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Did the whole city take holidays in July?

Real estate can be strongly influenced by two things...psychology and sociology. 

The psychology of it can involve riding through the emotional roller coaster of extreme anxiety to complete elation when you are trying to buy or sell a home. 

The sociology piece is how we function in our city on an annual basis. This creates buying and selling cycles that are fairly predictable, but have some nuances year to year. 

For example, every year we typically see sales dip in December and January...I mean who really wants to be moving when it's -45 with the windchill? You aren't going to recruit a lot of friends to help if the pizza and beer are frozen.

The same thing can happen when we have a phenomenal summer like we are enjoying right now for weather, and in our city, having a week between Canada Day and the first Friday of Stampede can have the same effect...every year there is a long gap between the two, the city empties out, the market slows right down, and July sales slow. This only happens once every 5 years or so, and this was one of those years with a long gap between the two events. 

After several months of modest sales and price gains, July saw the number of homes in the city that have sold drop by 6% over July last year, which is not a small number. Now, do I think the holiday effect was totally to blame? No. I think interest rate hikes didn't help, and we front loaded the year as well. The first half was busier than anyone expected. There were spurts of really busy buying periods between March and the end of June as buyers started to come out of the woodwork after 2.5 years of hesitation. Have we run out of gas for the year? I don't think so. My thoughts are that we will see a modest gain in sales during August as people start getting back to the city and get ready for the new school year. September and October could be really good sales months this year, as many people put their decision to purchase off until they come home from holidays.

For all the details on the market numbers, click here, and if you want to talk real estate at anytime, give us a shout!


Ken Rigel Group - Ken Rigel, Rick Sadleir, Brandy Rigel, and Aaron MacRae

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