McKenzie Lake Market Update - December 2022
July CREB Stats
The pace of sales has slowed, but there is still record activity. Inventory is slowly increasing, which is bringing more balance to the market, but varies greatly between product types. There is currently around 2 months supply for detached homes, but around 6 months for condominiums.
Prices have rebounded as well. After 14 years of mostly down markets, with the exception of 2014, prices for the most part have risen to 2006 - 2007 levels again. This is welcome news to many that may have purchased in up markets and steadily lost equity. That equity has now been restored.
Hope you enjoy the rest of your summer!
Hope you enjoy the rest of your summer!
For complete CREB stats, click here:
Calgary Market Report - May 2021
I always loved that scene from Lonesome Dove and I think about it whenever my kids remind me that I'm not that young anymore!
This market is definitely making me feel older though. List a home, have 25 showings in the first 2 days, generate 3,4, 5 offers, sell above list, rinse and repeat! I don't know how long this is going to last, but things are still moving pretty quick.
It is interesting to note though, some homes sell like this, then others sit on the market for 30, 45, 60 days. There's certainly some things you have to do, even in a hot market.
The banking industry is talking about raising the stress test on mortgages from 4.79% to 5.25%. That represents about $20,000 less that people will qualify for. The hazards of hot markets...
To all the Mom's, hope you have a wonderful Mother's Day this weekend. One of the toughest jobs on the planet!
This months CREB stats report can be accessed by clicking here:
This market is definitely making me feel older though. List a home, have 25 showings in the first 2 days, generate 3,4, 5 offers, sell above list, rinse and repeat! I don't know how long this is going to last, but things are still moving pretty quick.
It is interesting to note though, some homes sell like this, then others sit on the market for 30, 45, 60 days. There's certainly some things you have to do, even in a hot market.
The banking industry is talking about raising the stress test on mortgages from 4.79% to 5.25%. That represents about $20,000 less that people will qualify for. The hazards of hot markets...
To all the Mom's, hope you have a wonderful Mother's Day this weekend. One of the toughest jobs on the planet!
This months CREB stats report can be accessed by clicking here:
Coming Soon!
90 Mt Gibraltar Heights SE - $525,000
Cardel built 2379 sf 4 bedroom home. Main floor den, main floor laundry, large south yard, new flooring, fresh paint, new appliances, granite counters. A great family home in a great family, lake community.
Coming Soon!
Coming Soon! 40 McKerrell Close SE - $344,900 - Double Rear Garage!
Calling all first time buyers or investors! This 1000 sf bilevel is ready for your sweat equity to build value! 3 bedrooms and 1 bath up and a self contained 1 bedroom lower suite. Located on a huge pie lot on a very quite close with LAKE privileges. Take advantage of a PURCHASE PLUS IMPROVEMENTS mortgage and borrow up to $40,000 to do renovations! This is a great home to add value yourself!
Client Newsletter - April 2021
Still a bit of a crazy market out there, but some interesting insights. Homes that are priced well and show well are selling within days of being listed and often at or above asking price. Homes that are priced too high, are sitting on the market longer and when they do sell, don't benefit from the multiple offer scenario. Interesting that even in super hot markets, some basic fundamentals still prevail.
Some other tips for a hot market that seem to repeat themselves each time we find ourselves in this situation. When selling, if you price very close to the market, or even a bit below, you will be swamped with showings and offers. Price too high and crickets. When buying, keep an eye out for homes that are priced a bit too high. As stated above, the activity level is much lower on those homes and often you wind up getting a better deal than on an under-priced home because of the difference in interest.
Hope you have a wonderful Easter and get to enjoy some down time and family time, however that looks this year!
This months CREB stats report can be accessed by clicking here:
P.S. Thank you so much for any referrals that you have sent my way. My business is over 70% repeat and referral - all because of you! :-)
Some other tips for a hot market that seem to repeat themselves each time we find ourselves in this situation. When selling, if you price very close to the market, or even a bit below, you will be swamped with showings and offers. Price too high and crickets. When buying, keep an eye out for homes that are priced a bit too high. As stated above, the activity level is much lower on those homes and often you wind up getting a better deal than on an under-priced home because of the difference in interest.
Hope you have a wonderful Easter and get to enjoy some down time and family time, however that looks this year!
This months CREB stats report can be accessed by clicking here:
P.S. Thank you so much for any referrals that you have sent my way. My business is over 70% repeat and referral - all because of you! :-)
Coming Soon!
81 Mt Robson Close SE. $550,000
Upgraded 1900 sf McKenzie Lake home, walking distance to both Public and Catholic schools. Freshly painted throughout, new windows, newer roof, newer furnace, tankless hot water, updated kitchen, updated bathrooms, newer lower development. This is a great family home on a kid friendly, family street.
Client Newsletter - March 2021
The market at the moment is reminiscent of how things took off in the spring of 2006. Homes in many price ranges are being sold within hours of listing, at full or above list price with multiple offers. I'm having to update prices on a daily basis as each sale changes things a bit.
