Housing Market Set for Favourable Lead Into Spring!
After an extended period of disconnect between supply and demand, Calgary’s detached housing sector is firmly in balanced territory. Sales were still 10% below long-term trends in March, but above levels seen in recent years, while average inventory declined compared to last year, supporting price stability in the detached market.
It’s not so much that demand went through the roof in March, but that we had less supply come onto the market, which is really helping to balance things out. These changes are lifting the cloud of uncertainty for housing consumers and nicely positioning our market as we more into the more active spring.
The detached benchmark price for March is $503,900 a decrease of 0.28% year-over-year. The apartment benchmark price is $269,700 a decrease of 4.36% and the attached benchmark price is $330,000 a decrease of 2.31%. Overall sales for the month totaled 1,906 units, compared with 1,590 during the same period last year.
The City of Calgary home market has 3.27 months of inventory and the sales to new listings are at 51.84%, meaning 48.16% of homes are not selling. The sale price to list price ratio is 97.19% and 46 days on market.
Airdrie’s inventory increased to 395 from 376 units, sales increased by 43 to 140 for March. The benchmark price for March $356,300 an decrease of $400 from last month. Overall sales for the month totaled 140 units, compared with 114 during the same period last year.
The City of Airdrie home market has 2.82 months of inventory and the sales to new listings are at 60.61%, meaning 39.39% of homes are not selling. The sale price to list price ratio is 98.20% and 48 days on market.
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For the complete Calgary March 2017 CREB® report, Click Here
For the complete Regional March 2017 CREB® report, Click Here
Call Jeff Campbell 403-275-3331