Calgary Real Estate Update – Video

As I talked about in the video, below is the graph of the current absorption rate in Calgary…

Weekly Market Update – Week 48

Over the last week, the number of listings on the market has dramatically fallen off.  We believe this to be a combination of a couple things.
1)    Listings that were set to expire at the end of November did so, and have not been relisted yet
2)    Listings have been taken off the market because we are heading into the December months and Christmas.

Although the number of sales dropped over all, the number of condos sold actually increased by 5 units vs. last week.  The number of showings over the past week, we have noticed to slow down, and most showings are happening on the weekends, as the evenings get shorter.

Again, heading into Spring of 2009 we could expect more listings to come back on the market that have been or will be taken off, 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.

Weekly Market Update – Week 47

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.