In a previous article, “6 Reasons Why Your House Might Not Sell”,  we reported that in 2016 in the City of Calgary only 17,804 residential properties sold compared to the 32,274 properties that were listed on the Calgary Real Estate Board multiple listing service during the year. This means that, shockingly, 44.82% of the residential properties that were listed did NOT sell!

To review – the 6 reasons a property does not sell when listed are:

1. The property was not market ready
2. The property was not available to view
3. The property was “under marketed”
4. Market conditions were not reviewed and prospects were not followed up with
5. The property had the wrong asking price
6. The realtor or owner did not have the tools in place to generate an offer

Let’s tackle the first reason, the property was not market ready.

When there is a lot of choice for buyers – in real estate this means lots of competing properties listed for sale – buyers will comparison shop. Buyers will choose the homes that have neutral environments, feel spacious and smell new and clean. This does not mean that you have to spend a lot of money renovating but it does mean that you need to do your best to prepare your property BEFORE you list it for sale.

At Coldwell Banker Complete Real Estate our goal is not to simply sell your house, but to help you realize the best price obtainable for your property in the shortest period of time. Based on proven marketing techniques, our Home Enhancement Guide will introduce you to practical ideas on how to successfully prepare your house for sale. These suggestions require a minimum amount of time and expense to complete and are designed to make your house stand out from the competition.

We are happy to provide you with our downloadable Home Enhancement Guide free of charge and trust that you will find it a valuable tool as you get your home ready to be placed on the market.

Should you have any questions about selling your home, or require any other real estate services, we’d love to help!

2016 Ends The Year With Total Sales Down 15 Percent From The 1- Year Average in December

City of Calgary, January 2, 2017 – Ending 2016 with total sales down 15% from the 10-year average in December.

MLS sales for the year, according to the Calgary Real Estate Board, numbered 17,809 transactions, a 5.5 per cent decline from the year before. The benchmark price was $440,650, down 3.8 per cent from 2015. The decline in the market came on the heels of a more dramatic drop in 2015, when sales tumbled 26 per cent from the same period in 2014.

Taken together, the two years of contraction have resulted in 2016 sales levels that are the lowest Calgary has seen since 2010, said CREB chief economist Ann-Marie Lurie. December sales are 15 per cent below the 10-year average of 1,100 transactions for the month.

“There was a dramatic fall in 2015, and the additional fall in 2016 is keeping sales at levels that are well below ourlong-term averages,” said Lurie. Lurie explains that the market was actually weaker in 2016 than CREB had predicted at the start of the year, when it forecast a 2.2 per cent year-over-year decrease in sales activity. In 2016, Calgary’s unemployment rate continued to rise — from 7.4 per cent in January to 10.3 per cent in November, according to Statistics Canada.

“Economic conditions were far weaker than what was anticipated at the beginning of the year,” Lurie said. The benchmark price for a detached home in Calgary fell 3.2 per cent in 2016 to $502,242, while the benchmark price in the apartment/condo category fell six per cent to $277,217. But Lurie said prices have been protected somewhat by the fact that supply was very tight when the recession began and new listings remain sluggish — in fact, the number of new listings in 2016 contracted by 4.7 per cent.

The City of Calgary Detached market segment continues to out-perform the other market segments with 20.08% of the available inventory selling in the month of December which is traditionally the slowest sales month of the year. This is a huge improvement compared to December 2015 when only 15.36% of the available inventory sold.

For those who are considering taking advantage of the low interest rates to invest in real estate there are several market segments with low absorption rates to choose from.  If you are interested in an investment strategy specific to your needs please contact us. We would love to help!

Hope this helps!

Susanita de Diego

Download: Calgary & Area Real Estate Statistics – December 2016

City of Calgary, November 1, 2016 – For the first time in two years, sales activity in October resembled normal levels. City-wide sales totaled 1,644 units, which is an increase of nearly 16 per cent over last year.

“The shift in sales activity this month is likely related to the new mortgage rule changes, inventory gains in the lower price ranges and further price adjustments,” said CREB® chief economist Ann-Marie Lurie. “The combination of all these factors may have encouraged some purchases to take advantage of the market conditions, particularly in the lower price ranges. However, with several factors at play, the monthly shift in demand may be temporary and will need to be monitored over the next several months.”

Sales activity rose across all product types in comparison to last year, but the largest gain in sales occurred in the detached sector at 18 per cent. There was a noticeable shift in sales activity by price range in October. In the detached market, homes priced between $300,000 and $400,000 saw the largest improvement in sales, while attached and apartment sales growth was mainly occurring in the lower price ranges.

“This year has been a challenge for many sellers,” said CREB® president Cliff Stevenson. “So when we have a rise in sales, it means more buyers got into the market and more sellers got out, which is a positive for consumers on both sides of the transaction.”

Despite the monthly rise, year-to-date sales activity in all sectors remained lower than last year’s levels and well below longer term trends. In fact, year-to-date sales activity has totaled 15,642 units, which is 6.3 per cent below last year’s levels.

While increased activity in the lower price ranges had a greater impact on the average and median price, benchmark prices once again edged down in October. The city-wide unadjusted benchmark price totaled $438,900, or 0.34 per cent below last month and four per cent below last year’s levels.

What I find most interesting about the latest data is that we usually see the market begin to soften at this time of year. Again, each market segment has performed differently but it seems that the number of sales compared to the number of available homes in the detached segment has settled into a recovery pattern.

The best time to buy is when there is a lot of inventory from which to choose. For those who are considering taking advantage of the low interest rates to invest in real estate there are several market segments with low absorption rates to choose from.  If you are interested in an investment strategy specific to your needs, please contact us. We would love to help!

Hope this helps!

