The oversupply trend in Calgary has continued through the end of 2018. As expected, December continued the slower trend as inventories and sales levels dropped for the holidays and the year end.
Calgary Market Update
The story of October continues to be the over supply of inventory which is causing it to be a buyers market across the board. This is a result of new inventory coming onto the market maintaining the pace that is equivalent to the 10 year average, where the total sales continue to be well below the 10 year average. This over supply is having downward pressure on prices. Those who need to sell should price aggressively. Every market needs to be examined as an individual micro market within the macro market, and some notable numbers in the Calgary market, is that the YTD sales numbers in the $800,000+ condo market are out pacing last 4 years sales numbers in the same price range. This is a sign of consumer confidence, and a great example as to why it is imperative that every client knows the market they are operating in.
With the Winter months quickly approaching we expect to see inventory levels dropping and being that our market is very seasonal, the sales will likely coincide with this.
As a veteran realtor with CIR Realty and member of Leading Real Estate Companies of the World™, my goal is to ensure that you have the best real estate experience possible. For those looking to sell....
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