Calgary Resale Housing Market Ends 2017 on a Good Note

Calgary Resale Housing Market Ends 2017 Well

Every potential home buyer and seller in Alberta likely has a shared concern over the provinces housing market and its performance as of late. The question… will things turn out better in 2018 or are similar trends seen since 2014 to follow related to benchmark prices and market stability?

Unfortunately, predicting how the residential sector will perform in the future isn’t ever easy. What we can do, however, is look at the past in review and assume based off analysis. For in-depth trends, statistics and analysis, see:

• Calgary Real Estate Market Updates

Calgary’s Resale Market

According to the Canadian Real Estate Association’s (CREA) year-end report, Calgary’s resale home market ended 2017 off relatively well. In December of 2017, year-over-year sales activity increased in total dollar volume by 1.8 percent, new listings were up 23.7 percent and sales also increased by 11.3 percent.

There were also notable decreases, however, including a drop in city-wide benchmark prices by 8.5 percent and sales as a percentage of new listings down by 0.2 percent, both also on a year-over-year basis. Regardless, it’s important to note that different sectors performed quite differently.

Condominiums, for example, saw a much more drastic decrease in benchmark prices throughout 2017 than the detached sector did. It’s important that you and your real estate agent are familiar with these differing trends when thinking about buying and / or selling in Calgary’s housing market.

• Learn more at our Calgary Real Estate Market Update December 2017

A Better Year in 2017….

Compared to the previous year, Calgary’s housing market performed better than it did in 2016. Here are the annual comparisons as shown by the CREA’s year-end report for Calgary and Alberta:

Calgary

• Dollar Volume – 2016 - $10.48 – 2017 - $11.18

• Total Sales – 2016 – 22,522 – 2017 – 23,869

• Average Sales Price – 2016 - $463,047 – 2017 - $466,259

• New Listings – 2016 – 2017 – 41,282 – 2017 – 43,903

• Sales as % of New Listings – 2016 – 54.6% - 2017 – 54.4%

Alberta

• Dollar Volume – 2016 - $20.68 – 2017 - $22.88

• Total Sales – 2016 – 52,166 – 2017 – 57,170

• Average Sales Price – 2016 - $394,512 – 2017 - $398,128

• New Listings – 2016 – 106,998 - 2017 – 115,531

• Sales as % of New Listings - 2016 – 48.8% - 2017 – 49.5%

MLS® Home Prince Index Benchmark Change

Calgary – December 2017 - $427,400 - % Change vs:

• 1 month ago: -0.76%

• 3 months ago: -1.85%

• 6 months ago: -1.94%

• 12 months ago: -0.41%

• 3 years ago: -5.89%

• 5 years ago: 11.51%

*All figures in the CREA’s year-end report are seasonally adjusted unless stated. Doing so allows a meaningful analysis of statistics and trends on a month-to-month basis by removing seasonal variations.

Questions about Calgary Real Estate?

As a highly experienced REMAX real estate professional and REALTOR® in Calgary with nearly 15 years as an agent, I guarantee to provide you with only the best service, advice and third-party representation while taking care of all your client needs.

Call me anytime at 403-370-4180 or message me below for a quick response during regular hours. I am looking forward to helping you accomplish your real estate plans!

[gravityform id="35" title="false" description="false"]