The Roller Coaster Continues - A Street View of Calgary Real Estate


 


One...more...day....of minus temps...then we should be out of the woods. Sellers are hoping that the buyers start coming out of hibernation, because the first quarter has not been kind to people trying to sell their current home.

 
Average Days on Market
 

With an average days on market this high, sellers are getting extremely frustrated...and for good reason. As of February, citywide benchmark prices were $414,400. This is nearly five per cent below last February, slightly lower than last month’s figures and over 10 per cent below highs recorded in 2014. Inventory continues to be elevated, and there doesn't seem to be much on the horizon as far as economic indicators that would say there is an end in sight. 

However, houses still sell. There has to be houses to buy if we are in a buyer's market...otherwise we wouldn't have a market!

What does it take to sell in this market? A good marketing plan/strategy? Good advice? Reading and reacting to weekly data? Pricing? All of these have a role in a successful sale, but the most important factor is pricing it correctly, right out of the gate. Take a look at the graph below. This is a representation of a $500,000.00 home (somewhat average in this market), and how time on market can affect the price you get for your home. 

Average Days on Market

So what happens if you miss the market at the beginning of your listing (which happens A LOT of the time, especially in a market as unpredictable as ours)? Well, selling a home is a lot of testing and adjusting, and the clock is ticking the second you hit the market. You can see that you really only have 10 day chunks of time to react to the market, and keep the buyer pool engaged. As every day goes by, your listing gets more and more stale in the eyes of a buyer....the feeling of "well, if no one else wants it, why would I?" Maximize your dollar in today's market looks like this.... put your home on the market, gauge the interest, and start dialing the price in until you get a steady flow of showings. It really is like turning the gas up on a stove...you'll know when things are getting really hot as the showings go from nothing, to a trickle, to a steady stream. Once you see a steady stream, a small tweak and some patience are all it will take to get an offer.

For more info on our 30 days to sold marketing plan, give us a shout...we'd be happy to show you how we do it.

Also, click here for the full stats package for March 2019 from the Calgary Real Estate Board...or to see a quick overview, scroll to the bottom of the page. We'll talk to you next month!

Cheers,

KR

 

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HOUSING MARKET FACTS 

Detached 

• After the first two months of the year, detached sales were 1,079 units. This is 13 per cent below last year’s levels and nearly 30 per cent below long-term averages. Sales eased across all city districts except the North West. Activity remained well below normal levels across all districts of the city. 

• The adjustments in new listings ranged from a 15 per cent increase in the North West district to a decline of 23 per cent in the North district. Overall, year-to-date new listings were 2,544 units, nearly two per cent below last year’s levels. 

• Despite some adjustments in new listings, average inventories in the detached sector so far this year rose by 25 per cent compared to last year. However, some of the most affordable detached areas, including the North East and East districts, have seen inventories fall compared to last year. 

• With detached months of inventory remaining above five months, prices continue to trend down. In February, citywide detached benchmark prices were $475.600, 0.2 per cent below last month and over five per cent below levels recorded last February. 

Apartment 

• Despite the relative affordability of apartment product, sales activity remained slow with 149 sales. 

• Unlike the detached sector, the seventh consecutive year-over-year decline in new listings is starting to have an impact on inventory levels. 

• In February, inventory levels totalled 1,301 units. This is nine per cent below levels recorded last year. Inventories did ease, but slow sales in February kept the months of supply near nine months. 

• Apartment condominium prices were $252,300 in February, a 1.7 per cent decline compared to last year, but similar to levels recorded last month. Apartment condo prices have fallen by 16 per cent over the previous monthly highs. 

• Citywide benchmark prices have eased, but some districts of the city have recorded modest gains. This is not enough to erase previous declines, but points toward price stability in parts of the market. Attached 

• Conditions remained relatively unchanged in the attached sector, as months of inventory remained near seven months and prices have remained unchanged from last month, but over four per cent below last year’s levels. 

• Like the apartment sector, activity can vary significantly depending on location. Benchmark prices for semi-detached product eased by over five per cent compared to last year, with the steepest declines occurring in the South and City Centre districts. 

• Prices slightly improved in the North district. 

• Row prices declined by nearly four per cent compared to last year. Unlike the semi-detached sector, prices eased across all districts compared to last year and remain nearly 14 per cent below monthly highs.

 
Profile Image Ken Rigel
Team Lead
Ken Rigel Group
ken@krgroup.ca
(403) 207-1748 - Work | (403) 407-2724 - Mobile
www.krgroup.ca

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Ken Rigel Group
Royal LePage Innovate
2107 Sirocco Dr SW
Calgary, Alberta T3H 5P1
Canada
(403) 835-6338

Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.