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There are opportunities to take advantage of the Calgary market this year. I’ve reviewed some numbers I’d like to share with you today.
- The benchmark housing price has remained flat. Despite the low oil price economy, massive job layoffs, negative news, and political instability, this holds true. Last year was our best year ever, and today, we are at the same pace. We’ve been incredibly busy.
- Today, we experience the best fixed rate and variable rate mortgage. It’s the most attractive these rates have been in over a decade! Take advantage of these and refinance. Consider trading up your home for a larger property.
- The total sales volume is down. It’s down by 20% on average across the city and local region.
- Current inventory is approximately a three-month plus. This time last year, it was at about 1.7 months. Although it doesn’t seem like a difference, it’s an 80% increase in the amount of time to list and sell properties in the market. This is an absorption rate, which means sellers need to be patient and price appropriately.
- The luxury real estate market has collapsed. This time last year, we had nearly 750 homes sell over a million dollars. Now, we sell more homes with the $425,000 to $450,000 price range. That’s a 50% drop off in the luxury market.
If you’d like to add more or ask a question, please reach out! I can’t wait to chat soon.
