Nov
18
October 2008 Market Review
Filed Under Monthly Stats | 2 Comments
Calgary has been through quite the ride over the last couple weeks. I’m sure that most of Canada has felt something with the financial crisis that we have all seen and gone through.
As I write this, we are in a better place than we were at the end of October. But it is somewhat to be expected as invetory usually drops off this time of year. End of October we were sitting around 8500 listings and right now we are just over 8000. This is good, except that we still have 7.8 months worth of invetory on the market with the number of sales that are happening. In a truly balanced market, we should see this number of months be around 2-4.
Advice to Sellers:
Right now, you are wanting to really stay on top of the pricing of your home. We have bargain hunters out there, with low bids that are driving the prices down. If you are in a true need to sell your home, you will have to most likely cut your price further, as this is what buyers are looking for right now. As in the past, when it was the sellers day to shine, and prices were rising, and it felt you could ask almost anything for you home, it’s reversed. Will it stay this way forever, and prices go back down to year 2000 prices… probably not. We still have a strong economy. Across Canada, prices have dropped about 14% and Alberta had the least amount of price reductions at 7%. We are still THE province in Canada. But make sure you take a serious look at what it is your selling, and what your asking for it…
Advice to Buyers
BUY… BUY… BUY… Right now, more than ever, is a great time to purchase a new home or investment property. Especially with Christmas coming up and the number of motivated sellers rising daily. We have seen some incredible price drops, and buyers that we work with get some great deals. These days will pass, and it will go back to a balanced or a sellers market, so you don’t want to miss your chance to get into the new home that you are waiting for…
Here is a link to the last CREB (Calgary Real Estate Board) report put out for October 2008
Below are some graphs about the Calgary Real Estate Market over the last year… Hope you find them helpful.
You can click on the images to enlarge them in a new browser window.
Oct
14
September 2008 Market Review
Filed Under Monthly Stats | Leave a Comment
September has been a good and bad month for real estate. What I mean by this is that the Single Family market has recovered some in the absorption rate to 4.7 months of invetory from 5+ last month, and the Condo market has gone over 6 months of invetory. For single family, this is a good thing… what I mean is that it is now a strong buyers market and prices should not decrease and such great speed now. But rather float around where they are currently at. For Condos on the other hand, the prices will probably continue to drop much quicker.
The Condo median price has decreased 11.67% from September 2007 to $265,000 where as the Single Family homes median price has only decreased 6.06% to $395,000 from the same time last year.
Advice to Sellers:
My advice to sellers continues to be to emphasize the critical importance of pricing your property for the new reality. It is crucial to get ahead of the decreasing prices in this market. Most sellers instinctively want to be on the higher side when choosing a list price - it is natural to do so. To be honest, it is also a mistake in this market. If anything you want to be on the aggressive side with respect to list price in this market. There are many reasons for this, but the biggest one is competition. You as a seller will have a number of homes that you are competing against, and you need to make your home stand out to the potential buyer. Most buyers the we work with day in and day out are looking for one thing… a good deal. It is human nature to want to get a deal, and rightly so. We all want a deal! As I have talked about before as a seller, you need to put your foot in the shoe of a buyer, and offer what they are looking for.
Advice to Buyers:
BUY… Right now there are great opportunities to purchase. With the banks starting to tighten their lending, and prices in single family homes starting to stabilize, but still remaining a strong buyers market, there are some great deals to be had. If you are looking in the Condo market, prices will most likely continue to fall further, as the number of new condos coming on the market via builders, and speculative buyers will rise and in turn create a further downturn in the prices in condos.
Below are a couple graphs that you may find usefull.
Jun
9
May 2008 Market Review
Filed Under Monthly Stats | Leave a Comment
It’s been a while since the last post, but wanted to give you an update on where the Calgary market place is at!
We have seen some slight growth in the number of showings lately, but it still for sure a buyers market! There is still 1 buyer for every 5 homes (or sales) per week… that we can see. If you are looking to purchase a home, there are some very good ‘deals’ out there currently! As from what I’ve heard, it is like this throughout Alberta… It’s a great time to buy right now.
Here is a link to the Monthly Stats Package!
I also wanted to give you some info on the community sales info on each community through out Calgary… Below is a link to the Single Family info and the Condo info for all of Calgary… Enjoy!
May 2008 Community Stats Single Family
May 2008 Community Stats Condos
Cheers,
Jared
Apr
8
March 2008 Market Review
Filed Under Monthly Stats | Leave a Comment
Single family Calgary metro new listings added for the month of March totaled 3,493, an increase of 11.6 per cent from March 2007 when new listing added totaled 3,131 an increase of 17.2 per cent over last month, when new listings coming to the market were 2,981. At the end of the 1st quarter, we have seen 9,497 listings new to the market, compared to the 7,661 new listings for the 1st quarter of 2007, indicating a 24 per cent increase.
