Calgary Real Estate Market Update January 2016
– January residential market remains stagnant –
Calgary’s residential market remained well into buyers’ territory during January of 2016.
The latest slide in oil and gas prices has created concern when it comes to the recovery of our economy. Combine that with much uncertainty in the job market to give a wavering confidence for many in the housing sector. See last month’s December 2015 Market Update today.
New listings flooded the market in January 2016, greatly outpacing sales activity and causing inventory gains to grow across all sectors above six months. Having said this, the selection that buyers have has improved across all property types while prices have also dropped.
Low interest rates by lenders has also encouraged some to shop around, however, this hasn’t translated into sales just yet as many are waiting for further price declines before making a move.
The existing imbalance between demand and inventory is continuing to put downward pressure on prices. However, it is important to note that these recent drops haven’t put the aggregate benchmark price below that seen in January 2014 of $428,400. Today’s figure remains 4.41 percent above that.
January 2016 Real Estate Market Facts & Statistics
- 763 total sold units, 13 percent lower year-over-year and 43 percent lower than the long-term average
- 16 percent decline in new listings year-over-year
- $447,300 benchmark price for entire market, 1.21 percent below December 2015 and 3.27 percent lower year-over-year
- $281,900 apartment benchmark price, a 6.35 percent drop year-over-year and 2.12 percent lower than December 2015
- Detached sector remains relatively balanced in the range of below $500,000
- Recent numbers suggest the detached sector’s $500,000 to $600,000 range of supply has experienced weaker sales.
Apartment sector has recorded largest price drops with the largest increases in supply going hand in hand. Its benchmark price has fallen below that of $301,500 recorded back in 2007.
More Market Updates
Going forward, Calgary’s residential real estate market will continue to face several challenges. For more of the latest market statistics, be sure to check out these Calgary Real Estate Market Updates today.
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