*May* Real Estate Review for Central Alberta
Dated: June 18 2018
Views: 381
While economic indicators continue to show improvement, and Alberta's GDP out paces the rest of the country by over 30%, our real estate market continues to have it's challenges. The impact of the tightening of mortgage rules and higher interest rates has had an impact on slower residential resale markets nation wide. It seems to have compounded in the Alberta markets, as we continue to see lower than normal sales volume, which in turn is allowing the listing inventory to grow. The sales in May 2018 were 19% below last year's numbers, and 24% below longer term averages.
As a result of the lower sales and climbing inventory, our absorption rate for Central Alberta has climbed to 4.9 months which moves us into a buyers market. This is leading to frustrations for sellers with lower showing activity, and climbing days on market. However, prices remain relatively stable in most sectors regardless of the lower sales volume. The feeling across the market seems to be one of nervous anticipation. Even when we get good news it seems to come with uncertainty and controversy, failing to help boost consumer confidence in the Real Estate Market. That said, we seem to be on the brink of turning over to better markets as the economy continues to improve.
Jordanna Gibeault
Since 2014, I’ve been a licensed real estate agent, and today, I’m proud to say that most of my business comes from referrals and repeat clients. I serve the entire Central Alberta area, i....
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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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