Since my last posting in June listing inventory and sales have dropped considerably and specifically in the past couple weeks here in October. I believe the drop in sales and inventory is happening for two reasons. The main reason is due to the global financial crisis and all the uncertainties in the markets from stocks, mutual’s, financial, to real estate. Buyers are being very cautious and waiting to see what is going to happen with the Canadian housing market. The second factor is the seasonal slowdown in the real estate market we see every year at this time. Most sellers just don’t like to have their home on the market during the Christmas Holidays.
Total listing inventory this week was at 8,422 with 5,644 being single family homes and 2,778 being condo listings. The average sale price of a single family home was $431,449 and condos came in at $280,272.
Please note: These averages do not indicate the average sale price of Calgary real estate. Just the average for the week mentioned.
Totals for October 13th – 18th 2008
Listing Inventory = 8,422
Single Family Home Sales = 122
Condo Sales = 70
Pending Sales = 298
Expired / Terminated Listings = 269
Nevin Van Nest . Realtor . Royal LePage Foothills
Your Calgary Real Estate Expert