A Transition in the Making!
After the first 2 months of the year, Calgary’s detached sector continues to drive a slow transition in the housing market. February sales totaled 1,342 units which is still 19% below long-term averages but an improvement over the past 2 years.
With sales improving and new listing and inventories contracting two key measures of market balance, there’s good evidence to show that the housing market has started a trend toward more balanced conditions.
It will take come time for these conditions to translate into all housing segments and achieve price recovery. But all indicators continue to point towards a slow transition from a contracting market toward one that is stabilizing at lower levels.
The detached benchmark price for January is $501,900 a decrease of 1.01% year-over-year. The apartment benchmark price is $269,200 a decrease of 5.14% and the attached benchmark price is $330,300 a decrease of 2.91%. Overall sales for the month totaled 1,342 units, compared with 1,130 during the same period last year.
The City of Calgary home market has 3.35 months of inventory and the sales to new listings are at 54.62%, meaning 45.38% of homes are not selling. The sale price to list price ratio is 97.08% and 49 days on market.
Airdrie’s inventory increased to 376 from 338 units, sales increased by 40 to 97 for February. The benchmark price for February $356,700 an increase of $1,800 from last month. Overall sales for the month totaled 97 units, compared with 88 during the same period last year.
The City of Airdrie home market has 3.88 months of inventory and the sales to new listings are at 51.05%, meaning 48.95% of homes are not selling. The sale price to list price ratio is 97.6% and 66 days on market.
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For the complete Calgary February 2017 CREB® report, Click Here
For the complete Regional February 2017 CREB® report, Click Here
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