June Real Estate Market Update 2024

June Market Update – The statistics are out and they’re outta control.

 

It’s not often that the most optimistic person I know (usually me) and our team aren’t positive about good news. Let’s face it, we all need more of it.

But here’s what’s up:

Prices are up, inventories are up from this time last year, and our population is up. That’s pretty good news and great for our little company achieving amazing results.

And who doesn’t like new neighbours?

But it’s not all about us; it’s about you, our city, and our province. With so many people moving here, we need to ask: Where are they going to live? How will they get around? Do we have enough doctors? What about rentals?

It’s clear that there’s reason for a little concern. Even though real estate prices are rising, we need to be strategic and work together to find solutions, especially if you’re a buyer or a seller in this market.

Calgary real estate stats from CREB for May 2024

How do we slow down sales volumes? Increase prices. Dropping rates doesn’t help, so we should all be looking at increasing prices even more.

That’s simply supply and demand. So if you’re a seller or a real estate agent pushing for quick sales—don’t!

Underpricing properties unnecessarily doesn’t help. Let me say that again: Over-list, be strategic and be patient.

Sellers and buyers, be courageous and maybe wait for rates to drop a little more. Find ways to have more runway and less urgency. Stay with friends or family if needed. It might be uncomfortable, but it will help you and everyone else come out ahead.

Back to the basics.

Overpricing properties just might be helpful, and sellers and agents should be a little more patient. This will help balance the market and make both sellers and buyers happier in the long run.

As for interest rates, that’s beyond our control. Lower rates mean more debt, and while it’s happening, we need to stay informed and consult with financial advisors.

All in all, it is good news. Summer is here, the lilacs have bloomed, and our recent party was amazing. If you missed it, we’d love to include you in future events like Fine Wine Friday or market updates talks. Click the link to join our VIP EVENT LIST and ensure you don’t miss out on our gatherings and updates. For anything else related to buying or selling, just click the links below or message me, and I’ll make it happen.

Detailed market update statistics from the Calgary Real Estate Board for May 2024 are available HERE.