How’s the Calgary Real Estate Market?
Feb 2023, the Calgary Real Estate Market is favouring home sellers. Low inventory of all home types has the sellers driving the bus going into the 2023 spring housing market.
The current low supply of homes on the market will keep prices firm even though the cost of mortgage money gets higher.
Buyers of decent homes priced at or near market value will compete with other buyers. This means multiple offers. This week I represented a buyer where we were up against 11 other buyers. Someone else offered $50,000 over the asking price with no conditions.
Sellers that price and present their properties while inventory stays low can expect the same results.
This type of market is not new or unique. How long it lasts depends on how many and how quickly new listings come on the market.
Today sellers and aggressive buyers will be controlling the market.
The Calgary Real Estate Market is constantly changing with the seasons, mortgage interest rates, lending rule changes, and a thousand other reasons. All the factors that can nudge the market one way or the other show up in the supply and demand numbers.
Check out the chart on my website that I update monthly for a crystal clear snapshot of How’s the Market. See the overall supply and demand and drill down to see the supply and demand for the three main categories of home types in Calgary. Compare this year’s numbers to last year’s numbers. See where the trends are heading.
You could call this a Trend Following Chart for Calgary Real Estate.
The next chart on my website will show you the Average Home Prices for all of Calgary in the past 10 years. With individual charts for Detached Homes, Attached Homes, and Condos. This is a quick way to see if values have gone up, down, or sideways since you bought if you bought in the past 10 years.
The final chart is a fan favourite. It’s up to date and should include your community and home type. It’s interactive. Pick your community and then your home type. The results change to show you the homes sold in the past 180 days. And below the charts show you the average prices for the past 10 years. These final two charts can tell you at a glance how your community and home style have been doing lately and over a longer time frame.
You can also see how much the home sold for down the street.
I use these charts to keep myself up to date. They are a one-stop shop to tell at a glance which way the wind is blowing in the local Calgary Real Estate Market.