MONTHLY STATISTICS PACKAGE City of Calgary January market improves over last year Jan. 2017 City of Calgary, Feb. 1, 2017 – For the fourth consecutive month, housing inventory levels have recorded year-over-year declines. At 4,112 total units, January’s inventory was 18 per cent below last year’s levels. “While housing conditions continue to favour buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices,” said CREB® chief economist Ann-Marie Lurie. “Conditions have improved over last year, but people need to remember that last year’s market was one of the weakest on record. Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process.” January sales totaled 947 units, 24 per cent above last year, but 21 per cent below 10-year averages for the month. Sales activity improved across all product types, but only when compared to the near record lows that occurred in January 2016. The detached segment of the market is demonstrating the most improvement. Sales activity totalled 584 units in January, a considerable improvement over the 466 sales recorded last year. Inventories have also declined pushing the months of supply to 3.2 months well below the 5.4 months recorded in January 2016. “This past month showed how the market never stands still,” said CREB® president David P. Brown. “The market isn’t expected to be as unpredictable in 2017, but it’s early in the year and there are still lots of unknowns that will shape decision-making for consumers.” “Every transaction is a personal decision and anyone going through the process of buying and selling real estate will be trying to make the best decision for their family. They need to consider their long-term objectives and think about the price they are willing to accept or pay for a home.” City-wide benchmark prices totaled $437,400, 0.16 per cent lower than last month and 2.82 per cent lower than last year’s levels. Since recent highs in 2014, residential prices have declined from a low of 4.9 per cent in the detached sector to highs of 11.5 per cent in the apartment condominium market. HOUSING MARKET FACTS While months of supply continue to remain elevated at 4.3 months, this is an improvement from the 6.6 months of supply recorded in January of last year. Despite an improvement in apartment sales, new listings in the apartment sector continued to increase, causing a rise in apartment inventories. The apartment sector continues to face elevated levels of inventory in comparison to sales, weighing on prices. The apartment benchmark price totaled $269,900 in January, five per cent lower than levels recorded last year. This change represents a total decline of 11.5 per cent since the 2014 high. A reduction in new attached listings, combined with the sales growth, has helped reduce overall inventory levels. While prices remained 3.7 per cent below last year’s levels, January’s unadjusted benchmark price of $330,300 remained similar to December levels. The city-wide benchmark price for a detached home was lower than last year’s levels in most districts of the city. However, January detached prices of $698,600 and $359,100 in the West and East districts remained similar to levels recorded last year. Sales growth was not consistent in every district of the city. Sales declined in the North East, South East and East districts. Source: CREB®
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