher than the extremely tight conditions recorded over the first half of the year.
Following 351 sales this month, year-to-date sales are sitting at record highs. While the pace of sales growth is slowing relative to earlier in the year, so too is the pace of new listings coming onto the market prevented any further monthly inventory gains.
While trending down relative to last month, July sales are still far better than any July over the past six years. However, the higher inventories relative to sales did contribute to the monthly rise in the months of supply, which sits just below six months.
For both buyers and sellers, it is important to get great advice backed by experience to navigate the current market conditions.
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For the detailed market statistics from the Calgary Real Estate Board for July 2021 click HERE. Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn, or other areas in the Calgary region.