Recent struggles in the job market, accompanied by yet another interest rate increase, is piling on to the decisions potential purchasers have to make in the housing market.
The month of July saw 1,547 units sold in Calgary, nearly five per cent below last year. New listings eased to 2,964 units, causing inventories to total 8,450 units. With more supply than demand, prices continued to edge down, with a citywide average of $435,200. This amounted to a month-over-month price decline of 0.30 per cent and year-over-year decline of 1.89 per cent.
HOUSING MARKET FACTS
Detached – Oversupply issues continue to worsen in each district of the city compared to last year. However, compared to historical conditions, conditions today remain better than in 2016 in both the West and City Centre districts.
Apartment – Easing new listings in the apartment condominium sector have prevented any further gains in the amount of inventory in the market. Supply levels remain elevated compared to sales, keeping year-to-date prices three per cent below last year’s levels.
Attached – Attached sales have been easing this year, with 2,225 sales this year representing a 15 per cent decline over the previous year.
“In a buyers’ market, it’s critical for all parties to have the most up-to-date information to make a fully informed decision, whether you are buying or selling,” said CREB® president Tom Westcott.
“A REALTOR® can help make an accurate determination on how much to sell a home for or how much is too much when purchasing one.”
If you’re looking at buying or selling a home in the Calgary area, call me today!