February Sales Already Outperform February/2016

February 19, 2017

February Sales Already Outperform February/2016
Even though we are only half way through February, already Calgary’s real estate sales have had huge increases compared to February, 2016.

For detached homes the increase has been just over 30% and the townhome sector has increased 7%.  The biggest surprise is the apartment sector, with an increase in sales by almost 64% so far in February.

This is showing a great improvement in sales so far for 2017.  BUT even though sales are increasing, prices are not (yet).  Hopefully this will slowly start happening in the next several months. Chief economist of Calgary Real Estate Board explains it in the article below.

2017 Market is Showing Improvement

January Statistics for Calgary:  For the fourth month in a row, the number of listing on the market has declined. At 4,112 total number of listings on the market, January’s listings were 18% below last year’s levels.

“While housing conditions continue to favour buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices,” said CREB® chief economist Ann-Marie Lurie. “Conditions have improved over last year, but people need to remember that last year’s market was one of the weakest on record. Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process.”

January sales totaled 947 units, 24 per cent above last year, but 21 per cent below 10-year averages for the month. Sales activity improved across all product types, but only when compared to the near record lows that occurred in January 2016.