Calgary Housing Update – October 2023
Autumn is here, but one thing’s for sure – our housing market ain’t falling like the leaves.
Prices will soar but it ain’t all good news.
Let’s break it down real quick and make a few predictions.
Because nobody remembers the person who said it would rain but everybody remembers the person who brought the umbrella.
At Plintz we try to predict and plan for what’s ahead.
1. Benchmark Price – Sitting pretty at $570,300, that’s an 8.7% jump from last year.
This will happen again over the next 12 months and maybe more.
2. Sales – 2,441 homes got new owners, a whopping 29.0% spike! Looks like many got their keys but a lot of bad properties sold for big dollars. Pay up and pay head and buy quality over getting a deal.
3. New Listings – 3,191 fresh homes hit the market. That’s a solid 21.6% upswing, with more choices for buyers.
But not all are good choices. Avoid really bad locations if at all possible and always have a good inspection.
4. Inventory – Only 3,369 homes waiting for their new owners, down by 24.5%. Slim pickings, but hey, quality over quantity!
We don’t think this will change that much because they don’t build houses overnight but it will level off.
5. Months of Supply – Just 1.38 months. That’s a big drop of 41.5% from last year. Homes are selling.
This should change. We sure hope it does. Or it means we ran out of houses. Not likely but that means prices go up.
6. Average Days on Market – Homes are flying off the shelf in just 25 days, down 34.3%. Blink, and you might miss ’em.
Especially if Plintz is working on the selling side (-;
We’ve got migration numbers soaring, especially here in Alberta. Oil is up, inflation is rising, and interest rates are following suit. It’s no surprise home prices are too.
But with sales not rising at the same rate, patience is the name of the game for buyers. Quality homes? Worth every penny or extra $10,000 or $100,000 you might need to bid to get it.
Don’t get swayed by the cheap and cheerful; go for gold, even if it costs a tad more and always always always have a plan. For a free copy of our strategy, Positively Sold, techniques for buyers and sellers please message us and will send you a free digital copy.
We are thinking of the bigger picture and a little further out, the influx of newcomers without homes is a concern.
Raising rates and inflation or a concern and many problems and go with all of the above.
But this is Calgary, and we tackle problems head on. Let’s work together, find solutions, and ensure everyone finds a home.
Need assistance, have questions or comments?
We are here, as always, reach out anytime!
Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn, or other areas in the Calgary region.