The Calgary Real Estate official numbers are out for April 2016 sales. The trends continue as last month with adjustments reflecting the current economic climate.
The official numbers from CREB:
Since the start of the price declines, monthly unadjusted benchmark apartment prices have declined by 7.6 per cent, while semi, row and detached have declined by a respective 5.9, 4.6 and 4.1 per cent.
Across the board it is a buyer’s advantage except for a few pockets. That being said, sellers are usually priced within their expectation zone. For example, detached homes are selling at around a sales to list price ratio of 97%. Statistically it is 97.05 for the month of April but that varies community to community. When reviewing properties it is quite clear which sellers are on market to sell if they achieve a certain price (testing the market) vs sellers that wish to sell their home. Some buyers are surprised to see homes selling quickly and close to asking price, but well presented, marketed and priced homes continue to do just that.
In April 2016 1134 detached homes sold in the month. In April 2015 that number was 1150. A reduction in sale of 1.39%.
In April 2016 272 apartments sold in the month. In April 2015 352 sold. A reduction of 22.73%.
In April 2016 358 attached homes sold in the month. In April 2015 461 sold. A reduction of 22.34%.
The sales numbers are clearly more adjusted in the apartment and attached sectors than detached homes.
The sales activity has actually been rather brisk the last few weeks. Many first time home buyers are seeing an opportunity. Folks are taking the time to find the right home. A couple of years ago folks trying to buy their first home were in bidding wars, making decisions within hours of viewing and maybe overwhelmed by the sheer speed of things. Now, folks have the time to view properties, review and take careful consideration. Moving between properties has also made sense for many with larger price adjustments in the higher price points and smaller adjustments at moderate price points.
Investors are beginning to seek more information, perhaps trying to time the market. The elusive perfect timing. We all know it has occurred once it has passed.
If you are considering the purchase or sale of a home in Calgary please do give me a call. I will ensure you have the detailed information to make your best decisions.
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