Continued uncertainty surrounding the oil and gas industry has definitely had an unsettling impact on the Calgary real estate market in 2015, but several indicators in recent months point to positive trends. Viewed separately, these statistics may not seem like much, but viewed together, they point to a balancing trend that may be exactly what the volatile Calgary market needs.
In its June 2015 report, entitled Calgary Regional Housing Market Statistics, the Calgary Real Estate Board (CREB) reports that May 2015 marked the first time this year that residential sale prices improved over the previous month. In addition, CREB Chief Economist Ann-Marie Lurie states, “For the third month in a row, new listings have eased compared to last year, helping push the market toward more balanced conditions, despite the current environment of slower sales activity.” CREB President Corinne Lyall added, “While some challenges continue to exist for sellers, depending on the property type, price and location, the decline in the months of supply points towards more stability for both buyers and sellers.”
Despite a steep drop in the total number of sales from 2014, home values have not suffered a significant hit yet. The median sales price in Calgary for residential property in May of 2015 was $433,000, down only .26% from a year ago. Prospective buyers waiting for the anticipated declines in value have yet to see that occur. Homeowners with lower-priced entry level homes still find themselves firmly entrenched in a sellers’ market, especially those in sought after neighbourhoods. Higher-priced homes in the luxury market are remaining on the market longer, but most owners are not yet rushing to drop the price.
After an extended period of steady gains and a robust sellers’ market, the balancing act that is currently underway in Calgary may be exactly what is needed to fend off a steep decline in value across the board. The 2014 freefall in oil and gas prices was largely unexpected and led to uncertainty and erosion in confidence for prospective homebuyers. Market movement in the coming months will depend largely on the duration of this economic uncertainty.
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About Allison James
Allison James has been a realtor® since 1999 with Century 21 Bamber Realty Ltd. in the changing Calgary real estate market. A Century 21 Centurion Award 2007 recipient and a member of CREA and AREA, she specializes in residential real estate and has her designations as a Seniors Real Estate Specialist and a Certified Condominium Specialist. These designations testify that she has the expertise and resources to help her clients make a smooth transition to the next step in their life journey. She enjoys helping her clients as they move through many of the same stages of life that she, too, has experienced. The fact that the majority of her business comes from past clients and/or referrals from satisfied clients speaks volumes about her dedication to the high quality of service that she offers her clients to meet their Calgary and surrounding area real estate needs. She is a mother of four who are all on their own now, and a grandmother of eight. Besides helping people buy or sell real estate, she loves spending time with her family, being active outdoors, traveling and meeting new people, photography, playing the drums, reading, scuba diving, listening to music, learning new things, and nurturing her spiritual growth.