With the first quarter of 2017 behind us, we have begun dissecting the numbers to determine what is happening in the Calgary real estate market.
As you have most likely heard, “Things are picking up!” The question is, what does that mean?
Well, it was reported this week that the aggregate price of a home in Calgary rose for the first time in a while. Great news!
Sales are up and the amount of new listings coming on the market is down, which in turn is creating a tighter market for a lot of home buyers, pushing up the price…slightly.
It is really a tale of two markets in Calgary. The condo market is down slightly, again. But the single family home market is where we are experiencing the push upwards. With low listing count in that sector and a renewed interest from buyers wanting to get into the market, we are seeing quite a bit of competition out there.
What does this mean for the consumer?
If you are looking at selling a single family home, now is a great time! Demand is up and the amount of listings is down.
If you are buyer, it means that you need to be ready to jump if the right house comes across your path! You need to have your financing in order, full pre-approval in place and be actively looking at homes. What I also think it means, is that if you are thinking about buying, you need to get into something sooner than later.
At this point, prices on single family homes are not going down. They have come down over the last couple years and now we are seeing a bottoming out and actually slight increases happening.
If you are looking to buy a condo, it’s a great time! Prices have dipped significantly and there is a ton of selection.
Bottom line, interest rates are still very low and at this point prices are still below what they were a couple of years ago.
So it is a great time to get into the market!
Whether you are looking to buy or sell, give us a call! We’ll put together a plan to get your house sold and to find you the new one you have always wanted!