CREB Market Update and September Stats Package.
Inventory increases and sales drop in September, but overall sales for the year remain higher than last year
Strong gains in the first-half of 2017 has put the Calgary year-to-date sales at seven per cent above last years’ levels and 11 per cent below long-term averages, but challenges remain with easing sales and rising new listings.
Inventories rose across all property types to 6,861 units, while both apartment and attached-style properties saw the highest inventory on record for the month of September.
“The recent rise in inventories is preventing further price recovery as sales activity has moderated over recent months. This does not come as a surprise as sales activity is expected to remain modest by historical standards until more substantial economic improvements take hold,” said CREB® chief economist Ann-Marie Lurie.
“Some may consider this a setback, but it is important to note that recent movements are balancing out the higher than expected gains that occurred in the first-half of the year.”
How Psychology affects Home Buying
We have been spending a lot of time with out of town buyers. They have been online for days and many hours prior to getting on the plane – looking at photos, videos, virtual tours – google mapping properties. They come to town with a list and there is always a “favorite” we have to see FIRST….however…that rarely becomes the ONE they end up buying!
FYI – Buyers know within seconds if they want a home.
With a decision as weighty as a home purchase, one might think that buyers deliberate over all the pros and cons before they decide to sign on the dotted line. Yet studies show this is not the case.
Source: Hripko Nelson & Partners