The sentiment is changing and so is the market. There are no significant changes in sales activity compared to the past few months but there is a change compared to last year at the same time.
With spring-ish in the air and the election over, there seems to be a positive shift in attitude and the market is following suit. When comparing the stats from the week after the election, April 16-22 from 2018 to 2019 there is a 20.3% increase in sales.
There was a decline in new listings which has driven the supply level down. In early 2019 there was a 7 month supply (if homes continued to sell at this pace, how long it would last until there is no more inventory) compared to only 4.6 percent in April. This is still representative of an oversupply but is a shift towards a balanced market.
“Demand remains relatively weak in the resale market. However, if supply levels continue to adjust, this could help reduce the amount of oversupply and eventually support some price stability,” said CREB® chief economist Ann-Marie Lurie.
The total residential benchmark price in Calgary was $415,900. This is slightly higher than last month, but still nearly five percent lower than last year’s levels. Buyers should hurry to take advantage of the market conditions before they swing in favour of sellers.
Like most things in life, change doesn’t happen overnight but the stats and the market sentiment show change trending in the right direction. Until then, buy and sell with a strategy. When selling, focus on hitting the market with your best foot forward. Stage your property, have professional photos taken, and make sure you’re giving the best first impression possible to stand out from the competition. When buying, look for indicators of a motivated seller such as days on market and vacancy.
For the detailed market statistics from the Calgary Real Estate Board for April 2019 click HERE.