Market Update For Calgary Real Estate In February 2024
Little change this month versus January: Supply remains constrained across the market and sitting inventory is only really found in outlying communities (primarily Chestermere, Cochrane & further afield) and/or at higher price points (above $900,000).
Notably, the luxury condo space ($750k+) and highest home value brackets ($2m+) even saw seller's/balanced conditions in February. The market for homes in the range of $900k-$1.5m transitioned into a heavy seller's market this month. We could be starting to see more of a move-up market due to the anticipation of lower rates, (as mentioned last month). Let's watch and see if this becomes a trend. If so, it could be very important for decision-makers in all parts of the market.
A reminder that while we do anticipate home values to continue to rise sharply, all markets eventually find balance: This week for one of the first times, I had a client choose to live elsewhere due to the cost of home ownership - these are the sorts of decisions that will eventually lead to balance. When and at what point will Calgary area home prices be? We don't know.
Breanna has strong feelings/evidence about the best strategies to secure the highest sale prices in these market types, and I have my strategies for securing the best homes for the right price and with real certainty.
Please feel free to reach out or send friends/family so we can help!
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Kind Regards
Tom (& Breanna) Albrecht - The A-Team
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