January Market Improves Over Last Year!
For the fourth consecutive month, housing inventory levels have recorded year-over-year declines. At 4,112 total units, January’s inventory was 18% below last year’s levels.
While housing conditions continue to favour buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices. Conditions have improved over last year, but people need to remember that last year’s market was one of the weakest on record. Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process.
“Every transaction is a personal decision and anyone going through the process of buying and selling real estate will be trying to make the best decision for their family. They need to consider their long-term objectives and think about the price they are willing to accept or pay for a home.”
The detached benchmark price for January is $500,400 a decrease of 2.02% year-over-year. The apartment benchmark price is $269,900 a decrease of 4.96% and the attached benchmark price is $330,000 a decrease of 3.67%. Overall sales for the month totaled 947 units, compared with 765 during the same period last year.
The City of Calgary home market has 4.34 months of inventory and the sales to new listings are at 39.71%, meaning 60.29% of homes are not selling. The sale price to list price ratio is 97.90% and 52 days on market.
Airdrie’s inventory increased to 338 from 317 units, sales remained the same from December to January at 57. The benchmark price for January $349,000 a decrease of $5,900 from last month. Overall sales for the month totaled 57 units, compared with 65 during the same period last year.
The City of Airdrie home market has 5.93 months of inventory and the sales to new listings are at 35.85%, meaning 64.15% of homes are not selling. The sale price to list price ratio is 97.3% and 62 days on market.
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For the complete Calgary January 2017 CREB® report, Click Here
For the complete Regional January 2017 CREB® report, Click Here
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