The month of May saw a dramatic increase in new listings coming onto the market while the demand stayed very flat.
In June, we are seeing the new listing count very similar to last June, this is great news as the inventory numbers will stabilize!
Here are the key monthly numbers to consider:
Absorption Rate: (0-2 months of supply is a seller’s market, 2-3.5 months of supply is balance, and 4 or over becomes a buyer’s market)
- City of Calgary – There is 4.9 months of supply.
- Single Family Detached – There is 4.26 months of supply
- Attached Homes – There is 5.25 months of supply.
- Apartment Condominiums – There is about 6.81 months of supply.
Sales to New Listings: (Ratio of under 0.6 indicates more of a buyer’s market, 0.6-0.8 indicates a balanced market, and over 0.8 indicates movement towards a seller’s market)
- City of Calgary – There are 0.4 sales for every new listing
- Single Family Detached – There are 0.4 sales for every new listing
- Attached Homes – There are 0.4 sales for every new listing
- Apartments – There are 0.36 sales for every new listing
Total Sales: Down 18.4% versus a year ago
New Listings: Up 13%%
Total Inventory: Up 36%.
The month of May saw a big increase in the number of listing coming to the market when compared to May of 2017. So far, through the first half of June, we have seen the pace of new listings coming to market slow back down to similar numbers we saw in 2017.
If you are thinking of making a move, timing is very important right now. Let my team and I guide you through this changing market. We look forward to helping you achieve your real estate goals.
We are just a call or email away!