The numbers for April are down as expected.
The reaction to the current situation is weighing heavily on market conditions. But, as I write this in mid-May, we are already seeing improvement!
The biggest message I want to get across to everyone is the market reaction is very segmented and specific. Meaning, the price range, location, and type of home will have a huge impact on how the current situation will impact your specific market.
If you have questions or are just curious about your market – please let us know, we are here to help!
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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: 9.7 months
- Single Family Detached: 8.2 months
- Attached Homes: 10.4
- Apartment Condominiums: 14.2 months
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: 0.4 sales for every new listing
- Single Family Detached: 0.43 sales for every new listing
- Attached Homes: 0.36 sales for every new listing
- Apartments: 0.37 sales for every new listing
April Total Sales: Down 63% versus 2019
Year to Date Total Sales: Down 18% versus 2019
April New Listings: Down 54% versus 2019
April Total Inventory: Down 22%
April Benchmark Pricing: Down 1.6%
April Average Pricing: Down 8.3%
Some final thoughts: deals are still happening, people are still moving, and there are tremendous opportunities in today’s market.
We are here to answer your questions and provide information based on over 23 years of experience and over 4,000 transactions. Once we understand what you are trying to accomplish and what your goals are, we will put a plan together to help you achieve them!