Calgary Real Estate Market Update for January 2019

Hard to believe January has already come and gone, it has been a busy start to 2019 for the Jesse Davies Group closing 9 deals in January, but the market stats do not align with one of our team’s most productive months.

The Calgary Real Estate Board (CREB) is reporting another 16% decline in total sales for January when comparing to this time last year this is to be expected with the stress tests, unemployment rates and negative media coverage of Calgary in general. We are recommending to prospective sellers that now is a great time to get your home on the market as inventory levels are usually at their lowest during January, February and March. Which generally means your house won’t have as much competition as compared to listing it in the spring. As we head into the Spring market, we expect inventory to spike up and unless we see some changes in the market sentiment a downward pressure on pricing will continue.

CREB reported months of supply has crept up to 7 months which is a clear indication we are in a BUYERS market. Jesse Davies Group is advising buyers to be active in the market and if our clients see a home or condo they love, now would be a great time to take advantage of negative sentiment in the market and take advantage of some fantastic deals.

Highlights from the Calgary Real Estate Board as of January 31, 2019.

Detached

• Detached sales eased by 17 percent compared to last year. However, declines did not occur across all districts, as sales activity improved in both the North West and North East districts. The most significant sales declines occurred in the North and West districts of the city.
• New listings rose across all districts except the North East, North and South East districts. Only the North East district recorded easing months of supply compared to last year.
• Detached benchmark prices totalled $476,500, a one percent decline compared to December and over four percent lower than last January.
• Prices eased across all districts. The most significant year-over-year declines occurred in the South, North West and City Centre districts.

Apartment

• Apartment sales totalled 126 units in January; this is 13 percent below last year and over 20 percent below long-term averages for the month.
• Slower sales and lower new listings helped inventory levels ease. Currently, there are 1,173 units in inventory, which is nine percent lower than January 2018 levels.
• Despite some adjustments in inventory, months of supply remained elevated at nine months, impacting prices. While prices remained relatively flat compared to last month, they declined by two percent compared to levels from last January.
• Prices remain well below previous highs, but there were some price improvements compared to last year in both the North East and South East districts.

Attached

• Sales declined for both row and semi-detached product types. New listings rose, causing inventories to rise for both product types.
• With the attached sector firmly reflecting buyers’ market conditions, prices eased by over four percent for a January benchmark price of $313,700.
• Semi-detached prices eased by nearly five percent compared to last year for a total of $393,100. The steepest declines occurred in the City Centre and South districts, with adjustments of over six percent.

Row/Townhome prices declined by four percent compared to last year for a total of $284,300. All districts recorded price declines, but the most notable decline occurred in the City Centre, where prices were nearly eight

Now more than ever is it imperative that buyers and sellers consult with a qualified Real Estate Agent. Jesse Davies Group brings over a decade of home, condo and investment sales to their clients and they can help make your next sale or purchase an experience to remember. Jesse was just awarded the top-ranked real estate agent for 2018 in all of Calgary by www.ratemyagent.com. Contact Jesse & his team today at 403-969-2363 or [email protected]