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GUEST OPINION: Protecting land for Islanders
Sales on the MLS System in Calgary showed an eight percent increase in January compared to January 2019, with the major satellite towns and cities orbiting the city also showing sales increases.
The increases outside Calgary were not just year over year, but in some areas, also approaching the levels recorded in the boom years of 2013 and 2014.
The January report from the Calgary Real Estate Board highlights statistics from Airdrie, Chestermere, Cochrane and Okotoks.
• Sales improved to 75, up from 65 in January 2019, and almost identical to the sales recorded in January 2013. The improvement in sales and a drop in new listings eased inventories, pushing the months of supply down to 4.7. This represents levels that are consistent with longer-term trends and reflects relatively balanced conditions.
• The improvements in the supply relative to demand have started to generate much more stability in prices, which have remained comparable to last month and slightly higher than last year’s levels.
• Sales last month increased to 21 homes in January, compared to 10 in January 2019 and 24 in January 2014. New listings and inventory declined year over year, with months of supply just over six months, compared to just over seven months in January 2019.
• January recorded a significant gain in sales and a significant drop in new listings. Sales reached 45 homes, compared to 22 sales in January last year and eclipsing the January 2014 sales mark of 39. This resulted in a drop in the months of supply to four months, a significant improvement from the 14 months recorded last January.
• If the improvements continue, this should start to support price stability. However, the recent change has not yet impacted prices, which remain nearly three percent lower than last year’s levels.
• Sales activity improved to levels consistent with longer-term trends, reaching 28 homes, up from 20 in January 2019, but short of the 41 sales in January 2013. The improvement in sales helped offset the slight rise in new listings, helping reduce inventories and bringing the months of supply down to levels more consistent with balanced conditions.
• The steady reduction in oversupply in this market is helping to generate more stability in prices. In January, benchmark prices remained comparable to levels recorded last year.
For more information, go to www.creb.com
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