It's another month of declining sales for Calgary resale housing market. A report from the Calgary Real Estate Board (CREB) shows a 29.6% decline in March MLS sales to 1,747, compared with the previous year. In January, a decline of 38.9% was recorded; while a 34.2% drop was recorded in February.
According to the senior analyst from Real Estate Investment Network, Don Campell, the increase in panic listing was seen in the market for the months of January and February, as expected. However, March figures show tempering of listing increase, compared with the previous year.
He added that with lower sales figures, the days on market will dramatically increase, with initial panic listings reaching up to 90 days on the market, causing the decline in asking prices.
For March, new listings were down 5.5% to 3,136, while active listings increased at the end of the month by 87.7% to 5,693. The average days to sell a home on the market increased to 39, from last year's 28.
According to CREB’s chief economist, Ann-Marie Lurie, the recent change in pricing is no longer a surprise amid declining sales and increasing inventory levels. However, she added that the current changes in pricing have not totally eroded last year's higher-than-expected price increases. And the near-term price direction all depends on the changes in inventory levels.
A realtor from Calgary's RE/MAX Realty Professionals, Christina Hagerty, said that buyers take their time to decide – if the listing is overpriced or there's something they feel lacking, they refrain from making an offer. It's somehow a buyer's market.
Hagerty further said that sellers, on the other hand, decide on a case-to-case basis. Most of them may find it an opportunity to level up, yet others may think it's time to reduce, although not much. Anyway, if the listings won't sell at this time, they can wait. Either they wait for next year or rent it out now while waiting.
Source: Calgary Herald
For more Information, contact Calgary Realtor Ross Pavl at: http://www.rosspavl.com
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