February 2009 Real Estate Market Review

The real estate market has corrected back to the pace and possibilities of a market far more realistic than what we experienced over the past few years. Trends, however, continue to ebb and flow as always.

Not surprisingly, sales in February greatly increased over the previous few months. Listings, however, failed to keep pace in most Canadian markets. This indicator bears watching as speculators withdraw from the market, leaving serious buyers and sellers expressing true intention through negotiations and decisions.

Stats portraying national trends need to be thoughtfully considered. So-called national housing indexes such as the National Bank/Teranet House Price Index, include figures from only 6 Canadian cities. The real estate industry is local and Canadians are not a frivolous people.

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

Weekly Market Update – March 3, 2009

calgary real estate stats weekly market update

The listing count over the last week has declined, while the sales have risen.  This is a good thing, and hopefully is a move towards a more balanced market.  The absorption rate in Calgary went from just under 10 months worth of inventory in calgary in January 2009 to under 7 months currently.  Again this is another move towards a balanced market.

“Affordability is the silver-lining in this market.  With low interest rates, broad selection and improved affordability, buying opportunities have not been this strong in years.”said Calgary Real estate board presidents Wegerich.

The interest rates also just dropped today down to prime down to 2.5%, which in my mind is basically free money when borrowing…

Weekly Market Update – Week 50

As we head into the Christmas season, and the focus changes to family time, and holidays, we will see a further reduction in listings, and sales.  Over one month, we are down 80 sales per week from 253 during the week of November 17, 2008 to this week at 173. Even further back we are down 143 sales per week from the week of October 14, 2008 at 316 sales.

We will most likely see the number of listings drop a bit further, but will pick up again middle to end of January.  There still will be sales happening, but in most cases you will feel the slow down, which is typical this time of the year.

The properties that are selling right now are the ones that are priced well, show well and are willing to negotiate when the offer comes in.  If you are fortunate to have an offer in this market, it is worth a serious look at, and consideration.