The June numbers continue the trend of stabilizing sales numbers just slightly lower than last year, while the new listing numbers are significantly less. The supply in the market is down 15% from this same time in 2018. If you are thinking of buying, these are the lead indicators of fewer buying options and a more stable market. If you are looking for a BUYING DEAL, the window may be closing on the best opportunities.
Absorption Rate: (0 to 2 months of supply is a seller’s market, 2 to 3.5 months of supply is balanced, and 4 or over becomes a buyer’s market)
- City of Calgary: 2019 – 4.2 versus 2018 – 4.7 months of supply
- Single Family Detached: 2019 – 3.6 versus 2018 – 4 months of supply
- Attached Homes: 2019 – 4.3 versus 2018 – 5.4 months of supply
- Apartment Condominiums: 2019 – 6.8 versus 2018 – 6.4 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: 2019 – 0.57 versus 2018 – 0.49 sales for every new listing
- Single Family Detached: 2019 – 0.61 versus 2018 – 0.52 sales for every new listing
- Attached Homes: 2019 – 0.62 versus 2018 – 0.43 sales for every new listing
- Apartments: 2019 – 0.39 versus 2018 – 0.44 sales for every new listing
June Total Sales: Down 6% versus 2018
Year to Date Total Sales: Down 2.3%
June New Listings: Down 19% versus 2018
June Total Inventory: Down 15%
June Benchmark Pricing: Down 4% depending on the product category
The good news is sales numbers are stabilizing and the new supply coming onto the market is shrinking. The reason for the lack of new listing inventory is the continued softening in prices. As we see the supply and demand numbers continue to stabilize, we hope to see movement towards a more normalized market. This will not truly take effect until we see an increase in the demand for housing.
Looking for deals, now may be the last opportunity before some recovery starts! 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. 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!