We can’t keep up!! Inventory is very low throughout Calgary, particularly with detached homes.
October reached another record with 2,186 real estate sales in Calgary. This is over 35 percent higher than long-term averages.
“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said CREB® chief economist Ann-Marie Lurie.
Although new listings have also improved compared to last year, the current strong sales volume is still keeping inventory levels low – 16% lower than last year.
As with many things right now, supply is struggling to keep up with demand. Housing supply is now less than two months supply.
With that said, nothing lasts forever.
Development permits, subdivision development, and show home parades are in full swing. New construction is booming and new homes coming to market will skyrocket over the next year.
Sellers now may be your chance to get ahead of the future inventory increases (competition) but it is also important to consider the price increases that are following. Now may not be the right time unless you need to move or if you’re moving to a market that is moving faster.
The benchmark price in October reached $460,100, slightly higher than last month and nearly nine percent higher than the $422,600 recorded last October.
It is a very interesting time in Alberta’s history. Now more than ever timing, strategy, and perspective matter to make the best real estate decisions possible.
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For the detailed market statistics from the Calgary Real Estate Board for October 2021 click HERE. Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn, or other areas in the Calgary region.