Year Closes on the Up-And-Up
Real estate activity in the City of Calgary enjoyed an upward boost at the end of 2017, with a rise in both monthly sales and the quantity of inventory available for buyers to choose from.
The Calgary Real Estate Board (CREB®) reported that sales activity for all product types improved in December and pushed monthly sales to long-term averages for the second month in a row. However, new listings also rose, keeping inventory elevated compared to typical levels for December. With more supply remaining compared to sales, benchmark prices edged down for the fifth consecutive month.
"Many of the economic indicators continue to post modest improvements, including improving sales. However, demand gains have not outpaced the additional supply coming into the housing market. This is creating some of the bumpiness in terms of price recovery," said CREB® chief economist Ann-Marie Lurie.
The gap between detached supply to demand closed in the first half of 2017 and supported early price growth. As prices improved, this was perceived as a signal for many who delayed selling their home and caused a late rise in inventory, which limited price growth. Overall, the detached benchmark price in 2017 averaged $504,867, a 0.63 percent increase over last year's levels, while on an annual basis, attached home prices averaged $332,325, comparable to last year's levels.
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