April 4 2017 Calgary Real Estate Market Update
The headlines read that the housing market is stabilizing as we enter spring. That does seem to be the case for detached homes in general and attached homes in some areas. However, it also seems to mean that some folks selling are feeling that since the turnaround has begun that prices have followed. They have not. Not yet. Inventory remains low with less homes on the market than last year with sales numbers increasing, but those overpriced homes are not selling. Pricing appropriately for today’s market is key to getting your home sold, not just listed.
Unfortunately the apartment sector is not seeing the stabilization. As of today’s numbers sales are up significantly and listings are starting to edge up. Until the supply/demand numbers are stabilized we won’t see pricing stabilize in this sector especially given the volume of new construction which is not reflected in the MLS listing numbers.
From the CREB stats report:
Unadjusted detached benchmark prices totaled $503,900 in March, 0.4 per cent above last month and similar to levels recorded last year. Meanwhile, Apartment and attached prices continue to remain well below levels recorded last year.
The spring/early summer market is the most active in the city. Having the right strategy is key to take best advantage of this period.
A couple other items to note this month:
– If you are moving between similar priced properties in the city and you do not have much equity in your current home, please PLEASE contact your lender before you list your home. The current mortgage rules may dictate that while you qualified for the $480,000 property you live in a couple years ago, you now may qualify for less. This is very important information before you list your home.
– Developers and lot hunters are back in the market. If you are considering the sale of a lot with redevelopment potential there are strategies to improve your marketability. Contact me for details.
– There are some effects throughout the city due to the start of construction for the remainder of the Calgary Ring Road. Should you be considering neighbourhoods along the corridor be sure to review the short/long term plans so you know what to expect. Some short term disruptions in some areas, but also some amazing long term transportation and commute time improvements.
As always, please contact me with any questions or plans. I’m happy to help. Reach me directly at 403 850 2446 or firstname.lastname@example.org.