Until the last few days, we've been very fortunate with the fall and winter weather, but this kind of snow and cold is sure to put a damper on enthusiasm. Am I still showing homes today? You bet. Buyers willing to put on snow boots and get out in this weather are serious.
There is no doubt sales during this time of year are fewer than the warmer months. However year over year the seasonal numbers are up, pricing numbers are breaking records and single family home statistics show average prices higher than 2007 levels. We are not yet reaching 2007 total sales numbers (total number of properties sold) but the trends have been trending upwards since the summer. The number of luxury homes sold continue to break records month after month as well.
Single-family benchmark prices totaled $470,600 in November, 8.5 per cent higher than one year ago. Of course the value for each specific home is different based on property price range, style and location so your home may have gone down, gone up 4% or it may have gone up 14% but the general trends are holding strong.
The graphs show that there are now less sales at the lower price points and more sales at the higher price points. This points to availability of property but also buyer demand. Calgary is a city of folks that earn higher wages than in other parts of the country, we are a young city and we see opportunity. Our attitude, perspective, rental availability, net migration and general optimism create the environment of growth and we are seeing that in the real estate market. I hope all those enthusiastic new landlords have done their homework.
Ever changing is our market, just check out the roller coaster ride of the last few years. Timing is everything. Whether buying or selling, you never know the time was 'best' until it passed.
Source for all numbers: CREB
If you want to crunch the numbers yourself, see the CREB Statistics Package or give me a call and I'll do that for you. ;)