The November stats are out, but they are not that important. Similar to the stock market or mutual funds, the incremental different month-over-month does not matter unless you’re buying or selling right now. It’s the long term trends that are most important.
November sales are down, particularly because of condo sales. New listings are down and that is good news for sellers but it’s the market is still very oversupplied and that is pushing prices down. November’s benchmark price is $419,100 down both from last month and last year.
Market conditions continue to vary greatly depending on price, location and product type so if you’re looking to buy or sell, ensure you get a perspective that is custom to your situation as the market is far from one size fits all.
- Detached sales have improved slightly compared to November of last year, mostly within the $400,000 to $500,000.
- Sales are still low in comparison to historical standards, they are down 20% from long term trends.
- Improving sales, combined with further declines in new listings, helped reduce inventories but the market is still oversupplied causing downward pressure on pricing.
- Condo sales have slowed this month currently ranking 21% below long-term averages.
- City-wide inventory gains for condos leading to massive oversupply.
- The year-to-date benchmark price declined by more than two percent.
- Year-to-date sales remain more than six percent higher than last year’s levels and just below long-term averages.
- New listings have eased and sales have improved but the market is still oversupplied, however, the sector is still reporting better than last year.
It is a buyer’s market but you should only consider buying if it makes sense for the long term. Opportunities are out there when you think long term based on the short term realities.
Contact us for more perspective on your real estate situation.
For the detailed market statistics from the Calgary Real Estate Board for November 2019 click HERE.
Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn or other areas in the Calgary region.