Susanita de Diego

Download: Calgary Real Estate Stats October 2016

City of Calgary, July 4, 2016 – Calgary home prices continue to slide in most areas of the market, but not at the rate that many might expect. This is partly due to June’s resiliency in the detached and semi-detached sectors of the market, where sales compared to new listings and standing inventory started returning to more balanced levels.

“The detached market has been gradually moving towards more balanced conditions, helping to prevent price levels from declining at the faster rates we saw in the previous two quarters,” said CREB® chief economist Ann-Marie Lurie. “While this is welcomed news for sellers, it’s very likely that pricing challenges will persist in the housing market until economic conditions start to improve.”

Detached benchmark prices totaled $502,400, which is 0.4 per cent higher than last month, but 3.4 per cent lower than last year’s levels. This is the first time in eight months that detached prices recorded a monthly gain, helping ease the quarterly decline from 2.2 per cent in the first quarter to 0.7 per cent in the second quarter.

Overall sales activity remained relatively weak in June, falling by seven per cent to 2,028 units. Inventory levels went in the other direction and continued to climb in June to 5,973 units, 16 per cent higher than last year. Both the attached and apartment segments of the market have recorded inventory gains around 30 per cent, far greater than the year over-year increase of five per cent in the detached sector.

Higher inventories and weaker demand continue to have a larger impact on pricing in the apartment and row sectors. June apartment prices slid by another 0.1 per cent over last month, pushing the average year-to-date benchmark price down 5.3 per cent below last year. Attached product experienced a monthly slide of 0.3 per cent, mostly due to steeper price declines in row style product.

Those who have been waiting for the bottom of the Calgary Detached market to buy should pay close attention to this news release from the Calgary Real Estate Board. Not only has the Benchmark Price mad a move in the positive direction but the absorption rate has increased as well.

If you are curious about the investment market or the current market value of your home, please feel free to contact us.

Hope this helps!

Susanita de Diego

If you are curious about the current market value of your home, please feel free to contact us.

Download Calgary and Area Real Estate Statistics – June 2016

This Canada Day, why not get out and experience some of the exciting activities planned around the city! We’ve put together a few events for you to consider in hopes you will be able to get out and enjoy some of the festivities!

Canada Day Fireworks at Centre Street Bridge 11:00PM

Good viewing locations are along the Bow River corridor, Festival Market (between Eau Claire market and the YMCA), Sien Lok Park, Riverfront Avenue, Tom Campbell’s Hill Park, Nose Hill Park, Max Bell Centre, Shaganappi Point and 26 ST SW, Valleyview Park West Ridge at 26 St SE. More Information

Riverfront Avenue 12PM– 11PM.

During the day along Riverfront Avenue, come and enjoy family friendly activities, interactive booths and food trucks. Experience Francophone heritage and culture with maple sweets, food and music in a festive atmosphere. The Riverfront Stage is located at the Harry Hays Building, on the North lawn, facing the Bow River. Mayor Nenshi will kick off official Canada Day ceremonies at 7 p.m. and the stage will erupt with some of Canada’s most acclaimed performing artists offering a little something for everyone. The high-energy performances will capture audiences and build momentum in anticipation of the fireworks show to close off the celebrations. Evening entertainment to inlcude: Joel Plaskett Emergency, The Zolas, & The Grapes of Wrath. More Information.

Prince’s Island Park 12PM – 6:00PM.

Join the movement! Located across the bridge from Eau Claire Market, Calgary Recreation is offering a variety of active programming for children, including DancePl3y, physical literacy and parachute games. Adults can also get their physical activity in for the day with 45 minute fitness classes, including Zumba, adventure bootcamp, and much more. Classes start on the hour, every hour from noon to 6:00 p.m.

Stephen Avenue Walk 11AM – 8PM

The historic Stephen Avenue Walk will feature its usual assortment of shops, restaurants, patios, street vendors and buskers, in addition to a full day of entertainment including live music on the #IAMDOWNTOWN stage and other special events happening down the avenue. More Information.

Living Flag at Fort Calgary 12PM– 1PM.

Don your red and white and show off your Canadian spirit in this fun, family-friendly Canada Day tradition, presented by Calgary Afterschool and 98.5 Virgin Radio. The first 1000 people to check-in will receive a free red or white Living Flag t-shirt to participate in this enormously popular activity. All participants are asked to wear red or white to join in for the ultimate group selfie on Canada Day.

Aboriginal Showcase and Powwow at Prince’s Island Park 10AM – 6PM

Explore a proud part of Canada’s heritage at a Traditional Powwow presented by Bow Valley College’s Iniikokaan Aboriginal Centre. Prince’s Island Park comes alive with the heartbeat of Canada’s First Nations peoples as they showcase Aboriginal peoples’ ways through storytelling, drumming and dancing. Join us as we celebrate cultural sharing of the First Nations, Metis and Inuit people to all Canadians.

For more ideas of fun and fantastic things to do in Calgary this Canada Day, Visit www.todocanada.ca

Have a great long weekend!

City of Calgary, June 1, 2016 – Calgary’s housing inventory was on the rise once again in May as new

When compiling this information every month I am sometimes surprised at how differently market segments perform. We have seen improvements in the absorption rates in all reported segments EXCEPT for Calgary Apartments and Cochrane Detached homes.

This data demonstrates why it is so important to look at all of the factors in your particular market segment when you are selling or buying.

Despite the super-heated markets in Vancouver and Toronto, interest rates continue to stay at historic lows, making this an ideal time to buy in any market segment.

If you are curious about the investment market or the current market value of your home, please feel free to contact us.

Hope this helps!

Susanita de Diego

If you are curious about the current market value of your home, please feel free to contact us.

Download Calgary and Area Real Estate Statistics – May 2016