Market Update We are thankful to see that March was able to shake off the bitter cold Winter blues that February brought to the markets! Spring has sprung and the
Market Update - March 2019
We are thankful to see that March was able to shake off the bitter cold Winter blues that February brought to the markets! Spring has sprung and the market is responding with steady month over month increase in sales across Central and Southern Alberta.
As we look at trends developing, we are looking at three major factors.
First, the new listing inventory coming onto the market, which has slowed year over year more so than the slow down in sales. This is helping slow the rising inventory levels that we have experienced through the first quarter of 2019, which in turn will help with stabilizing prices further.
The second factor that we are watching is not only the sales activity, which is up month over month but still down year over year, but we are also closely watching the price range in which sales activity is happening. The majority of sales through the first quarter have been happening in the mid to lower price ranges which is excellent news! We have patiently been waiting for the lower price points to pick up because up until March, the majority of buyers in the markets also have homes to sell. If this trend continues then we expect to see the higher price points start to move as a result.
This leads us to the third factor we are watching this month, which is the rental markets. We are seeing rising rents, lower average days on the market to find a tenant and increasing traffic to rentals. If the rental market continues to become more competitive, it will bode very well to help entice renters to become home owners. This would help lead to more balanced and healthy markets.
With all of this said, there remains an air of uncertainty in the Province. With cautious optimism building, and people still migrating to Alberta, we are anticipating better markets ahead. For buyers that means get into the market before prices increase, and for sellers, price to sell and take advantage of a fantastic move up market.
As a veteran realtor with CIR Realty and member of Leading Real Estate Companies of the Worldâ„˘, my goal is to ensure that you have the best real estate experience possible. For those looking to sell....