The current economic climate in Alberta continues to decline. Calgary Real Estate sales and pricing statistics continue to post lower sales and pricing numbers than the same time last year. For the last few months we have seen average prices decline in large part due to a reduction in luxury sales. As there were less high end sales in the total sales figures the average prices were reducing. However, benchmark prices (comparables of average properties over time) posted much smaller adjustments than average prices. The benchmark price statistics are now also showing a stronger downward trend meaning typical homes are also seeing a reduction in the overall sales price. This is especially true in the apartment sector.
The rental market is also currently seeing adjusted trends with an increase in inventory levels which we haven't seen for some time. This allows folks more options both in the rental market and home ownership market.
Buyers have many options so sellers have to work hard to present their homes well and pricing and marketing must be on point for properties to sell at top dollar.
From the CREB monthly statistics summary:
Benchmark prices declined 0.7 per cent from the previous month, and 1.2 per cent from the same time last year, to $453,100.
The steepest declines occurred in the apartment sector, where the benchmark price fell to $288,300, a 0.8 per cent decline from September and nearly four per cent from the same time last year.
If you are wishing to purchase or sell your home do give me a call. Preparation is key in this market and we can work together to ensure your goals are met.