How is the Real Estate Market in Calgary?
Recently I put my prognostications out for the world to read on this blog about what is going to happen in Calgary's real estate market in 2020.
This post isn't a repeat of that. It is a recap of what happened last month (December if you're reading this in April) and how the year shaped up for us in 2019.
Down below is a quick video that I typically post to Instagram and again to my Facebook page, if you want to skip over all of the text and just get the 'Coles Notes' version, go for it, you won't hurt my feeling one bit.
December Market Stats
Always fun, right? Statistics. Ha!
I'll try to make this as painless and quick as I possibly can for you. Below are the Year over Year numbers so December 2018 to December 2019:
- Total residential Benchmark Price (this means everything SF, Condos, Townhouses) dropped by 1.4%
- Single Family Detached Benchmark price was down 1.3% overall hovering at $480,100
- Apartment Condo Benchmark down 1%
- Semi-Detached down 2%
- Row Townhouse Benchmark price was down 1.9%
- You got less money for your home in 2019 with sales averaging about 95% of the list price compared to 96.2% in 2018 and 97% in 2017.
Ok so enough of the bad news, here is some of the good news.....my feeling is that the bleeding has stopped.
We are moving towards balanced territory so I don't believe we will be seeing any more downward pressure on each segment of the market.
The Calgary Real Estate Market in 2019 Snapshot
The total number of sales was up by 1% this past year with the market yielding 16,365 sales in 2019. The total number of listings compared to the year previous was down by 11%!
Probably a big reason why we didn't see bigger drops in pricing as the supply was coming down.
So in 2019 if you were selling you were taking less for your home, you were staying longer on the market and in most cases you had less competition.
If you were buying in 2019, congratulations, you likely caught the bottom of the market if you waited until November/December.
What's happening in the Middle East has already pushed oil up by 3-4%, if it turns in to a 'hot war' then expect oil prices to surge.
There won't be an affect on the Calgary housing market for at least 18 months, so don't expect prices to go crazy here if things get bad over there.