Weekly Market Update – March 10, 2009

Over the past week we have seen the number of listings increase along with the median price for Single Family homes stay at $375,000 and the median price for Condos dropped $1,000 to $247,500. The number of sales have slightly decreased from the week before for both Single Family and Condos.

Over the next couple weeks will be a real tell all with what the market will do for the coming spring of 2009. If the listing count rises up past 7,500 than we will just have to hope that the number of sales also increase past 450 per week or we could see a further reduction in the values in Calgary. However, if the listing count remains constant and under 7,000 we could see the values in Calgary stay strong and most likely not decrease further for the time being, and if we combine this with stronger sales, this would make a great spring market for both buyers and sellers.

We are seeing more buyers starting to look, and want to be in a new home before the summer months. We are also seeing first time buyers starting to come out of hiding which could spur on the spring market.

ADVICE TO SELLERS:

Now is a great time to sell if you are serious… You will have to be competitive in this market, and homes that are priced well DO SELL… and sometimes very quickly…

ADVICE TO BUYERS:

If you are looking to buy right now.. it is a great time to purchase a new home.  See my past articles below for more info on this…

Time Seems Right To Buy

Market Is Prime for First Time Buyers