Due to some technical difficulties, the market update is coming to our website a bit late! We will also be posting an accompanying article for any indecisive readers! Thank you for visiting the Dione Irwin Team website to get your monthly market update.
Experts at CREB have reported on recent developments seen in the market lately. Some small changes are happening that could point to a more significant shift on the horizon. Most notably, inventory in and around Calgary is rising, and has now almost reached a two month supply of units for sale. Calgary has 3 064 new listings, putting the number of units for sale at 4 158. Airdrie also saw an increase, up to 298 units in July. These numbers are being supported by a slightly lower sale rate than what we saw in June, meaning that houses are not being bought as quickly as they were before. This may hint of a less aggressively competitive market in the coming months.
Also distinct from what we have been reporting over the past months, prices do not seem to have risen a significant amount over the course of July. Calgary’s benchmark price is at $606 000, with detached homes averaging $768 000, semi-detached homes at $688 000, townhomes $464 000, and apartments around $346 000. These numbers are extremely close to what we were seeing at the end of June as well.
Prices in Airdrie, Cochrane, and Okotoks, are also remaining relatively close to what we had last month as well, at $554 000, $577 000, and $622 000, respectively. Unit numbers for the regions around Calgary have also increased and remained stable at slightly higher numbers due to lower sales rates. Although lower sales rates do not stimulate the local economy as much, if this can be maintained, we may be able to cultivate a larger inventory of homes available for sale. This would create a more stable housing market, with more housing security for lower income families and individuals, because an abundance of inventory will help to stabilize, and possibly lower average home prices.
Each of these developments may be signs that we are easing out of the seller’s market that we have been functioning in for the past year. Since there is a chance that a buyer’s market is on the horizon, now may be the perfect time to consider putting your home up for sale in order to maximize your profit and close on the sale as quickly as possible. If you are considering selling but don’t know where to start, contact the Dione Irwin Team through THIS LINK to start your journey today!