It is March 2 in Calgary on a sunny and chilly day. I'm reading in detail the monthly statistics package released by the Calgary Real Estate board as it shows in numbers what we have been feeling out in the market place over the last few weeks. The market felt like it was turning. There was optimism regarding our economy, stabilization of markets and folks were starting to ask a lot more questions. More sold stickers were going up. Inventory numbers are lower compared to last year with sales trending much higher.
Now that the numbers are out, they speak to that change. The graphs and charts show curved lines across many metrics. Sales to date across the city are up 21.5% year to date and we have a 14% reduction in inventory so far compared to last year. Now don't get me wrong. We didn't just jump back to before the downturn in terms of sales or pricing but we are now consistently trending upward in sales. Whether pricing soon follows will depend on the supply and demand balance of the spring market. Year over year benchmark pricing for detached homes in the northwest and west have already moved to the positive.
The one segment that has been strongly negatively adjusted in terms of pricing over the last two years has been apartments. With pricing down the market responded in February with a jump in sales. In Feb 2016 only 168 apartments sold. Now in Feb 2017 we saw 236 sales. So far year to date the sales of apartment units in Calgary is up 29% compared to last year (as of 1 pm March 2.). That metric for February alone was an increase in sales by just over 40%. That is significant.
If you are considering a sale or purchase now is the time you really need to get some good advice and a responsive Realtor that answers their phone, makes calls, follows up and makes things happen for you. There are some communities that are seeing spikes and others are not. Why? Many folks are seeing the writing on the wall and jumping on those homes in preferred neighbourhoods. Folks looking for lots are back seriously considering. First time home buyers are making calls and getting pre-approvals locked down.
If you have been waiting for the bottom to make some decisions now is the time to crunch some numbers. Call me. I'm happy to help.