Demand Down with Net Migration!
In step with the City census data on declining net migration levels the continued pullback of sales activity is a sign of economic conditions. The number of unemployed workers keeps rising and when you combine job losses with declining net migration, the result is going to be weaker housing demand. To the buyers and sellers that have been paying attention to the housing market it should come as no surprise that we continue to see a slowdown in sales activity. The buyers are expecting further decline in sold prices, and sellers are adjusting to softer demand with price decreases. When these expectations intersect, we're seeing sales activity in the market, but not at the level realized over the last several years.
The detached benchmark price for July is $502,300 a decrease of 3.40 % year-over-year. The apartment benchmark price is $277,000 a decrease of 6.58% and the attached benchmark price is $330,800 a decrease of 4.67%. Overall sales for the month totaled 1,741 units, compared with 1,991 during the same period last year.
The City of Calgary home market has 3.74 months of inventory and the sales to new listings are at 51.65%, meaning 48.35% of homes are not selling. The sale price to list price ratio is 96.96% and 45 days on market.
Airdrie’s inventory decreased to 446 from 454 units, sales decreased by 12 to 137 for July. The benchmark price for June $358,000 a decrease of $900 from last month. Overall sales for the month totaled 137 units, compared with 163 during the same period last year.
The City of Airdrie home market has 3.26 months of inventory and the sales to new listings are at 64.32%, meaning 35.68% of homes are not selling. The sale price to list price ratio is 97.8% and 55 days on market.
Make sure to ask us about the results we achieve for our clients!
For the complete Calgary August 2016 CREB® report, Click Here
For the complete Regional August 2016 CREB® report, Click Here
Call Jeff Campbell 403-275-3331