2016 was not a great year overall. Dropping oil prices, lost jobs, and a new Carbon Tax were just a few of the factors. But, there is reason to believe that the worst is behind us, and the Real Estate market is continuing to rebound nicely at a “slow but steady” pace.
Calgary home prices were up again in May, which is the fourth consecutive month where we have seen an increase. These levels are still lower than the highs of 2014.
Other significant factors are the numbers of homes sold in Calgary which has been on a 5-month climb. There were 929 homes SOLD in December 2016, and there were 2119 homes SOLD in May 2017. New Listings in Calgary have increased again for the last 5 months. There were 992 new listings in December 2016, and there were 3866 new listings in May 2017 which is 17% higher than the same month last year. This again, is very encouraging!
Even the Days On Market has decreased for the past 5 months. The average Days On Market in December 2016 was 56 Days, and the average Days On Market in May 2017 was 37 Days.
“The economic climate is supporting detached housing market recovery,” said CREB® chief economist Ann-Marie Lurie. “Improved demand and easing supply has created more balanced conditions and ultimately some modest price gains. While it will still take some time for prices to recover, the transition in the detached segment is an important first step to stabilization across all segments of the housing market.”
“We can really see a slow but sure recovery in the housing market,” said CREB® president David P. Brown. “Demand for detached product is driving a new sense of optimism for consumers as we move further into spring.”