February Real Estate Update 2021

January stats are in and the news is good…but the news rarely gets it right nowadays. In real estate, it’s usually because it’s missing context.

The extremes are interesting but they don’t apply to the average.
The benchmark sales price is up.
The average sales volumes are up.
The average interest rates are down
And real estate is starting strong in 2021.

It has mostly been driven by pent-up demand, low-interest rates, a shortage of supply.

But this will change. All things do. There’s opportunity out there but opportunity usually comes with risk.

The momentum continued and January started 2021 with strong real estate sales in Calgary. January sales haven’t been this high since January of 2014.

Inventory levels have increased over December however, they are still quite low maintaining the seller’s market conditions. For sellers, it’s a great time to get on (or be on) the market as sales activity has improved across all product types and price ranges and the continued ultra-low interest rates are encouraging people to buy.

Average priced homes, under $500,000, have an especially low inventory solidifying the sellers’ market conditions and often leading to competing offers for homes priced well. 

Semi-attached homes sales have increased over last year’s levels and row homes have seen an increase in inventory and supply. Apartment-style condominiums continue to have elevated supply compared to sales volume. Condo pricing depends highly on location, North East, East, and South districts have seen year-over-year gains whereas prices continue to fall in the City Center, West, and South East districts.

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For the detailed market statistics from the Calgary Real Estate Board for January 2021 click HERE. Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn, or other areas in the Calgary region.

 

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