Another month with more records set. February sales, totalling 1,836, haven’t been this high since February of 2014.
The housing market continues to be strong with a combination of lifestyle changes, confidence with the vaccine rollout, gains in energy prices, and exceptionally low mortgage rates. Although the market average is strong, it is not anywhere close to equal between sectors.
Detached homes are the strongest, particularly under $600,000, with less than two months supply of inventory and gains in prices. The benchmark price rose 2 percent over last month. New listings rose with detached homes but not enough to increase the inventory compared to sales. February detached inventory levels are the lowest recorded in February since 2007!
On the other hand, apartment-style condos have high inventory, over 5 months supply leading to stagnant prices.
Townhomes saw an increase in sales leading to a decrease in supply supporting some price improvements with the benchmark price one percent higher than last year’s levels.
Semi-detached had significant gains as well pushing sales activity to the highest February levels in nearly 13 years. New listings increased but not enough to offset sales so the seller’s market conditions remain.
But remember, it’s not just property type that matters. Location and price point within each segment also play a role in market conditions.
What’s not as easy is knowing what exactly to do with the data, the news, and your specific situation.
That’s what we are here to do. So let’s start the conversation with our team of experts.
A few additional ways we will help to get you started:
- Buying? Let us know what you’re looking for by answering a few questions: https://plintzrealestate.typeform.com/to/fLHhkw
- Lock in a rate asap before they increase.
- Be aggressive to find your next perfect space to live. Particularly if you’re hunting in the $400-600k range.
- Start searching. On market opportunities. Off-market opportunities. Past market opportunities. Database connected opportunities. Call us to knock on a few doors for you.
But if the market is hot, where will you go? What if you don’t find a place?
- Consider a long possession with your sale.
- Consider a leaseback option.
- Consider a condition that’s in your favour when we sell to secure a new home.
- If you are thinking of selling, please click the link to get started https://plintzrealestate.typeform.com/to/CZZUGs
Whether you’re buying or selling or both, let us help you with all of the above. Call us directly and we will assist with the data and the news and how it relates to your personal situation,
We are here to help.
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For the detailed market statistics from the Calgary Real Estate Board for February 2021 click HERE. Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn, or other areas in the Calgary region.