Spring is just around the corner and we see that the market is starting to show a positive rebound with more listings coming on stream. As previously mentioned, we are through the typical slow part of our year and things are picking up momentum!
Please take the time to review the graph above, which was kindly provided with permission to us for publishing, by a fellow Royal Lepage Foothills colleague - Mr Dave Hiley. The graphs show us that trends are moving upwards in both the listings and corresponding sales across the entire metro market of single family and condo properties. As we have seen, good homes that are priced competitively in the most desireable areas are moving quickly and many of the product see a multiple offer scenario with final sale prices fetching values above the listing price, good for the sellers and sometimes frustrating for the buyers. An old Chinese proverb rings true, "May you live in interesting times!"
As a seller, this is a good time to put your home on the market before the inventory levels move up too high and thus changing the current situation from a seller's market to a buyer's market enviroment. The average home prices across the city have also been inching up in a seller's favor as Calgary now sees an average price of $552,262 for single family homes and $347,396 for condos. It is our team's opinion that the condo market's growth is fuelled by the low number of available rental units and escalating average rental rates moving above $1700 per month. A first time home buyer finds themselves in a position that it can be more economical and there is a value in building up their net worth through a purchase decision over a rental scenario.
For Calgary, the future holds a bright light as we expect to see continuing growth of our city's population, a demand for housing either through purchase or rental and the relativelylow cost of money making a purchase decision affordable for many Calgarians.
If our team can be of any assistance to help you with your real estate needs, don't hesitate to approach us to have a discussion. contact: Your Calgary Connection.