The real estate market in Calgary and surrounding areas have seen a start unlike what we've seen in years. The detached homes market has the lowest month of supply since February 2007. Semi-detached sales in February recorded significant gains, pushing sales activity to the highest February levels seen in nearly 13 years.
Row or Townhouses saw the benchmark price trended up from last month and currently sits just over one percent higher than last year's levels. Driven by product priced mostly under $300,000, apartment condominium sales improved to the best February levels recorded over the past six years.
On all accounts, we are seeing a very active and early spring market. We've said it before, and during COVID, people aren't spending money outside our city like they used to. They are focused on where they are spending the most amount of time, and that is in their own homes.
-BUYERS- If you are in the market for buying a home right now, be prepared to fight for that home. At the right price, the best homes coming on the market are sometimes going in hours and sometimes for 10's of thousands of dollars over their asking price. This isn't the case everywhere, but if you have that mindset going into it, your chances of securing your next home are much likelier.
-SELLERS- The key to selling in this market is preparation. You still need to prepare for selling your home. Don't skip this step and think that it will be effortless, and all you need to do is put a sign out front after breakfast, and it will be sold by lunchtime. Have a plan and work that plan. Work with your agent to price your home appropriately in the market, and your chances of selling will increase.
Final Thoughts Calgary hasn't seen a market like this, in we dare to say, since 2006/07. With multiple offers and handling the emotions of the buy or sell for our clients is critical. It's sucks when you lose out on a multiple offer. But know that there will be a home for you and your family coming on the market soon—partner with someone who will guide you through the process and help you win.