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Advantages of being in a buyer’s market.

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Website: www.TheHowardTeam.net
Facebook: Calgary Real Estate by The Howard Team
Twitter: @Calgary_Life
LinkedIn: www.linkedin.com/in/bryonhoward

Calgary’s condo sectors continue to set the pace for the city’s residential resale housing market, which recorded 2,148 sales in September, nearly 12 per cent higher than the same period last year. “September’s sales growth was stronger than expected, due largely to a surge in condominium apartment and townhouse sales,” said CREB® chief economist Ann-Marie Lurie, who credits Calgary’s strong economy and fewer options in the lower-priced single-family market behind the continued demand.

For the fifth consecutive month, year-over-year condominium apartment sales growth outpaced growth in the single-family sector. Year-to-date condominium apartment sales totaled 3,819, a 21 per cent increase over last year. This compares with a seven per cent increase to 13,842 units in the single-family market over the same time frame. Added supply in the condominium apartment sector, meanwhile, is providing more choices. New listings increased by 48 per cent in September over last year and nearly five per cent over last month, further improving inventory levels and pushing this market into balanced territory.

In the condominium townhouse market, sales and listings continued its year-to date trend, rising 20 and 21 per cent, respectively, compared to the same period a year ago. Over the first three quarters, 3,002 units have exchanged hands, relative to the 4,011 new listings. Despite an increase in new listings, the condominium townhouse market continues to be relatively tight, with absorption rates remaining below two months.

“While overall supply levels have improved, the condominium townhouse sector continues to reflect the tightest market conditions in Calgary,” said CREB® president Bill Kirk. New listings in the single-family market similarly increased in September, helping to improve inventory levels above two months. A total of 2,148 units entered the market during the month, a jump of nearly nine per cent compared to the same period last year.

“While conditions are now more balanced, the composition of the single-family market has changed,” said Lurie. “One-quarter of year-to-date sales in the sector has been for product priced below $400,000. Last year, it represented 35 per cent of the market share. Two years ago, it accounted for 44 per cent of all single-family sales.”

The single-family benchmark price topped $512,800 in September, similar to August, but a 10.6 per cent increase year-over-year. Condominium apartment and townhouse benchmark prices grew to a respective $298,800 and $330,200, reflecting gains of more than 9.5 per cent relative to last year.

“Calgary’s housing market throughout the spring favoured the seller, resulting in higher-than-expected price gains,” said Kirk. “Now, a more balanced market is relaxing some of that upward pressure on home prices, and prices are leveling off relative to the previous month. Year-over-year, however, gains are still in the double-digit range.”

Recent price gains have encouraged listings growth and, ultimately, supply in all sectors, said Lurie. “However, citywide inventory levels continue to remain below historical norms, and current demand levels continue to point toward healthy absorption rates,” she said.

Download the full market report here

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 403-589-0004 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.

by Andy Dean Photography

If you have been paying attention to Calgary’s real estate trends, you are probably well aware that this year has been considered a strong seller’s market.  So what exactly does this mean?  Low inventory has reduced the number of properties available for purchase. 

This is causing buyers to become more competitive.

If houses are well priced, they are selling very quickly- usually with multiple offers.  As we head into the summer, we are expecting the number of listings to increase which will gradually shift us back to a balanced market.

If you are thinking of selling this year, you may have an advantage if you list sooner than later.  Listing your property at fair market value while the market is hot will almost guarantee you a quick and profitable sale. 

Some sellers are taking the approach of listing slightly higher than the current market value. 

If the demand in the area is high enough and the property shows well, they are walking away with top dollar for their homes.  In a city with such a rapidly growing population, real estate investment is a hot commodity and buyers recognize the value in owning their own home.

The challenge may arise when you start looking for your next property.  Buyers are having a tough time finding the right home with fewer properties to choose from.  Some are getting discouraged after losing a few bidding wars and have decided to shelf their property search until the market balances out. 

As we head into the summer, it’s safe to say that listing inventory will increase.

As always, it’s important to educate yourself throughout the process.  Ask plenty of questions, and align yourself with knowledgeable Calgary professionals who will represent your best interest along the way.  If it’s time for your next home, do your research and have a good idea of what you are looking for so when the right property comes up, you are ready to buy.

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 403-589-0004 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.

