*Please Note: Information contained herein is courtesy of the Calgary Real Estate Board (CREB)
CALGARY MARKET SUMMARY - JULY 2019
July 2019 – (Click on the image below to watch the market update video)
Some good news and some not great news - but...the good news is winning!
The not great news: Over-all sales are down by six percent when compared with last year, and benchmark prices are down over four percent to $425,700 compared with last year. However, with fewer new listings coming to the market in June, the oversupply of homes has continued to decline. Some good news: Year-over-year, new listings coming to market saw a decrease of nearly 19 percent, and the impact of fewer new listings resulted in inventories falling by around 15 percent compared to last year. We are seeing continued absorption of the chronic oversupply. So, even though sales activity remains below last year’s levels and prices have continued to ease, the lower supply of inventory is slowing down the price declines. When we drill down a little deeper, we see it is primarily homes under $500,000 where the stabilization is occurring. Homes priced over $500,000 are generally still facing challenging conditions. Most today continue to repeat that it is a buyer's market - well...yes and no. Even with 4.2 months of supply of inventory, if you're a seller, and if you pick the right real estate team with the right strategy, you can make it a seller's market for you. Click on our seller's link here, fill it out, get a free home market valuation, and let us show you how we can create your own seller's market. If you're a buyer, register here on our site and let us show you how we can represent you and find you the perfect property and negotiate a great deal on your behalf!