January 7, 2020
Sundre Home Team
That's a wrap on 2019 and after an interesting year full of ups and downs, we went out with some great momentum.
The sales in December were up across the Province by 7.56% compared to December 2018 which capped off the year with a -0.23% drop in sales for the year in Alberta. The listing inventory also dropped across the Province by -4.30% which helped bring the inventory levels into balanced market territory of 4.08 months.
Like much of 2019, we ended the year with the Good, the Bad and the Ugly. The good news is that the markets in and around the Calgary Real Estate Board, the Edmonton board, and South Central Alberta all had an uptick in sales for the year. The Calgary Region saw an uptick of 1.97% year over year in sales, Edmonton had +0.21% and South Central enjoyed an uptick of 12.32% in sales. Each of these markets also saw a decrease in listings which continue to help balance those markets. Another shining point is that the Province has had an increased net migration through 2019 as Alberta has regained its appeal for Canadians to move here from other Provinces.
The bad, isn't actually bad...yet. While sales kept pace in Lethbridge and Medicine Hat Regions, their listing inventory continued to climb. If sales do not experience a fast uptick in 2020, these markets could have corrections in the near future. Keeping an eye on inventory levels, and pricing homes with an appealing price for buyers will be an important aspect over the next couple of months. In other not so bad news, we saw a significant drop in the showing activity for the month of December but still managed to have 3,299 showings requested through the Showing Time system. This drop in listing activity is very normal through the month of December and we expect the showing activity to pick up quickly in January.