This posting is further to the Calgary Average & Median Sale Price Graph below.
The Calgary real estate market has changed significantly in the past couple years. With such high market increases everyone is left wondering, is the market going to increase…decrease…. or stay the same. To give a little insight here is an overall snapshot of the Calgary real estate market from 2000 – 2008 and my opinion of what is going to happen this year.
As we proceed into 2008 there will also be content posted to the blog as well which will represent the month to month patterns we are seeing in 2008.
So far this year the forecast remains positive and we are seeing housing inventory absorbed relatively quickly as long as they are priced accurately. After the seller’s market we have been experiencing for the past couple years buyers are now very cautious, and well informed on areas and the market before they buy. If a property is overpriced buyers are not going to jump all over it with offers, and ultimately the property will sit on the market while others around it sell. Now more than ever sellers must be careful were they are pricing their home.
As we proceed further into the 2008 we will have a better idea of what is in hold for the Calgary real estate market. Right now it is difficult to put a figure on how much the market will go up or down, but I can almost be certain we won’t see huge gains like we experienced in 2006 & 2007. I believe the now corrected market will regain its composure in 2008, and we will see modest gains in the range of 5% – 8%. However if inventory levels increase dramatically like we saw in the fall of 2007 then the prices may start to decrease. Supply and is really what it all boils down to in the end.
I hope you find this information useful. If you have any questions or comments please feel free to email me or post your comments here on the blog.
Nevin Van Nest . Realtor . Royal LePage Foothills