Calgary Housing Market Prices Hold!
Residential home sales declined in February, but a decline in new listings helped keep prices steady this month. The housing market conditions are still adjusting to rising lending rates and changes in lending requirements. This process is expected to be bumpy, with demand adjustments leading the changes.
This is a market where the fundamentals of a sound pricing strategy need to be understood by sellers. At the same time, savvy buyers should be obtaining pre-approvals, so they understand exactly how much of a mortgage they can afford.
The detached benchmark price for February is $502,800 an increase of 0.72% year-over-year. The apartment benchmark price is $256,400 a decrease of 2.99% and the attached benchmark price is $328,200 an increase of 0.06%. Overall sales for the month totalled 1094 units, compared with 1334 during the same period last year.
The City of Calgary home market has 4.76 months of inventory and the sales to new listings are at 45.49%, meaning 54.51% of homes are not selling. The sale price to list price ratio is 97.14% and 51 days on market.
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For the complete Calgary February 2018 CREB® report, Click Here
For the complete Regional February 2018 CREB® report, Click Here
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