At the end of January 2017 we saw positive numbers across the board. Sales are up on average for the city of Calgary 24% and inventory is down -18%. This is comparing January 2016 vs 2017. It is clear that the tide has turned and the real estate market is stabilizing. This is represented in the graph above.
Here is how the individual sectors break down during the same timeframe and comparison.
Single Family Homes
Detached - Sales up 25% & Inventory down -27%
Semi-Detached - Sales up 17% & Inventory down -24%
Row/Townhouse - Sales up 30% & Inventory down -17%
Apartment - Sales up 17% & Inventory up 1%
As you can see three of the four sectors are trending in the right direction in both sales and inventory. Even the apartment condo sector has improved sales with inventory staying static.
With demand increasing and supply decreasing, we are seeing more buyers competing for homes and prices stabilizing. This is a great start to the 2017 Calgary real estate market and looks to be a solid foundation for the spring market only a few months away.
If you have been waiting for prices bottom out in the detached, semi-detached, and row/townhouse markets, it has happened. It is time to get out looking and be ready to buy.
If you are looking for an apartment style condo it is a still a sector to monitor, specifically the inner city market. If you do see a good deal, take it. We are close enough to the bottom for you to miss out on the right condo that fits your needs.
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David Jablonski - Team Lead - Jablonski Real Estate Group - Remax First