Very little in 2020 was predictable. Real estate in Calgary wasn’t either.
The spring shut down in Alberta brought real estate sales to a near halt however the demand on the housing market in the second half of 2020 was far stronger than anticipated. April’s sales were less than half of the previous year, May was only sixty percent of 2019, but month after month in the latter half of 2020, sales picked up and the total volume of residential real estate sales for Calgary was only 1% below the previous year.
Record low-interest rates, lower prices, and the quick realization of how important your home is when you’re spending more time inside it than ever before have likely supported the sales volume in the second half of 2020.
New listings in December increased by 11% however, the sales exceeded new listings contributing to further declines in inventory. We are now sitting at just over 3 months of supply of inventory varying greatly based on the property type. As of the end of December, detached homes have 2.18 months supply, semi-attached at 2.53, row at 3.62, and apartment-style condos with 6.35 months supply.
Calgary has been under tremendous economic pressure for over 5 years and the increased demand and reduction of supply is allowing us to enter 2021 with far more balanced market conditions than we’ve seen in a long time.
Inventory levels indicate that it is a seller’s market so if you are thinking of selling, take advantage of the inventory levels and get on the market now before the potential spring influx. Also, if you’re thinking of selling, it’s a great time to declutter to help ensure you’re property shows well and to help you do that, we are offering a donation pick-up service for the month of January. Book a time and we will have our service team pick up your unwanted items and donated them to a charity that can use them. Visit plintz.com/donations for more details and to book your pick up.
Although supply is low, with the current interest rates, it is still a great time to buy. Be pre-approved to ensure you’re in a strong position
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For the detailed market statistics from the Calgary Real Estate Board for December 2020 click HERE. Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn or other areas in the Calgary region.