Whenever people see a sale on something it typically motivates them to buy. Why, when real estate goes on sale (decreases in price), do people wait for the market to recover before buying?
Here are the key numbers for last month:
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 months of supply
- Single Family Detached – 4.2 months of supply
- Attached Homes – 5.3 months of supply
- Apartment Condominiums – 8 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 – 0.45 sales for every new listing
- Single Family Detached – 0.48 sales for every new listing
- Attached Homes – 0.46 sales for every new listing
- Apartments –0.33 sales for every new listing
Year to Date Total Sales: Down 9% versus Down 13% in February
New Listings: Down 6.5% versus Down 1.5% in February
Total Inventory: Up 3% versus Up 13% in February
We are moving in the right direction! With the year-to-date sales recovering from earlier in the year and new listings coming to market slowing down, the overall inventory numbers have moderated as well.
We are seeing a definite pick up in activity! Buyers are realizing the combination of low mortgage rates and some great buying opportunities means NOW IS THE TIME TO BUY!
All the money is made in your purchase! We are telling all our clients this right now. Yes, it is true, you won’t get as much for your existing property as you did a few years ago. But there are AMAZING deals in this market. If you want to find the best deals and negotiate a great purchase contract, call us! We can help you achieve your real estate goals. DON’T TRY AND BUY WITHOUT GETTING THE BEST ADVISE AND DON’T BUY WITHOUT YOUR OWN INDEPENDENT REPRESENTATION LOOKING OUT FOR YOUR BEST INTERESTS!
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!