Timing the market. It's what folks try and do. But you just don't know what's up or down until the curve forms. A curve may currently be forming in the detached sector. Detached homes are those that do not share walls with other properties. Garages can be attached or detached. Inventory numbers are lower than last year at this time and sales are ever so slowly trending up. Average prices and median prices are above this time last year.
From the Calgary Real Estate Board: "The segment of Calgary’s housing market with the greatest influence on the overall market is showing signs of pricing stability. The detached benchmark price totaled $503,400 in September, which is 3.3 per cent below last year, but the second consecutive month at this price level."
Attached properties are a bit mixed. Semi-detached homes (duplexes and those sharing one common wall) are becoming somewhat more stable. Row houses (sharing multiple shared walls such as townhouses) are still seeing some increased inventory numbers.
Apartment numbers are the ones that are seeing the continuing higher inventory numbers with eight months of inventory in the apartment sector.
With a shifting market the opportunities are presenting themselves. Investors ears should be perking up.
Running numbers in different communities yields quite different buyer or seller trends. For condo purchases, whether apartment or townhouse style, folks are looking first to those that have a lower risk of special assessments or condo fee increases. The complexes and residences that are well run, well maintained and of good construction are maintaining stronger prices than those that show risk due to a lack of reserve, unattended maintenance issues or unfunded projects.
There's also a trend I personally watch. It is the luxury sales market. It's kind of a hunch thing. These folks seem to be buying more real estate again.
Sales of detached homes over $1M
Jan 1 - Oct 3 2013 - 504
Jan 1 - Oct 3 2014 - 590
Jan 1 - Oct 3 2015 - 372
Jan 1 - Oct 3 2016 - 426
If you are watching the market to determine the right time to purchase your new home, get out that crystal ball. It may be getting interesting.
View the full CREB Statistics Package