Larger than Normal Listings Put Downward Pressure on Housing Prices in December

January 5, 2016

Normally December is a slow month for real estate sales, but this December had 18% less sales than last year.  Buyers seem to be more cautious because of the oil price declines and not knowing when it will end.  Sellers, meanwhile, are concerned about how many more listing will be going on the market this year and want to get into the market before that happens.
But for the overall year of 2015, prices of a detached and attached home in Calgary only went down 1.91% and 1.35% respectively.  Most of the stable prices happened at the lower price ranges and in certain areas of the city.  Areas down south of Calgary (Okotoks, Dewinton, Black Diamond, etc) had seen a decrease of 1.75%, and Airdrie as well had decreased of 2.15%.
So if you are looking to buy, now is a great time because there is more choices and some good buys.
If you are looking to sell, expect that it might take a little longer and maybe be a little flexible with the price.  If there is not some interested parties within the first 30 days, it might be time for a price decrease.