Calgary Real Estate Market Update March 2017

Calgary Real Estate Market Update March 2017

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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.



Condominiums



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.



For those of you that love numbers, view the latest Calgary Real Estate Board's statistics.



I would look forward to discussing any of these topics with you in greater detail. As always, If you need anything let us know and we will be happy to help!



Cheers,


David Jablonski Headshot
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Phone: 403-975-5915
Dated: March 1st 2017
Views: 262
About David: Active in Calgary real estate since 2007, David has seen every type of market and knows how to help ...

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