Growth in new listings outpaced sales preventing inventory declines

 

Sales posted a modest gain in August, but a rise in new listings kept inventory levels elevated.

 

Inventories totaled 6,624 units, where over half were comprised of attached and apartment-style properties. While inventories were 16 percent higher than August 2016 levels, the slight rise in sales prevented further gains in the months-of-supply, which remain just above four months.

 

"Employment growth is contributing to the stability in sales activity, but it is not enough to meet the recent rise in listings and make a substantial dent in inventory levels," said CREB® chief economist Ann-Marie Lurie.

 

"Unemployment rates remain elevated and job growth is mostly occurring outside the energy sector, slowing the recovery process. Broader economic improvements will be required prior to it translating into substantial improvements in the housing market."

 

The second month of higher inventories compared to sales weighed on prices for the month. The unadjusted city wide benchmark price totaled $442,300 in August. This is 0.3 percent below last month but remains nearly one percent above last year's levels. Overall total residential prices remain four percent below peak levels.

 

"Buyers have several options in this market, and sellers need to continue to be realistic regarding the price they expect to receive for their home," said CREB® president David P. Brown.

 

"While some of the buyers are re-entering the market, they are also considering all of their options prior to making a commitment."

 

The pace of growth in detached sales has closely matched new listings this year. However, inventory levels continue to remain at 3,280 and months of supply pushed up to 3.32. Recent gains in months-of-supply prevented further gains in prices this month. Detached prices totaled $510,900 in August. This is slightly lower than last year, but 1.5 percent above last year's levels.

 

With over seven months-of-supply, the excess supply continues to weigh heavily on the apartment condominium sector. As of August, the benchmark price totaled $263,300. This is one percent below last month and three percent below last year's levels. Downward price pressure in this sector is expected as supply levels remain elevated in the new, resale and rental market.


Click here to view the full City of Calgary monthly stats package.

 

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Dear Friends,

The sun is out, the clouds are gone and summer is finally upon us—a much-needed reprieve after the winter!

There are lots of events and activities around the city to look forward to this month, from Canada Day celebrations to street festivals. Check out our guide for the hottest, most upbeat summertime events that you can’t miss. 

And, of course, don’t forget to celebrate the fathers, grandfathers, uncles and mentors in your life on June 18 — we have advice on where to go on Father’s Day too! Also in this month’s newsletter, check out our update on recent developments in the local real estate market and the latest market reports.

As fun as the summer season is, don’t let your usual good habits melt away with the warmer weather. We talked to our city’s police department and have some tips for keeping your property safe and secure this summer.

As always, I am at your disposal to help. If you, your friends or family are looking to buy or sell real estate please keep me in mind. Your referral is the best compliment I can receive.

 
 
 
 
 
 
 
 
 


Holidays:


Canada Day (July 1)
Celebrations are happening across the city to celebrate our country’s 150th birthday. Check out the events at Confederation Park, Fort Calgary and Prince’s Island Park.


Events:


As You Like It (June 20- August 27)
The summer tradition of Shakespeare in the park is coming back to Prince’s Island Park and the light-hearted, comic As You Like It will play several times a week through the summer.


Spruce Meadows North American Tournament (July 5 – 9)
The best jumpers and horses come from all around North America to compete at Spruce Meadows so grab your fancy hats and come spectate.


 





Security is important all year round but during the summer months especially, property crimes and break-and-entries tend to spike. Warmer weather means people are more likely to leave their windows open, their patios unlocked and their houses unattended. 

We talked to our city’s police department about why property crime increases and what people can do to keep their homes safe and secure during summer. This is what they told us:

Always lock up
It’s easy to pop out quickly for a walk around the block or a quick trip down the road to the shop, but always lock the door, windows and patios behind you no matter how soon you’ll be back. A third of burglars enter a home through an unlocked door. Even if you are out in the back gardening, lock you front door — you’d be surprised at how quickly and quietly a thief can slip in.

Out of sight, out of mind
Most property crimes are opportunistic – the thief sees a chance to steal something and takes it. If it’s hidden away, there is less temptation and opportunity. So if you buy a nice new item, wait till pick-up day to put its packaging outside in the recycling. You don’t want to advertise to thieves what valuables you have in your home. Don’t leave visible items in your car; thieves have been known to smash a car window to steal something as small as a gym bag or a pile of papers. 

Report suspicious activity
The police want citizens to call and report suspicious activity, even if doesn’t seem like a crime is being committed yet. If you see someone milling around and you have a bad feeling, report it. It’s not a waste of time or resources, the police officer we spoke to told us, and it might prevent a theft. 

Final check
Before you leave your home, do a quick walk around and final check. Put yourself in the mind-set of a thief – if you wanted to break and enter, how would you do it? That curtain fluttering in the breeze? Close the window. That ladder leaning against the wall? Put it away. Prevention is the best way to keep your property safe and thief-proof.

Log it
Keep a list of details about your most valuable items if worst-case scenario should happen. If something is stolen, you will have more chances of getting it back if you can provide details and a picture of the item. The majority of stolen goods the police recover are never returned to their rightful owner because they can’t be tracked down. With bicycles, for example, you can imprint a serial number on the frame and log it with the police; that way, if your bike is stolen and someone tries to sell it, you will be notified.


 



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May 2017 Market Update

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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.