Housing Market Inventory on the Rise
As expected, slow sales this first quarter have persisted through March in the City of Calgary. This is not a surprise, after stronger growth in sales at the end of last year following the changes to the lending market and new stress tests. With concern about possibly two more interest hikes over the next 12 month’s its no wonder that the market had been affected.
First quarter sales totaled 3,423 units, this figure includes detached, attached and condos This number is nearly 18 percent below last year’s levels and 24 percent below long-term averages. Easing sales and modest gains in new listings caused inventories to rise and months of supply to remain above four months, the months of supply is even higher for the condo market. It is more important than ever to price your home competitively. If you are staying in the Calgary market and sell your home for less than what you hope for, it still works for you as you are also purchasing your new home at a better price.
See the Calgary housing stats for March 2018. Click or tap the image to view the report.
View the March 2018 Regional Stats here, click or tap the image to access the report.
If you would like more information or have any questions about the reports contact Tom Waller Broker at 403-803-5151 or email: firstname.lastname@example.org