July real estate update – it is still a buyer’s market in Calgary.
Although new listing inventory is down, there is still an oversupply so Calgary remains a great market to buy.
If you are selling, you’ve likely noticed a decrease in showing activity. This is simply because many people are distracted with schools finishing up, camping, long weekends, stampede, vacations, and more. Those that are casually looking for a home aren’t necessarily making that their top priority. However, the showings you have are likely more valuable. Those that are making viewing homes a priority are likely the ones with urgency and that are ready to make an offer. These are the serious buyers so as much as possible, accommodate their showing requests.
If you’re ready to buy, it might be worth writing the offer sooner than later as the decline in oversupply has also slowed the decline in prices. “However, it is mostly product priced under $500,000 that is trending towards more balanced conditions,” said CREB® chief economist Ann-Marie Lurie.
- Compared to 2018, detached sales have declined by 9% causing year to date sales to ease by nearly 3%.
- 7% decrease in condo sales compared to June of 2018. Resale inventory has declined but condo inventory is still very high.
- Condo benchmark price was $250,200 for June – this is 3% below last year and over 17% difference since 2014.
- Attached homes sales activity has improved with year-to-date sales nearly 3% above last years levels.
It is so important for sellers to have patience, there is so much competition that it takes longer for showings to be requested and longer to sell. With that said, pricing is important. You must stay competitive as pricing will always be the biggest factor for buyers and with ample competition, they’ll likely find something for better value if you’re overpriced. And be proactive, with pricing and marketing. If you were listed in the winter, make sure you have summer photos, update your marketing materials, and ensure you’re presenting your property as best you can.
For the detailed market statistics from the Calgary Real Estate Board for June 2019 click HERE.