“We have moved into a market that is currently providing a great variety and choices for the buyer. Not only does the buyer have much better supply to choose from, they can also customize their wants and needs in a home, making for a dream home purchase,” remarked CREB® President, Ed Jensen.
Single family Calgary metro sales for the month of March came in at 1,418, showing a decrease of 37.6 per cent from the 2,272 sales in March 2007 but showing an increase of 13.3 per cent over last month’s sales of 1,252. Looking at the ? rst quarter sales for single family Calgary metro, we see that 3,747 homes have changed hands, compared to the 5,709 sales recorded in the ? rst quarter of 2007, indicating a 34.3 per cent decrease.
“Gone are the days of sellers naming their price; sellers have to pay much more attention to what their asking price will be and how they present their home to experience a quick sale.”
Calgary metro condominium new listings added in March 2008 were 1,561, showing an increase of 24.9 per cent from the 1,250 new condominium listings added in March 2007 and a 25.5 per cent increase over the 1,244 new condominium listings brought to market last month. New Condominium listings ? nding their way to the market in the ? rst three months of 2008 totaled 4,208, an increase of 33.9 percent over the 3,143 new listing brought to market in the ? rst quarter of 2007.
The median price of a single family Calgary metro home in March 2008 was $420,000 showing a very slight decrease of 1.6 percent over March 2007, when the median price was $427,000 and showing a 1.9 per cent decrease from last month when the medianprice was $428,000. Quarterly, the 2008 single family Calgary metro home median price also came in at $420,000, an increase of 2.5 per cent over the ? rst quarter median price of 409,900, for 2007.
Condominium sales for the month of March were 565, a decrease of 44.9 per cent over the 1,026 condominium sales in March 2007 and an increase of just 0.5 percent over the 562 condominium sales changing hands in February. Quarterly, condominium sales were 1,577 for this year, a decrease of 40.6 per cent from the 2,656 condominium sales recorded in the ?rst three months of 2007.
The average price of a single family Calgary metro home in March 2008 was $474,513, showing a 1.1 per cent decrease from March 2007, when the average price was $479,914. The average price of a Calgary metro condominium was $312,620, showing a 0.1 per cent decrease from March 2007 when the average price was $312,280.
For Graphs and Stats Click Here
Mar
5
February 2008 Market Review
Filed Under Monthly Stats | Leave a Comment
Calgary’s MLS® Sales for the month of February show signs of increased market pace, according to ?gures released by the Calgary Real Estate Board (CREB®).
Single family Calgary metro properties changing hands in February 2008 were 1,252, an increase of 15.6 percent over the 1,083 sales reported in January 2008 but showing a decrease of 35.5 from the same period last year, when the sales were 1,942. Single family Calgary metro new listings added for the month of February totaled, 2,981, a decrease of 1.4 per cent from January’s new listing of 3,023 and an increase of 35.1 per cent over the 2,206 new listings added in February 2007. The median price of a single family Calgary metro home in February 2008 was $428,000 showing a 4.9 per cent increase over February 2007, when the median price was $408,000 and showing a 4.4 per cent increase from last month when the median price was $410,000. All Calgary Metro MLS® statistics include properties listed and sold only within Calgary’s City limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.
Calgary metro condominium new listings added in February 2008 were 1,244, showing an increase of 39.9 per cent from the 889 new condominium listings added in February 2007. This is an 11.5 per cent decrease from last month, when the new listings added were 1,406.
Calgary metro condominium sales in February 2008 were 562; a decrease of 37.2 per cent from February 2007 when 895 condominiums changed hands and an increase of 23.8 per cent from the 454 sales recorded in the month of January 2008.
“It appears as though things are picking up, as we move into the ?nal month of the ?rst quarter. I don’t anticipate we’ll see the blistering
market that we experienced in the early parts of 2006 and 2007, but I do anticipate stability in this now corrected market,” remarked CREB® President, Ed Jensen. “Calgary is a very desirable place to live at the moment, with our strong economy, low unemployment rates, strength in the oil and gas industry; people are still moving here and that’s great for real estate.” concluded, Jensen.
The average price of a single family Calgary metro home in February 2008 was $471,696, showing a 5.2 per cent increase over February 2007, when the average price was $448,557. The average price of a metro condominium was $311,812, showing a 3.3 per cent increase over February 2007 when the average price was $301,812. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differentials between geographical areas.
Source: Calgary Real Estate Board
Feb
5
January 2008 Market Review
Filed Under Monthly Stats | Leave a Comment
“We experienced a slower market toward the end of December, which is expected during the holiday season, however, January has been a relatively good month for the resale market. This is the month when peoples lives are getting back on track, and consumers may be entertaining the idea of listing their home,” remarked CREB® President, Ed Jensen. “I think this ?rst quarter of 2008 will pick up momentum, and I anticipate a more balanced and stabilized spring,” concluded, Jensen.
