During the year, you probably come across a lot of people - friends, neighbours, relatives - who are thinking about buying or selling a home. The biggest question on their mind is likely, “How much would my current property sell for today?” As a REALTOR® it’s my job to know what’s happening in the real estate market. So, I can give them a good idea of how much their property would likely sell for, given today’s market conditions. Feel free to give them my name. I’d be happy to help them in any way I can.
The detached market continues to improve in Calgary with the benchmark price up nearly 2% from last year. A rise in inventory and fewer total sales compared to last year has pushed the months of supply above three for the first time since January. This will provide buyers with more choice than in previous months.
Like the detached market, attached homes also trended upwards last month. Both markets are moving in a similar direction with modest price gains and increased inventory and months of supply. This increase to inventory levels along with the recent lending rate hike could slow the pace of recovery in the housing market.
The apartment sector continues to face oversupply issues in both the new and resale market. Benchmark prices are down a little more than 3% from a year ago and overall are down close to 12% from their peak. As always, prices and market strength vary widely across different locations and price points.
|July 16||July 17||Y/Y % change|
|Months of supply*||2.47||3.21||29.79%|
|Average DOM||43 days||38 days||-11.15%|
|Months of supply*||3.71||4.4||18.74%|
|Average DOM||50 days||47 days||-7.15%|
|Months of supply*||6.11||7.07||15.80%|
|Average DOM||56 days||59 days||5.29%|
Months of supply* The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.
Benchmark price** The monthly price of the typical home based on its attributes, providing the best measure of price trends.
BE A SAVVY HOME VIEWER
Here are some tips on how to do just that:
- Take the time to carefully view each room, including closets and storage areas.
- Make sure you have measurements of all the rooms.
- Imagine yourself living in the home. Where will you have dinner? How will your furniture look? What is it going to be like to travel to work and school each day? Where will your kids play?
- Get a professional home inspection. Then, make sure you read and understand the report.
- Understand and get estimates for any maintenance and repair issues, such as required bathroom upgrades or roof shingles that need replacement.
- Walk the neighbourhood and get a clear sense of what it’s going to be like to live there.
- Carefully consider any negative issues before telling yourself, “I can live with this.”
“Nothing will work unless you do.”
“Happiness is not something ready-made. It comes from your own actions.”
“You may be disappointed if you fail, but you are doomed if you don’t try.”
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