As we enter the month of March, the Calgary real estate market is heating up with the single family home sector leading the way. Overall the City of Calgary saw an increase in sales of 21%, a decrease in inventory of -20%, and months of supply down to 3.77 months (upper end of the balanced market range 2.5-4 months). This shows that we are firmly on the path to recovery in most sectors.
Here is how the individual sectors break down during the same timeframe and comparison.
Single Family Homes
Detached - sales up 21%, inventory down -30%, months of supply down to 2.73 months.
Semi-Detached - sales up 16%, inventory down -22%, months of supply down to 3.9 months.
Row/Townhouse - sales up 9%, inventory down -15%, months of supply down to 4.58 months.
Apartment - sales up 30%, inventory virtually flat at 0%, months of supply down to 6.86 months (still very high).
The single family detached home sector leads the way with the strongest recovery comparable to the 10 year average. The semi-detached and row/townhouse sectors are continuing to trend in the right direction. While the apartment condo sector still shows elevated inventory levels but the sales pace has dramatically improved.
The overall consensus from buyers and sellers in the market place under $1M is that the worst is behind us. A renewed sense of confidence fills the air allowing people to pull the trigger. Those in certain sectors of the luxury market will still see some downward pressure on prices as the demand is still low.
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David Jablonski - Team Lead - Jablonski Real Estate Group - Remax First
At the end of January 2017 we saw positive numbers across the board. S
"David helped me purchase a new home a year ago and sell my old home within the last few weeks. He was a huge help in preparing the house to sell and we sold it in the first two days it was listed! I would not only recommend David to all my family and friends but would genuinely hope they used him for all their real estate needs. David has been exceptional and I look forward to working with him again in the future!"