The real estate stats are in and inventory is still falling.
If you’re planning to sell your home in Calgary now is a great time to do it. Sales are still happening but the listing inventory is down which means less competition.
The latter part of the year is a busy time for many. People get distracted with school, picture day, parent-teacher interviews, Halloween, Christmas, etc and they don’t want the hassle of selling their home. Often they think it is best to wait until the ‘spring market’ and it may be a good strategy for some. But if you’re motivated to sell, take advantage of the lack of competition and list now and if you’re already on the market, stay there and ask for more marketing of your property.
Comparing year over year, the detached sales for the month have dropped from 919 sales in Sept 2017 to 792 sales in Sept 2018. That’s a 13% decrease so the Calgary real estate market is definitely softening. Condos are being hit the hardest with only 211 sales and 562 new listings as their competition is continuing to go up. With such high levels of competition, you don’t want to miss any opportunities so don’t risk not being on the market as it will likely take a longer period to sell unless you’re willing to drop your price.
“Calgary’s economy continues to struggle with unemployment, which rose again last month to over eight percent. Concerns in the employment market, higher lending rates and shaken confidence are weighing on housing demand,” said CREB® chief economist Ann-Marie Lurie. “At the same time, supply levels continue to remain high, resulting in persistent oversupply and price declines.”
Analyze the stats and use them to your advantage! For all of Calgary’s real estate statistics for September 2018 click HERE.
For more information on selling your home pick up a copy of POSITIVELY SOLD, read more on The Selling Series, or view our selling strategy.