The Alberta Real Estate Association has created a new interactive tool to help buyers and sellers of homes in the province have a better understanding of the market.
AREA said its housing statistics dashboard on its website incorporates more than 18 years of resale housing information.
“Most people have an interest in the housing market as it is typically their largest investment,” said Ann-Marie Lurie, AREA chief economist, in a news release. “The statistics tool can provide them insight into current movements in supply, demand, and prices at both regional and provincial levels.
“For the first time, the public can get a look into the housing market in an easily digestible format, giving them enough information to understand Alberta market movements on their own accord.”
AREA said the tool is open to consumers and realtors. It provides analysis of broader market trends in an easy-to-share visual format. Key statistics such as sales, inventory and prices address questions regarding the state of the market and how prices are trending. Users can also compare data in regions across Alberta using customizable time periods and graphs. Statistics are updated on the sixth of each month, it said.
AREA is the not-for-profit professional association representing the interests of more than 10,500 realtors and 10 local real estate boards and associations in Alberta.
The association said provincial sales eased in August compared to the previous year across all regions except Calgary and Lloydminster. However, slower sales were also met with a pullback in new listings, causing further year-over-year reductions in inventory levels and reductions in the amount of oversupply in the market, it added.
“Demand for housing still remains slow across most Alberta markets. This does not come as a surprise, as many regions continue to struggle with persistent weakness in the job markets and concerns regarding the province’s economic prospects,” said Lurie. “The current improvements in the housing market are mostly driven by supply adjustments.”
The association said easing new listings relative to sales is causing inventories to decline, helping push the market toward more balanced conditions. Province-wide reductions in oversupply are primarily driven by Edmonton and Calgary.
“While these reductions are supporting more stability in prices this month, year-to-date average prices continue to ease, and have generally trended down throughout most of this year,” it added.