A reduction in the new listings coming to market has caused some shifts in the market – most notably in the Apartment Condominium absorption rate that has decreased (become better) by just over 1.5 months.
Here are the key monthly numbers to consider:
Absorption Rate: (0 to 2 months of supply is a seller’s market, 2 to 3.5 months of supply is balance, and 4 or over becomes a buyer’s market)
- City of Calgary – 5.5 months of supply.
- Single Family Detached – 5.1 months of supply
- Attached Homes – 6.7 months of supply.
- Apartment Condominiums – 5.5 months of supply.
Sales to New Listings: (Ratio of under 0.6 indicates more of a buyer’s market, 0.6 to 0.8 indicates a balanced market, and over 0.8 indicates movement towards a seller’s market)
- City of Calgary – 0.61 sales for every new listing
- Single Family Detached – 0.62 sales for every new listing
- Attached Homes – 0.52 sales for every new listing
- Apartments –0.69 sales for every new listing
Year to Date Total Sales: Down 14% and down 17% for the month of November
New Listings: Up 2% and down 7% for the month of November
Year to Date Total Inventory: Up 23%.
The Holidays may prove to be a great time to sell your home again this year. With less inventory coming onto the market, the statistical probability of your home selling has increased. Combine this with the fact that any buyers who are out looking at homes during the Holidays are serious buyers. There are some many demands on people’s time during this part of the year, if someone is out looking at your property, they are doing it because they are proactively looking 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!