Before we have a look at January stats, please keep in mind that 2016 was one of the weakest years on record. Things were not very positive 12 months ago, but by comparison to 2017 the new numbers look promising.
Now, having said that, in January there were 947 sales which is a 24% increase over January last year and even better than January 2015. CREB® chief economist Ann-Marie Lurie stated that “Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process.” Even though the total sales were up 24% from 2016, They’re still 21% below the 10-year average for January. That “average” is heavily affected because of the high numbers in 2007.
As you can see by the diagram below, the average “Days On Market” was 53 days in January 2017, as compared to 51 days in January 2016. There are still many options for buyers right now, and they are taking their time before making a decision.
Detached homes in Calgary had the biggest impact, as 584 units were sold in January compared to 466 units sold in January 2016. That is another significant number.
As far as prices, the city-wide benchmark prices were 0.16 per cent lower than last month and 2.82 per cent lower than last year’s levels. Since recent highs in 2014, residential prices have declined from a low of 4.9 per cent in the detached sector to highs of 11.5 per cent in the apartment condominium market.
Even though “we’re not out of the woods yet”…by any means, it’s encouraging that homes are selling, and that we’re seeing good numbers to start off 2017. Here’s hoping that conditions continue to improve as we move into spring and eventually the summer months.