Calgary Market Update: January 2016
Later this week the Calgary Real Estate Board will release their comprehensive stats report for the month of January... I am here to provide you with the highlights FIRST!
City of Calgary total sales for January 2016 were 741 Units. This number is down11.5% from January of 2015. With the uncertainty in the job market and unstable energy prices, lower consumer confidence has resulted in the decline in sales numbers.
New listing inventory decreased 16% from January last year. It is good to see that the new inventory levels are lower than last year. If we had increased new listing inventory and lower sales it would be a recipe for steeper price declines.
With all of the negative news in the media the average consumer believes that the average price of Calgary properties has decreased substantially when in fact the average price is only down 1.43% from this time last year.
The homes that are selling are taking more time. Last year the average days on market were 41 whereas this January that number has jumped to 50 days on market which is more in line with long term averages.
Buyers now have the ability to take their time and ensure they are finding the best deals, they are out there. Sellers, it is important to offer good value for your property and be patient, in these market conditions it may take time for the right buyer to walk through your door.
We have all been directly or indirectly affected by the change in our Alberta economy. Personally, I think it is important to work together and support each other as a community. Lets keep our heads held high, there will be better days ahead.
Kyle Goudie-Century 21 Bamber Realty Ltd.