In every market there are opportunities. We are seeing many buyers starting to take advantage of the tremendous buying opportunities in the market. These buyers see that real estate is “on sale” in our area right now and want to buy before interest rates increase and the economy recovers.
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 – 5.6 months of supply.
- Single Family Detached – 4.8 months of supply
- Attached Homes – 6.6 months of supply.
- Apartment Condominiums – 7.1 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 – 0.54 sales for every new listing
- Single Family Detached – 0.59 sales for every new listing
- Attached Homes – 0.48 sales for every new listing
- Apartments –0.45 sales for every new listing
Year to Date Total Sales: Down 14% versus a year ago
New Listings: Up 3%
Year to Date Total Inventory: Up 24%.
If you are thinking of selling, now is a better time to sell than it was 30 days ago.
Why? Many people think the winter months and holiday season are not a good time to sell, so they either take their home off the market or wait until after the New Year to put their home up for sale. The absorption rate numbers and sales to new listings numbers are better in October and are continuing this trend in November. There are still buyers in this market for homes that offer great value in today’s market. It is not the time to “test” the market, but if you have a reason to move and want to get your home sold, there are buyers wanting to buy!
Marketing, pricing, and experience are your keys to success. Our Team is here to help with all three.
If you are thinking of buying, selling, or investing in Calgary and the Surrounding Area we are here to help you achieve your real estate Goals!