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Paul and Terry's Quick Market Update - JULY, 2015
Blog by Paterson & Associates | August 13th, 2015
We continue to try and keep you as informed as possible on the Calgary Real Estate market. These semi-frequent communications hopefully offer better insight into the potential equity in your home and will allow those looking to buy a home or even an investment property some reasonable expectations when entering the market.
Mid-Year Market Update Highlights...
- Market Still Balanced, but slight decline expected:
- Housing inventory
- Months-of-supply in July increased from 2.32 to 2.53 = balanced market.
- Total Sales to New Listings
- Year-over-year sales fell by 14% (July 14' Vs July 15th), compared to a 17.8% decrease the previous month (June Vs June). Despite the decline, sales activity during the month was consistent with the 10-year average.
- Benchmark and Median prices decline slightly, but stay relatively stable
- However, many attribute the year-over-year decline to the apartment sector, where prices fell by 1.61 per cent to $293,300 – nearly two per cent lower than the price at the beginning of the year – due to weak demand and growing supply
- Pricing Expectations
- Calgary’s residential benchmark price is expected to average $448,354 for 2015, a modest decline over the previous year.
- "Further job losses are expected in the second half of the year,” said CREB® chief economist Ann-Marie Lurie. “These employment changes, combined with overall weakness and slower than anticipated recovery of oil prices, are expected to keep housing demand relatively weak for the rest of 2015. However, with the initial shock of oil price declines having dissipated, the pullback in sales activity in the second half is not expected to be as dramatic as the first part of the year,” said Lurie
- Interest Rates Stay Strong
- We are still seeing strong rates on excellent mortgage products.
*Please note that this data is high-level information. When looking to buy or sell you should be also be looking at segmented statistics...property style, neighbourhood, comparable adjusted pricing...only to name a few.
For a more detailed market overview and better perspective of your specific community please email us directly. Also, please check-out our new websitepaulpatersonandassociates.com
|WE'RE HERE TO HELP...
We build our business mainly on referrals. That's why we work hard to be "referral worthy" REALTORS® -- the kind you can trust to recommend to your friends, neighbours, work colleagues and family members.
But what you may not know is all the ways we help people who are moving, or even just thinking about moving.
For example, we can help:
- Answer any questions or concerns they have about moving.
- Walk them through the home buying or selling process.
- Help them determine what kind of mortgage they will qualify for.
- Provide them with useful tips on preparing their current home for sale, so that it is as attractive as possible to buyers.
- Fill them in on homes currently available on the market that closely fits their needs, wants and budget.
- Show them how to make the entire process smooth and stress-free.
And much more.
So if you know someone who would benefit from our help, even if they're not sure they're going to make a move, please give them our name.
We promise to treat them right! - Paul & Terry, Your Advocates in Real Estate...For Life!