New lending rules and rising interest rates in the last part of 2017 helped the year finish stronger than anticipated, but that lead us into a slow first quarter of this year.
First quarter sales totaled 3,423 units, nearly 18 per cent below last year’s levels. The first 3-month “Days On Market” average was 48 days in 2017, and was 53 days in 2018. March was a challenging month, as there were 516 less sales in March this year as compared to last year, and there 1247 more listings this year. This is giving buyers more options, but more competition for sellers.
“Economic conditions are slowly improving, but it has not been enough to outpace the current impact of higher lending rates and more stringent conditions,” said CREB® chief economist Ann-Marie Lurie.
“We are entering the most active quarters in the housing market with more inventory, which could create some price fluctuations. However, the improving economy is expected to prevent overall prices from slipping by significant amounts.”
The citywide benchmark price for detached product averaged $502,000 in the first quarter. This is slightly lower than the fourth quarter of last year, but comparable to levels recorded in the first quarter of last year. CREB® president Tom Westcott said “you can find good value if you’re looking to buy a home, and you can also get good value if you’re selling. Being well-informed, in any economic condition, is the key, because there are differences in the market depending on what type of property it is and where it is located.”
If you’re looking to buy or sell a home, call me today for expert advise that works!
Bruce Voigt – REALTOR®/C.C.S.
RE/MAX Rocky View Real Estate