The real estate sales numbers for July are very strong with record levels for the month of July being posted.
The good weather is sure to cause a bit of a lull and we are now looking at more balance in the upper price points of the single family market and some more balance in the condo market. This is a common summer scenario with many folks focusing on summer holidays and weekend plans, they are delaying their home buying / selling decisions. The shift to a more balanced market is also due to a continued rise in new listings through July. The peak of new listings was actually in June so that trend has also started to level out in July so we will see how inventories respond now in August. September tends to be a busy month as well in general terms.
The shift away from a strong sellers market is sensational news for buyers. Don't look for price drops though, this is just a slowdown in the speed of increase.
So what does this mean for sellers? It may mean more competition in some segments and over priced homes will just not get the attention required to sell. New construction and development pricing has already been steadily rising so we will see if that pricing begins to stabilize as well.
Selling strategy and marketing are as important as ever for those listing their homes.
There are over 7000 multi family units under construction in Calgary. Much of this is closer to the city core with the push to move closer to work fueling the construction as well as the development of the East Village.
The other interesting numbers tidbit this month was the release of the 2014 City Census. Between April 2013 to April 2014 our city grew by 38,508 people. This is a huge part of the demand for rental accommodation and sales. The communities with the most growth included Saddleridge, Auburn Bay, Cranston, Skyview Ranch, Evanston, Panorama Hills, Aspen Woods and the Beltline.
The Census also is showing significant construction and growth is happening in the inner city and not just in the suburbs. Calgary is clearly changing and adjusting to new home demand patterns.
For all your real estate needs please contact me at Monika@monikafurtado.com or 403.850.2446.