Nov

26

Weekly Market Update - Week 47

Filed Under Weekly Market Update 

We will be starting a new weekly post that will give you an update on what has happened in the Calgary market over the last week…

Please leave any comments you have about the Calgary market, and thanks for reading.

WEEK 47

We have noticed over the last week that this market has picked up in number of showings, the number of sales and the active number of listings on the market has decreased, and we are now under 8000 listings in Calgary.  This is good, but there are still many bargain hunters out there as we mentioned last week.

We are not expecting prices to see instant growth, and turn around over the next couple months, but rather reach new bottoms, and most likely bounce around the $390,000 median price.  We hit the $390,000 median price back at the beginning of October and have been around this number since then.  It is hard to say what the Christmas season will bring, but most likely we will see the number of listings decrease, due to sellers not wanting to sell over Christmas, and their listings expiring.  The number of sales could drop off a bit as we get closer to the arrival of Santa.

Heading into 2009 we could expect more listings to come back on the market, with more buyers coming out of the woodwork.  Will this change the average and median prices?  Probably not, because there are many sellers who are waiting until the spring to put their property back on the market.  If you are considering this, your home may have more showings and potentially get offers, but the price most likely will not be increasing.  Why?  There could be more listings, but there could be more buyers as well, and the supply will stay high, and in the big scheme of things, the demand still lower.

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