After a crazy start to 2021, the real estate market is continuing to shift towards more balanced conditions.
Home sales in August were over 2,250 units, 37% higher than last August and 25% higher than long-term trends. Sales have slowed down slightly compared to earlier in the year however the year-to-date annual sales are greater than the past 6 years.
“Supply could not keep pace and conditions shifted to favour the seller, something that has not happened in over six years,” said CREB® Chief Economist Ann-Marie Lurie.
Sales during the pandemic exceeded everyone’s expectations causing prices to rise and combined with low-interest rates, it gave the opportunity for many buyers to move up in the market.
With sales slightly slowing and inventory increasing, August was at nearly three months supply. This is higher than earlier in the year but still much less than typical August levels.
As we move forward, the 3 primary variables to watch are:
- Interest Rates
- Replacement Value
- Inflation (which the experts say is inevitable)
All three of these variables take time. None of them will change overnight but they will change and they will affect real estate prices as well as the ability for buyers and sellers to get in or out of the market.
So now, more than ever, get excellent insight, move as quickly as possible and as slow as you need to, to position you and your family and your real estate for the future.
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For the detailed market statistics from the Calgary Real Estate Board for August 2021 click HERE. Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn, or other areas in the Calgary region.