Calgary Real Estate Housing Market Update: Feeling The Chill With Oversupply
Wow. It was a Cold February, not only in temperature – but also in Real Estate Sales!
The mean (or average) temperature for February was -18.7 C, making this the third-coldest February on record, according to Environment Canada climatologists. The coldest of February was in 1936 when the mean temperature was -24.5 C
The effects of Calgary’s economic climate, and likely the cold temperature, continue to create weak sales activity and elevated inventory in the city’s housing market. Of course, lower prices are the result.
No substantial change in the economic climate and concerns regarding potential layoffs in the energy sector are leaving both sellers and buyers uncertain.
As of February, citywide benchmark prices were $414,400. This is nearly five percent below last January, slightly lower than last month’s figures, and over 10 percent below highs recorded in 2014.
While the market remains in oversupply; slower sales and price declines do appear to be influencing sellers. New listings this month eased by eight percent compared to last year for a total of 2,211 units.
However, the 976 sales this month were not enough to substantially impact inventories levels, which remain elevated at 5,885 units.
If you have questions on Calgary real estate, whether it is housing, condo’s, or acreages, we can help you.
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-465-0210 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.
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