Easing sales, gains in new listings and elevated inventory levels continue to slow Calgary’s recovery in the housing market in August. (more…)
May sales activity continued to ease, with the largest declines occurring in the detached sector. Additional gains in new listings continued to increase inventory levels.
Citywide sales activity in May totalled 1,726 units, 19 per cent below last year’s levels and 24 per cent below longer-term averages. Sales activity in the detached sector declined to levels not seen in over a decade.
“The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types,” said CREB® chief economist Ann-Marie Lurie.
A luxury market stats breakdown with CREB® chief economist Ann-Marie Lurie
CREB®Now: How do statistics for luxury homes fit into the overall housing market in Calgary?
Lurie: It’s usually the media that defines what the luxury market is. What I see as luxury is different from everyone else. To me, this reflects properties that have sold for over $1 million, and these properties account for roughly four per cent of all our sales activity
As a former long-time writer with the Calgary Herald focusing on the real estate beat, I knew how popular coverage of the real estate industry was to readers.
One aspect of the industry people always loved reading about was the city’s luxury home market. So, I was curious how the high-end segment of the housing market has been faring lately.
Year-to-date sales – up to the end of April – of $1-million-plus properties totalled 204 transactions, which is down slightly from 211 during the same period a year ago, says Ann-Marie Lurie, chief economist with CREB®.
If you want to sell your home, it is critical to have it priced correctly. If it’s priced too high, it will be passed over in the sea of listings at this busy time of year. If it’s priced too low, you risk the chance of leaving thousands of dollars on the table.