Happy new year! January real estate update, the reality is, we are in a challenging market. Sales are down and vacancies are high leading to a decline in prices.
- December sales totalled 794 units, a 21 percent decline over the previous year.
- Overall year-to-date sales in the city totalled 16,144 units.
- This is a 14 percent decline over 2017 and nearly 20 percent below long-term averages.
- Inventory levels in December sat at 4,904 units. This is well above levels recorded last year and 30 percent above typical levels for the month.
- Elevated resale inventories in 2018 were caused by gains in the detached and attached sectors.
This is scary news but the reality is also that 794 homes did sell. Real estate is still moving, albeit a lot slower. Pay attention to the stats and the reality that things may not get better for a while. But it doesn’t have to be all doom and gloom, pivot to adapt to the change. Come up with a new strategy that fits your needs as well as the current market situation.
Contact us if you’d like to receive monthly stats on your community. Or if you’re looking to buy email our team and we will set you up on a search to get notifications or properties that match your criteria.
For all of Calgary’s real estate statistics for December 2018, click HERE.
For more information on buying or selling a home pick up a copy of POSITIVELY SOLD.