Well another year has come to an end and we have a new year to look forward to! In the real estate market its always interesting to look at the stats year over year to see how the last 12 months compared to the year prior. Lets take a look at what happened in the Calgary and area real estate market.
According to CREB total sales in 2017 reached 18,882 units, thats up from 2016 when we sold 17,796 units. Thats a 2 year high in total sales and although the condo market is still having a dificult time because of the increased inventory, prices in the detached market increased .63% to a benchmark price of $504,867.
“Many of the economic indicators continue to post modest improvements, including improving sales. However, demand gains have not outpaced the additional supply coming into the housing market. This is creating some of the bumpiness in terms of price recovery,” said CREB® chief economist Ann-Marie Lurie, who added that prices have stayed comparable to last year.
“This year, we saw a rise in the number of consumers willing to purchase in the market with the expectation that the economy had already shifted. There were also many who waited to list their property until prices showed more stability”. Those who acted were typically driven by long-term plans that best suit their current lifestyle. We are ending the year with stronger sales in the last quarter, but supply levels are holding back price gains. The year played out as expected with a transition from price declines to general price stability in most sectors of the market.”said CREB® president David P. Brown.
We're seeing an increase in consumer confidence and as a result we beleive the 2018 market will be a good time to make a move. There are lots more stats included in the overall monthly package from CREB, this is just a quick look at what has happened and what to expect for the year to come. If you want to talk more of have any questions please let me know anytime.