How do you define luxury?  Home buyers may have a variety of different ideas in mind.  Many of my clients value their outdoor space just as much as the interior of their home.  The property and surrounding area give the home its curb appeal and provide the homeowner their own private place to enjoy the outdoors.  For most, a luxury home needs to offer something unique.  There are several features that are becoming must-haves on the luxury home buyer’s list of requirements.

A designated wine cellar is the entertainer’s dream.  These rooms are being designed to showcase a collection of wines and allow the homeowner to control the temperature separately from the rest of the house.  In the past, wine cellars were often built into the basement of the home, but modern designers are finding a way to incorporate them into the main level which provides easy access for entertaining.

The finishes in a home are what truly separate an average house from a luxury home.  Natural finishes like hardwood, granite, and travertine add that extra wow factor to a house.  In real estate, you will often hear the phrase “kitchens and bathrooms sell homes”.  This is especially true in the luxury home market.  Buyers are looking for beautiful custom kitchens and bathrooms that are both functional and stylish.

Because many areas in Calgary sit on a higher elevation, home buyers are looking for a house with a view.  The surrounding areas provide a stunning backdrop with views of the city or mountains.  Unlike the cosmetic features of a home, the view is something that you cannot change and will never go out of style.  Homes with a view hold their value and are highly desirable for prospective buyers.

Love to enjoy a movie or game on the big screen?  Media rooms have come a long way and are a must-have in a luxury home.  The ideal media room features comfortable seating, surround sound, and a high quality projector system.  Media rooms are perfect for entertaining friends or spending a relaxing weekend at home.

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 403-589-0004 or at TheHowardTeam.net.

About Bryon Howard

Bryon Howard is a top-producing real estate agent with RE/MAX House of Real Estate in Calgary, Alberta. He and his team sell an average of two homes a week–mostly single-family homes, luxury homes, condos and commercial properties. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. Bryon is above the pack because he aims not just to please clients but to help them buy/sell their dream home in Calgary at the best price, in the shortest time, and with the least hassle. He is well-equipped to do this with his sterling education, capped by an MBA degree from Athabasca University and degrees from Acadia University, the University of Prince Edward Island and the Universite de Bourgoyne in France.

In a city that is experiencing tremendous growth, the Altadore-River Park area is establishing itself as a highly desirable neighbourhood for home buyers. The Altadore neighbourhood is an older community in Calgary that is going through an exciting revitalization.  Altadore has been named one of Calgary’s best neighbourhoods for the last few years in a row.  Trendy young professionals and growing families are attracted to this neighbourhood because of new luxury homes and its convenient proximity to parks and the Marda Loop shopping district.

According to the Calgary Real Estate Board, the average sale price in the Altadore-River Park community was approximately $826,000 for a single family home in 2012.  The year-end data for 2013 reported that the average sale price had increased to $912,000.  That is an increase of 10% in just one year.  Compared to the Calgary-wide increase of 4%, Altadore is establishing itself as an excellent place for home buyers to invest.

If you are thinking of selling your home in this community, this is a great time to list your property.  The area is in high demand, and many of listings sell with competing offers.  This is the perfect time to capitalize on the equity in your home.  The number of available listings in this area has decreased, and buyers are eagerly waiting for the opportunity to become part of this vibrant community.

If you are looking to buy a beautiful home in an up-and-coming neighbourhood, Altadore has everything that you are looking for.  This neighbourhood needs to be seen to be appreciated.  Many of the developers in this area have built homes with unique, yet classic designs.  Most of the homes feature modern finishes, vaulted ceilings, and open concept living areas.  As prices continue to rise, buyers can purchase a home in this community with confidence knowing that their investment is secure in a home that will continue to increase in value.

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 403-589-0004 or at TheHowardTeam.net.

About Bryon Howard

Bryon Howard is a top-producing real estate agent with RE/MAX House of Real Estate in Calgary, Alberta. He and his team sell an average of two homes a week–mostly single-family homes, luxury homes, condos and commercial properties. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. Bryon is above the pack because he aims not just to please clients but to help them buy/sell their dream home in Calgary at the best price, in the shortest time, and with the least hassle. He is well-equipped to do this with his sterling education, capped by an MBA degree from Athabasca University and degrees from Acadia University, the University of Prince Edward Island and the Universite de Bourgoyne in France.