Weekly Market Update – Week of May 5, 2009

Over the past week the number of listings has dropped, as did the number of sales.  As we head further into the spring market, we may see the listing count decrease even further.  The monthly statistics report came out from CREB this last week, and it showed that the Absorption Rate is down to 4.4 months.  What this means is that if no other properties came onto the market, and we just sold all current listings in Calgary at the rate of current sales, it would take 4.4 months to sell everything.  Over Christmas and into 2009 we were at over 11 months Absorption Rate.  A balanced market is between 2.5 and 4 months, and we are almost at a balanced market, which is a good thing.

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.