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Market Update - October 2015
Hopefully this note finds you in good health. Very interesting economic times. Uncertainty is the key word. It has been one year since the start of stock market volatility and the start of oil's price slide. Some very positive news today for most Canadians with the enormous trade agreement but uncertainty still looms large as it happens prior to every election...federally and provincially. Weekly real estate sales escalated the weeks and months after our provincial election and I'm hoping this will happen after October 19th.
So here is what has happened over the year in the Calgary real estate market. Different price segments have varied quite dramatically. The peak of the market happened in the summer of 2014. Houses, detached and attached homes priced between $350,000 & $500,000 have only come off slightly. 5% or less. Houses priced between $500,000-$600,000 have decreased in the 5-7% range. The hardest hit area has been the $650,000-$950,000 range. These are down in the 10% range. Many of the houses we have analyzed and evaluated above $1,000,000 and up to $1,500,000 have experienced a value reduction in that 10% range as well. But these reductions in price have only come after large gains in 2013 and the first half of 2014. Inventory is still very much in control. Very balanced in the single family home market. Weekly sales are still close to 400 per week. Dramatically better than the 160 sales per week that occurred in January of this year. Further modest price reductions could occur but I honestly believe those will be nominal.
Jeff and the Team
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The volume of sales we do vastly surpasses any Real Estate agent or team in Calgary.
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