Calgary's real estate market is cooling....but not everywhere

Before we get into Stampede mode (it's going to be another epic 10 days BTW), here is what's been happening in Calgary real estate this month...

I've said it alot this spring, and I'll keep hammering it home....

Calgary is a collection of Micro Markets.....which means the overall market info may say one thing, but you may experience something totally different depending on what you are buying/selling, price point, and location...

Here's the skinny on the numbers that you need to know:

Sales: 2286 units (-16.5%)
Benchmark Price: $586,200.00 (-3.6%)
Inventory: 6841 (+83.2%)
 

This is where Micro Markets matter.

If we break it down into property type, it's actually townhouses and apartment style condos that are pulling the numbers down drastically.

Condos alone are down -33% in total sales...double what the overall market has done

Conversely detached homes are down -6% in total sales, 10% better than the overall market.

Why? Because when the buying environment gets better, people will always migrate to land. Prices have softened a bit, interest rates have come down and stabilized, so purchasing power has increased.

That will always push people out of apartments and back into single families. The opposite happens as interest rates and prices rise.
It's the natural ebb and flow of a market with abundant land.

So the one thing to remember—your experience depends entirely on your micromarket.

Some communities have low inventory. Others are flooded. Some price points are still getting multiple offers, others can't even buy a showing!!!.

So when you hear “the market is down,” check your specific segment. Run the data. Understand the trend in your neighbourhood, home type, and price range.
That's the only way to know how your micro market is actually performing.

Have an awesome Stampede!!!!!
‌‌‌‌‌‌ 
Ken Rigel

Team Lead

Ken Rigel Group

eXp Realty

ken@krgroup.ca

krgroup.ca

Office: 403-207-1748

Cell: 403 835 6338
 

"It's About the Experience"