Housing Market Déjà Vu in January!
The new year opened predictably, with monthly figures close to the Januarys of the past three years. 2018 kicked off with higher rates and the official implementation of the new mortgage requirements. While it is too early to see the impact of these changes so far, January levels are consistent with what we saw last year.
Sellers needs to be aware of the competing supply in the market. This can influence the timing of their decision, along with setting realistic expectations regarding time on the market and selling price. For buyers, getting pre-approved for a mortgage is essential, along with getting advice from a REALTOR® to get into a home they will be happy with.
The detached benchmark price for January is $499,400 an increase of 0.14% year-over-year. The apartment benchmark price is $256,200 a decrease of 3.32% and the attached benchmark price is $328,000 an decrease of 0.33%. Overall sales for the month totaled 958 units, compared with 943 during the same period last year.
The City of Calgary home market has 4.83 months of inventory and the sales to new listings are at 38.97%, meaning 61.03% of homes are not selling. The sale price to list price ratio is 97.07% and 60 days on market.
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For the complete Calgary January 2018 CREB® report, Click Here
For the complete Regional January 2018 CREB® report, Click Here
Call Jeff Campbell 403-275-3331