We’ve seen the Real Estate market in Calgary change over the last couple of years. Some of the changes haven’t been very good, but the last several months have shown positive signs that things are in fact improving.
The average price for a home in Calgary in April($495,387)is at a level higher than anything that we’ve seen so far in 2017 or at any time in 2016.
Another good sign is that the average “Days On Market” in April dropped to only 39 days, which is lower than any month this year so far and all of last year. It shows that homes are selling in Calgary and area, and that buyers seem to be moving quicker.
For the fourth time in a row, we’ve seen more sales in one month than the previous month, which is encouraging. I believe that there are two reasons for this:
- We’re getting into the busiest time of the year which is spring/summer
- The market is still slowly continuing to recover
The Calgary Real Estate Board states that improvements in the labour market and a balanced detached sector have helped. “More jobs means less uncertainty for people who are sitting on the fence,” said CREB®president David P. Brown. “There also tends to be fewer people who need to sell when employment improves, and that can prevent inventory gains and further price reductions in the market. It’s a good scenario for sellers who are entering a spring market that’s in better shape than anything we’ve seen in recent years.”
The relationship between sales and inventory will be a key driver for pricing in the months ahead. Total transactions improved to 1,917 units in April, while inventories totaled 5,495 units, pushing months of supply below three for the second consecutive month.
If you would like more information or if you have any questions, please let me know!