A Great Time to Invest or Move-Up!
The end of summer continued the trend of softer sales numbers and higher than average inventory levels. This situation will persist until the economy and job market in Calgary and Surrounding Area shows some improvement.
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 5.5 months of supply.
- Single Family Detached – There is 4.8 months of supply
- Attached Homes – There is 6.3 months of supply.
- Apartment Condominiums – There is 6.9 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 0.49 sales for every new listing
- Single Family Detached – There are 0.51 sales for every new listing
- Attached Homes – There are 0.46 sales for every new listing
- Apartments – There are 0.44 sales for every new listing
Year to Date Total Sales: Down 14.4% versus a year ago
New Listings: Up 4.6%
Year to Date Total Inventory: Up 26%.
Many of our clients are taking advantage of the softer prices and getting into real estate investing! There are some great prices and opportunities in the market. We are also seeing many clients taking advantage of the market to make a move into a larger property.
Best advice we are giving people – MAKE SURE YOU BUY RIGHT! Now, more than ever, buyers need to understand what they are buying and the local market they are buying in. There can be tremendous equity gains over time if buyers make the right investment decisions with a purchase today!
Our Team has developed additional resources to make sure our clients understand the market, the local community, and the specific valuation for the property they are interested in.
Give us a call to put this new program to work for you!