First, let’s start off with the numbers for the month of December. Sales activity for all product types improved and pushed monthly sales to long-term averages for the second month in a row. Here is a look at the Calgary market in December going back the last 15 years.
New listings also rose, keeping inventory elevated compared to typical levels for December. With more supply remaining compared to sales, benchmark prices edged down for the fifth consecutive month.
There were 77 more sales in 2017 than the previous year, so that number is fairly close. The real difference is the number of active listings on the market. There were 3766 listings in December of 2016, but there were 4314 active listings in December of 2017…for a difference of 548 additional listings over last year.
The gap between detached supply and demand closed in the first half of 2017 and supported early price growth. As prices improved, this was perceived as a signal for many who delayed selling their home, and caused a late rise in inventory that limited price growth. Overall, the detached benchmark price in 2017 averaged $504,867, 0.63 per cent above last year’s levels.
“This year, we saw a rise in the number of consumers willing to purchase in the market with the expectation that the economy had already shifted. There were also many who waited to list their property until prices showed more stability,” said CREB® president David P. Brown.
“Those who acted were typically driven by long-term plans that best suit their current lifestyle. We are ending the year with stronger sales in the last quarter, but supply levels are holding back price gains. The year played out as expected with a transition from price declines to general price stability in most sectors of the market.”
CREB will be hosting their 2018 Forecast Conference & Tradeshow on January 31st, and it will be interesting to hear what they think will happen in 2018. If you’d like more information, you can go to: www.crebforecast.com
If you’re looking for help with your Real Estate needs, please call me today!
Bruce Voigt -REALTOR
RE/MAX Rocky View Real Estate