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 – April 28, 2009

Over the past week we have seen the number of sales and showings increase across the board.  Single Family home sales rose over the last week while Condo sales dipped.  Another great point, is that over the past couple months, since January 2009 to be exact, we have seen the Median price of Single Family homes stay very constant around $380,000.  The Condo Median prices however have had a bigger ride ranging from $249,000 up to $260,000 since January 2009.

We should expect to see the listing count stay constant with the sales per week rising into the mid 500s as Spring season is now upon us.  As well, we should see the number of showings starting to rise per week as more buyers are starting to look more seriously.

BUYERS:

There are some great purchases out there right now.  With interests rate at amazing low’s, and home prices back to decent levels, this is your time to get into the market.

SELLERS:

In order to be successful in this market, you need to have a home that shows well and is priced well.  Don’t try to test the market in terms of price, as it could hurt you in the end.

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

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 – February 3, 2009

Can you believe it… January is already over… Anywho!

Over the past week, the listing count in Calgary has decreased.  This is a good thing, especially when it is mixed with the number of sales increasing.  The median prices for both condos and single family homes have stayed roughly the same as last week with condos at $248,000 (up $1,000) and single family at $377,500.  As well the average days on market have decreased and both condos and single family are sitting at 62 days on market.  With the prices staying where they are at, some would say that the market is starting to stabilize.  I do hope that this is the case, but we will need to have more than a couple weeks of data to see this.  If prices remain the same into the end of February time frame, the tides may have calmed.  We will have to wait and see.

Same as last week, many of the places that buyers are seeing are not quality listings, that do not show well.  This is one area that we try to stand out from the crowd in, and when buyers look at our listings we get many comments that the home viewed was in impeccable condition.

If you are considering buying in Calgary, right now is a great time to buy, as there are some highly motivated sellers out there.  But on the flip side, if you are needing to sell, you need to market your home a certain way, and price it properly, or it could cost you more in the long run.

Thanks for checking out our blog, and we hope that you find it informative and helpful in your real estate adventures.

Weekly Market Update – Week of Jan. 20, 2009

Over the holidays we have come to a place that the listing count has dropped, sales slowed and the average price dropped.  Even though this may sound somewhat depressing, it is very typical this time of year.  Over the last couple weeks, since the New Year, we have seen the listing count climb upward from 5,698 on Jan. 2 to 6,075 on Jan 20.  This will probably increase further from here on in as we move into 2009.

The Average and Median price of Condo’s (CND) and Single Family (SF) have been dancing around, which we suspected and predicted from end of 2008.  For SF homes the price since the beginning of the year increased in the Median and Average price, both apx. By $3,000 to end up this week at $380,500 (median) and $417,121 (average).  For CND’s we have seen a decrease in the average and median price.  The median price on Jan. 2 was at $250,000 and on Jan. 20 was at $245,000, and the average price has actually stayed almost the same at $264,659 on Jan. 2 and $264,729 on Jan. 20.

The average Days On Market (DOM) is apx 60 days for both CND’s and SF homes.

For the coming weeks, we will most likely see the listing count continue to rise as more properties get listed or re-listed.  There are buyers out there buying, and they are still looking for a good deal, which in sellers terms means a good price.  It’s human nature to want to get a good deal, and if you are looking to buy in this market as well, you will inturn want to get a ‘good deal’ too.

If you are fortunate to have an offer in this market, it is worth a serious look at, and consideration as the future months may get a bit tight with the number of listings coming onto the market.

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.

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.