It’s Officially a Seller’s Real Estate Market in Calgary
Apr 02, 2021 | Buying Market Stats Selling
70 Signature Heights SW listed by Sam Corea at $1,195,000 and sold in 1 day
Seller’s Market Conditions
In March, we saw a record breaking number of home sales in the Calgary real estate market. We are officially experiencing a seller’s real estate market according to the Calgary Real Estate Board.
Factors that Lead to a Seller’s Real Estate Market
Looking back at the past year helps to predict what is ahead for the Calgary real estate market. The summer months of July, August and September of 2020 were some of the busiest on record. There was pent up demand after the shut-downs during the spring of 2020. Many people reassessed their home requirements and where they wanted to live. Buyers and sellers were feeling confident with the safety procedures put in place by the real estate sector. By the late fall when COVID cases began to rise, the market began to slow down again. Many sellers took their homes off the market to wait until restrictions eased. By January, the news of vaccine delivery brought optimism. A a result, buyers began to start their search again and wanted to take advantage of the low interest rates. But because the level of inventory had not rebounded, there were few houses available for sale. In the low to mid price points for detached homes, bidding wars became common and prices started to increase. These conditions lead to a seller’s market.
The Best Time to Sell
The best time to sell is when inventory is low. That’s why getting your home on the market in April, May or June is ideal. We predict that by the summer of 2021 the Calgary real estate market will be more balanced. The inventory of houses for sale will increase leading to a drop in prices. Higher price points and luxury properties will lag slightly behind this timeline and will see increased sales in the summer. This is because buyers typically sell their current home before purchasing a higher priced one.