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Watch CREB® president David P. Brown as he recaps sales activity and the key influencers that shaped September’s housing market.

 

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Creb Calgary : A transition in the making

by Stewart J Lowe & Associates

Detached sales activity boosts February housing market

After the first two months of the year, Calgary's detached sector continues to drive a slow transition in the housing market. February sales totaled 1,342 units, which is still 19 per cent below long-term averages, but an improvement over the past two years.

As sales kept trending upward, detached inventory levels continued to ease in February. These conditions caused months of supply to fall to 2.4 months, putting less downward pressure on pricing. Unadjusted detached benchmark prices totaled $501,900 in February, which is one per cent lower than prices recorded last year, but slightly higher than January figures.

"There seems to be a new sense of optimism these days," said CREB® president David P. Brown. "Some Home selling guide are feeling upbeat about the changing landscape and the improved chances of selling their home. Other people are looking at the spring market with caution and wondering if we're going to see a higher than expected surge of listings. While there's less product on the market right now, sellers still need to be realistic with their pricing."

The amount of excess inventory eased in the overall market in February, setting the stage for a transition to a more stable market this year. Months of supply totaled 3.4 months, down from five months over last February. At the same time, the sales-to-new-listings ratio trended from a near record February low of 39 per cent last year to 55 per cent this February.

With sales improving and new listings and inventories contracting—two key measures of market balance, there's good evidence to show that the housing market has started a trend toward more balanced conditions.

 "The transition in the housing market appears to be underway," said CREB® chief economist Ann-Marie Lure. "However, it is important to note that this change is primarily being driven by improvements in the detached market and stability in the labour market."

"It will take some time for these conditions to translate into all housing segments and achieve price recovery," said Lurie. "But all indicators continue to point toward a slow transition from a contracting market toward one that is stabilizing at lower levels."Lurie. "But all indicators continue to point toward a slow transition from a contracting market toward one that is stabilizing at lower levels."

Click here to view the full City of Calgary monthly stats package. 

The full Calgary region monthly stats package will be available later today on creb.com

CREB: AUGUST STATS VIDEO 2016

by Stewart J Lowe & Associates

 

 

 

Overall sales activity was down again in August, totalling 1,567. However, this figure does not reflect the big differences in activity between the detached sector, versus the high density apartment and attached segments of the market.

“While overall sales have eased for detached homes, so too has the amount of new listings on the market preventing inventories from reaching previous highs and limiting the downward pressure on pricing,” said CREB® chief economist Ann-Marie Lurie. “This is not the case in both the attached and apartment sectors which have recorded inventory levels near August highs.”

The detached benchmark price totaled $503,200 in August, 3.3 % below last year, but similar to levels recorded last month. Meanwhile, condominium apartment prices continue to decline totaling $274,900 in August, 7% below last year and are at levels comparable to figures reported at the end of 2013.

Price declines were higher in the apartment sectors, due to the more pronounced imbalance between supply and demand. On average, apartment inventories rose to levels well above historical norms. At the same time, sales are at their weakest level since 2003 causing months of supply to average over 6 months so far this year.

“It is very important for both buyers and Home selling guide to pay close attention to the data in their particular area, segment, and price point,” said CREB® president Cliff Stevenson. “We are clearly seeing a significant difference in the performance between our detached, and our attached and apartment segments of the market, making it very difficult to use city-wide housing data for decision making purposes in today’s market.”

Trends in the attached segment of the market tend to resemble the apartment sector. However, the extent of the pullback was not as severe in the attached sector mostly due to the semi-detached product within this segment. On average, this year benchmark prices declined by 2.6% for semi-detached product compared to the 5.7 % decline in row style properties.

Source: Creb

 

ALL SOLDS 2014 Housing statistics for West Springs & Cougar Ridge SW

by Stewart J Lowe and Anne M Lindsay

2014 SOLDS for Single Family Homes in West Springs & Cougar Ridge SW


Displaying blog entries 1-5 of 5

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Stu Lowe & Lora Greco
Real Estate Professionals Inc
202 5403 Crowchild Trail
Calgary AB T3B 4Z1
Direct: 403-850-0669
403.512.1316
Fax: (403) 476-7608

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