Housing Market Inventory on The Rise!
As expected, slow sales this quarter have persisted through March in the City of Calgary. This is not a surprise, after stronger growth in sales at the end of last year following the announced changes to the lending market.
We are entering the most active quarters in the housing market with more inventory, which could create some price fluctuations. However, the improving economy is expected to prevent overall prices from slipping by significant amounts
You can find good value if you're looking to buy a home, and you can also get good value if you're selling. Being well-informed, in any economic condition, is the key, because there are differences in the market depending on what type of property it is and where it is located.
The detached benchmark price for March is $503,800 an increase of 0.68% year-over-year. The apartment benchmark price is $257,100 a decrease of 2.94% and the attached benchmark price is $329,400 an increase of 0.30%. Overall sales for the month totalled 1374 units, compared with 1890 during the same period last year.
The City of Calgary home market has 4.64 months of inventory and the sales to new listings are at 39.86%, meaning 60.14% of homes are not selling. The sale price to list price ratio is 97.24% and 51 days on market.
Make sure to ask us about the results we achieve for our clients!
For the complete Calgary March 2018 CREB® report, Click Here
For the complete Regional March 2018 CREB® report, Click Here
Call Jeff Campbell 403-275-3331