Calgary & Area as well as Red Deer & Area CIR REALTY Real Estate Reviews for the month of April, 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 a 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 homeowners. 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. There continues to be some areas within larger markets that are "hotter" than others, so it is imperative to look at every home within it's own micro market to determine what the best next steps are. It is every agent's responsibility to educate the buyers and sellers with information relative to their situation so that they can make educated decisions for them and their families.