The Calgary REALTORS® at Renzo Real Estate are here to guide you through the Calgary real estate market, news, and trends. This month, the REALTORs® are looking at the real estate trends from May 2019 and it has been an interesting few months to say the least. The spring real estate market is producing positive signs in Calgary and area and there has been two months of relatively positive news. Last month sales increased and new listings decreased. This has lead to a 12% decrease in inventory compared to this time last year, but is this affecting real estate prices in Calgary?
In real estate, several factors can impact the value of a Calgary property. Some of these factors are visible (patent), and some are not visible, but equally important (latent). Radon gas is a colourless, odorless, tasteless gas that is the product of uranium decay. Uranium occurs naturally in the soil and rock formations. Radon seeps up through the ground and finds its way into many Calgary and area homes. Alberta has some of the highest levels of radon in the country.
The Calgary real estate market has sustained and lengthy setback over the past 4 years. Although Calgary is no stranger to real estate cycles, the most recent downturn is not responding like previous downturns in Calgary. If you look at previous downturns in Calgary, prices and sales have fallen quickly and rebounded quickly. For example, in 2008 prices fell quickly but by mid 2009, prices were pack on the upswing. Calgary’s current real estate market downturn has been a gradual blow over the course of 4 years with further drops anticipated for 2019.
The REALTORS® at Renzo Real Estate, a Calgary real estate brokerage and team brings you the real estate market info, news, trends and predictions for December 2018.
In November 2018, new listings slowed across most sectors, however, the decrease in the home sales was more pronounced. This lead to continued rising inventory in the detached and attached sector. For condos, inventory came down slightly when comparing to this time last year, but prices have continued to fall.
Learn more about the Calgary real estate market and about selling in the winter months.