After the first two months of the year, there’s proof that the Real Estate market continues to move in the right direction in Calgary and area. February sales totaled 1,342 units, which is a better February than in both 2015 and 2016. It is still 19 per cent below a 10-year average, because of huge sales in 2007 that drive up the average.
Now, looking at February 2016 compared to February 2017, the overall picture looks pretty good. There were 1130 residential sales in Feb.’16, compared to 1342 sales in Feb. ’17. February 2016 had 5683 listings compared to 4493 in 2017. Less inventory and more sales helps stabilize the market, and possibly make it less of a buyers market. I know this is something sellers are anxious to hear! The average “Days On Market” was 48 days in February, which was less than the 53 days in January, but still more than the 43 days in January 2016.
Benchmark prices on detached homes in Calgary totaled $501,900 in February, which is one per cent lower than prices recorded last year, but slightly higher than January figures. “There seems to be a new sense of optimism these days,” said CREB® president David P. Brown. “Some sellers are feeling upbeat about the changing landscape and the improved chances of selling their home. While there’s less product on the market right now, sellers still need to be realistic with their pricing.”