The Calgary Real Estate market is headed down the right track.
After a long period of the vast difference between supply and demand, the city’s detached home market is beginning to close the gap.
Last month, 1,176 detached homes were sold in Calgary compared to 1,005 in March 2016, a change of +17%. However, one of the reasons the supply and demand gap is shortening is due to the fact that there was a 25% drop in detached home listings year-over-year. This, combined with the increased sales, has helped balance things out on the market.
The average price of a detached home rose by 6% in March 2017 to $571,295. Additionally, homes spent an average of three fewer days on the market last month compared to March 2016. Per the President of the Calgary Real Estate Board, the market uncertainty factor for homebuyers is beginning to fade and buyers are able to buy with more confidence.
In fact, the first three months of 2017 have generated 24.75% more sales volume than the same period in 2016. $1.44 billion worth of detached homes have been sold since January of this year after $1.16 billion was sold from January through March 2016.
Looking at Calgary as a whole (detached, apartment and attached homes), sales are up by 19.87% year-over-year to 1,906. The number of listings is down by 16% while months of supply dropped by 30% to 2.68 months.
Overall, the average home price in the City of Calgary was $490,534 in March 2017, up 4.67% from March 2016 when the price was $468,642.
Although home sales were still 10% under the long-term March trends, the housing market is on the right track. As we enter the Spring market we can hope to see sales continue an upwards trend with the gap with supply getting smaller. If March is an indication of how what we can expect to see in the coming months, 2017 has the potential to be a very good year for Calgary Real Estate.
If you’re considering buying or selling a home in the Calgary area, contacting a real estate agent such as myself can give you the advantage you need to get the deal you deserve.
I am a born-and-raised Calgary agent who can provide you with the skills, knowledge, and expertise required to get the home of your dreams.
Contact me today to learn more or get started!Source: http://www.creb.com/-/media/Public/CREBcom/Housing_Statistics/Calgary_Monthly_Stats.pdf?la=en