The March Calgary real estate official numbers have been released. The statistical numbers reflect the day to day adjustments we are seeing across the city. While the overall numbers now also show a decline, that decline is higher in some areas and property types.
This continued decline in sales numbers and prices of individual homes is not unexpected given the current economic climate.
Sellers are often seeing high listing prices in their area and using the active listings on MLS to determine their home value. Without seeing true sold prices and inventory a homebuyer doesn't have the necessary information to project their sales numbers. If you are pursing a sale in the coming timeframe please request a home evaluation and I am happy to provide you the numbers you need to plan your next move.
Real estate is quite unlike the stock market as well need a home so adjustments occur slowly and with a time lag. When looking at listings it is quite clear most of the time who intends to sell a property and who is testing the market.
From the CREB Summary:
Calgary’s benchmark price totaled $442,800 in March, a 0.49 per cent decline over February and 3.51 per cent lower than levels recorded last year.
March home sales in Calgary totaled 1,588 units, 11 per cent below the same time last year and 28 per cent lower than long-term averages for the month.
Calgary also saw housing supply gains in most price ranges. Inventory levels rose by seven per cent to 6,084 units in March. Overall, months of supply has averaged five months in the first quarter of 2016.
The apartment sector has been the hardest hit by the recent downturn. After the first quarter of the year, apartment sales totaled 554 units, a 17 per cent decline over the same period last year.
Apartment benchmark prices have been trending down since late 2014. In March, benchmark apartment prices totaled $281,300, seven per cent lower than levels recorded prior to the slide and 4.93 per cent lower than levels recorded last year.
The detached and attached sector has also felt the brunt of Calgary’s weakening economy. Detached and attached home prices have dropped by four per cent from the recent peak.