This is happening on a national level and seems to be mostly Covid driven, as supply has shrunk to levels not seen in years. The demand is driven by a few different factors, some Covid fatigue, interest rates and a bit of a backlog of buying activity that didn't occur in the last few years due to down markets.
The most likely scenario for this year will be a continuation of these current crazy conditions for a few months, followed by a decrease in buying as the backlog starts to decrease, then a rise in supply as restrictions ease and of course as more people list to try and take advantage of the upswing in the market. Anyone that's been waiting for a better market to sell in, now is the time!
Hope you're having an awesome day!
This months CREB stats report can be accessed by clicking here:
January Market Update
This is so true! I made a conscious decision a number of years of ago to spend less time worrying and more time taking action to accomplish what I was worrying about and it definitely brought more peace into my life (and the others around me!).
Holy cow! What a crazy market so far this year! Sales year to date are up 42% from last year and the active inventory is down 21%. And this is comparing to pre-Covid sales from January last year. Homes are getting 10, 15, 20 showings and multiple offers within days of being listed. This is the highest amount of activity since 2014.
I don't expect this to last forever, as I'm guessing more inventory will come on the market as restrictions loosen and of course more homes will be listed specifically because of the surge in activity, but for now it's a hold on and here we go kind of market. For people that have been waiting for an uptick in the market to be able to sell and get out, this is definitely it.
Hope you're having an awesome day!
This months CREB stats report can be accessed by clicking here:
Holy cow! What a crazy market so far this year! Sales year to date are up 42% from last year and the active inventory is down 21%. And this is comparing to pre-Covid sales from January last year. Homes are getting 10, 15, 20 showings and multiple offers within days of being listed. This is the highest amount of activity since 2014.
I don't expect this to last forever, as I'm guessing more inventory will come on the market as restrictions loosen and of course more homes will be listed specifically because of the surge in activity, but for now it's a hold on and here we go kind of market. For people that have been waiting for an uptick in the market to be able to sell and get out, this is definitely it.
Hope you're having an awesome day!
This months CREB stats report can be accessed by clicking here:
McKenzie Lake Market Snapshot for November 2020
Client Newsletter - December 2020
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This will be the last newsletter for the year, so I wanted to take the opportunity to wish you and your family a very Merry Christmas and all the best for the year ahead. 2020 has been a challenging year for many and very different for others and I hope that 2021 brings some joy back into your lives.
I also wanted to say a heartfelt Thank You! Things were very different in the Real Estate market this year, but it was also a testament to how valuable my clients are. My business this year has been over 70% repeat and referral, and I just wanted you to know how grateful I am for that. Tough times always reveal who is most important to you, and this year has shown me that again, in spades!
Now, on to what's happening in the Calgary and area market:
For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain.
Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over three per cent lower than last year's levels.
New listings continue to slow, reducing inventory in the market. On a year-to-date basis, new listings have eased by nearly ten per cent and are at the lowest level recorded since 2001. This has reduced the oversupply that has been impacting the market for nearly five years.
"The gains in sales in the latter part of this year have been a bit surprising considering the job losses and unemployment rate in our city," said CREB® chief economist Ann-Marie Lurie.
"However, it is important to note that the shift to more balanced conditions has been mostly driven by the reduction of supply."
First time buyers are still a large part of the market, due to historic low interest rates. It seems like a good time for the younger group to enter the market. I have a very specific strategy for first time buyers to help insulate them from any market shocks, so if you would like info on that, just let me know.
This months CREB stats report can be accessed by clicking here:
Hope you are having an awesome day!!
I also wanted to say a heartfelt Thank You! Things were very different in the Real Estate market this year, but it was also a testament to how valuable my clients are. My business this year has been over 70% repeat and referral, and I just wanted you to know how grateful I am for that. Tough times always reveal who is most important to you, and this year has shown me that again, in spades!
Now, on to what's happening in the Calgary and area market:
For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain.
Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over three per cent lower than last year's levels.
New listings continue to slow, reducing inventory in the market. On a year-to-date basis, new listings have eased by nearly ten per cent and are at the lowest level recorded since 2001. This has reduced the oversupply that has been impacting the market for nearly five years.
"The gains in sales in the latter part of this year have been a bit surprising considering the job losses and unemployment rate in our city," said CREB® chief economist Ann-Marie Lurie.
"However, it is important to note that the shift to more balanced conditions has been mostly driven by the reduction of supply."
First time buyers are still a large part of the market, due to historic low interest rates. It seems like a good time for the younger group to enter the market. I have a very specific strategy for first time buyers to help insulate them from any market shocks, so if you would like info on that, just let me know.
This months CREB stats report can be accessed by clicking here:
Hope you are having an awesome day!!
McKenzie Lake Market Snapshot for October 2020
Mike Ouellette
RE/MAX Realty Professionals
Office Address:
#10, 6020 - 1A STREET S.W.
Calgary, AB, T2H 0G3