The January numbers were released from CREB this morning with some minor fluctuations in single family as well as condo stats.
Although the number of sales has dropped a bit since last January, the reduction in inventory and new listings is pushing us towards a balanced market. As previously seen, condos are lagging a bit in the move, but are also moving toward balance.
Some new condo developments have adjusted to the market by presenting product in lower price points (and sizes).
There are pockets of areas where inventory is quite low and well priced and presented homes are getting snapped up within hours/days of going on market. Specifically, the $450,000 - $549,999 category saw a significant jump in January. If you are waiting to list your home for sale, this may be the year to list earlier as you may be able to take advantage of low inventory pockets.
It is interesting to watch the movement trends both on a micro level with my own clients and across the city. City plans, transit/bike and transportation options, schools and accommodation, buying power, and year of design and style preferences drive the market in ways that overall stats just don't show. Review per community, zone and price point reveals the finer details.
I am curious to see how the demographic change in our city will affect the type of property styles that are in demand (condo, villa, townhouse, bungalow, 2 storey, etc.) and how the availability of immediate possession spec homes from new home builders will drive buyer expectations.
This is the time of year lots of folks start looking as they prepare for a spring/summer move. People are playing a bit of wait and see and the weather can dictate timing and motivation. We are continuing to see migration to Calgary from across Canada and other parts of the world. This is helping to push the rental market and if the trend continues we will see the predictions of increasing sales and prices in the numbers as a tighter rental market motivates folks towards home ownership.
The average price and median price numbers continue to move about and make great headlines but a deep look at sales numbers show they are somewhat misleading. Average price can easily be swayed by sales in the higher/lower price categories that change 'average price' but not the resale value of an 'average home'. In February, CREB will begin discussing the MLS Home Price Index (HDI) to report statistical information and that should provide more clarity to the market than 'average price'.
Check out the full CREB statistics package.