As we head into the first few days of 2019, The Calgary Real Estate Board has released the stats for the month of December, and an overview of the past 12 months.
Home sales in December totalled 794 units, a 21 per cent decline over the previous year. Overall year-to-date sales in the city totalled 16,144 units, which was a 14 per cent decline over 2017.
Home prices in December were down 1 percent from a month ago, and are more than 3 percent lower than last December.
“Both buyers and sellers faced adjustments in expectations this year. Sellers had to compete with more choice in the resale market, but also the new-home market,” said CREB® president Tom Westcott. “With less people looking for a home, it became a choice between delaying when to sell or adjusting the sale price. However, buyers looking for more affordable product did not find the same price adjustments that existed in some of the higher price ranges.”
HOUSING MARKET FACTS
- Detached sales declined across all districts in 2018. With citywide sales of 9,945 units, activity remains 21 per cent below typical levels for the year.
- Detached benchmark prices totalled $481,400 in December, a one per cent decline over last month and a three per cent decline over last year. Overall, 2018 prices declined by 1.5 per cent compared to last year.
- Apartment sales totalled 2,663 units in 2018. While the decline is less than other product types, levels are 22 per cent below long-term averages.
- The apartment condominium sector has struggled with oversupply for almost three years and 2018 was no exception. In December, benchmark prices were $251,500, over two per cent below last year. Annually, prices have declined by nearly three per cent for a total decline of 14 per cent since 2014.
- Declines for both row and semi-detached product resulted in 2018 attached sales of 3,536 units, a 15 per cent decline over the previous year and 14 per cent below long-term averages.
- In December, the semi-detached benchmark price totalled $397,500. This is a monthly and year-over-year decline of 0.8 and 3.8 per cent, respectively. Overall, annual prices remain 1.4 per cent below 2014 peak levels.
The Calgary Real Estate Board will be hosting their 2019 FORECAST CONFERENCE & TRADESHOW on January 30th, and it will be interesting to get their insight on what we can expect for the upcoming year. That will be our next blog post once the details have been released.
If you would like more information on this report or if you have questions about Real Estate in the Calgary area, please call me today!