The average price of a single family Calgary metro home in January 2008 was $455,297, showing a 2.37
per cent increase over December 2007, when the average price was $444,769. The average price of a metro condominium was $311,232, showing a 2.14 per cent increase over December 2007 when the average price was $304,719. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differentials between geographical areas.
As you can see in the graph, that the inventory is starting to decrease since it hit it’s high in Sept. 07. On a daily basis, we are having 50-60% of total listing number are the number of solds, the same day. This says that the market will continue to be a buyers market, and the inventory will be around for a while.
Regards,
Jared Chamberlain
jared@tcgroup.ca
www.ChamberlainGroup.ca
Jan
3
December 2007 Market Review
Filed Under Monthly Stats, Special Reports | Leave a Comment
Year end sales for residential and condominium held steady in 2007, showing very slight decreases in both categories, according to figures released by the Calgary Real Estate Board (CREB®).
Year-to-date Calgary single family metro sales as of December 31, 2007 were 18,438, a decrease of 3.53 per cent from the year-end 2006 sales figure of 19,113. Single family Calgary metro sales for December 2007 were 846, a decrease of 28.91 per cent from the 1,190 sales recorded in December 2006. Single family Calgary metro new listings added for the month of December totaled, 984, a 1.55 per cent increase over the 969 new listings added in December 2006. New listings coming to the market year-to-date were 31,722, an increase of 17.44 over the 27,011 new listings brought to market in 2006.
The median price of a single family Calgary metro home in December 2007 was $406,788 showing a 10.54 per cent increase over December 2006, when the median price was $368,000. The year-to-date median price was $421,000, an increase of 16.62 per cent from the 2006 year-to-date median price of $361,000.
“As we can see from the final numbers in 2007, sales have definitely held steady. In my opinion this can only point to two things; consumer confidence and stability in the market place. Calgarians continue to have confidence in our economy and real estate market”, remarked CREB® President, Ron Stanners. “The spring of 2007 was an unpredictable market, with multiple offers and relatively low inventory. As we moved into the summer months we saw a slow down in the sales activity and an increase in the amount of inventory on the market. This was a correction in the market, which was inevitable.” concluded, Stanners.
As we move into 2008, it will be very interesting to see where the market will go. As I stated in a post yesterday with the number of listings that went off over the last month, and what could happen this spring, could make our market flooded with properties again.
Jared Chamberlain
Source: Calgary Real Estate Board Stats December 2007
Jan
2
Today’s Current Listing Count
Filed Under Monthly Stats, Selling | 1 Comment
Hey Everyone,
I just wanted to make aware that over the holiday season, there has been a good change in the listing count. Right now there are 3,351 Single Family homes listed in the Calgary market place and 1,527 Condo properties (including townhomes, apartments etc.) listed. These numbers have dropped considerably over the last couple months. At the end of November 2007 there were 4,984 Single Family and 2,196 Condos on the market.
I wish I knew if this means that the market has settled and we are back to a balanced market, but I can’t. The reason I say that, is that over the last month (December 2007) there has been 1240 properties (single family and condos) that have gone off the market by them actually selling. But there has actually been more properties over the same time period, 1,711, that have been taken off the market via being terminated, withdrawn or the listing has expired. This says to me, that these sellers may be delaying the sale/listing of their property. Historically speaking, spring is usually a good time of the year to have your property listed, but it will be interesting to see what happens this coming spring and summer with the listing count, and if many of these home owners will try to list their homes all at the same time again, and yet again, create an overflow in the listing numbers. But then again on the flip side, we could actually be out of the high listing months, and back to a bit of normality…
Only time will tell!
But there is another side to this all as well… We have listed some homes over the last couple months and have had great success in selling them with various listing strategies, even with a very high number of competing properties. If you are in need of selling your home, please give us a call or contact us and put us to work for you!
Thank you for making us your Real Estate Team!
Dec
5
Calgary Stats November 2007
Filed Under Monthly Stats | 1 Comment
November is usually a slower month in the yearly cycle. Please see below for CREB President Ed Jensen’s response to this months stats…
“November is typically a slower month for MLS® sales and listings, due to the approaching holiday season. However, November Single Family Calgary Metro sales are only down by 10 sales from October, so there is still asubstantial amount of product selling,” remarked, CREB® President Elect, Ed Jensen. “If you are in the market to purchase, there is a healthy selection of product available at the moment, giving buyers many choices. Also, sellers need to be listing their properties with a professionally licensed REALTOR®, who will help them achieve that all important competitive price point, and give them exposure to the MLS® system, and a network of over 5,600+ other REALTORS®,” concluded Jensen.
Click here to view the stats of this month or pasts months!
Regards
Jared & Rebecca Chamberlain
www.ChamberlainGroup.ca
The Chamberlain Group
