This is my first week in review posting & hopefully there will be many more to come. There is a whole lot of data to collect to produce this posting so over time I am sure I will fine tune it into a more logical reading ,weekly posting that everyone can enjoy and gain from. You will have to bear with me as we work through the fine tuning.
In the past couple weeks we have been seeing residential listing inventory levels drop but sales are remaining relatively low. Why are the inventory levels dropping but the sales are still low you may ask? I suspect a large part of the decrease is coming from listings that are expiring or that have been terminated. I really believe there is a large number of speculators out there that got caught in the heat of the market and are now realizing they are not going to receive what they expected for their properties, and are now reducing them so they will sell or taking them off the market and renting them out. Just in the past two weeks alone 893 listings have expired or have been terminated. Does this mean the market is heading towards a balance? We will all have to keep watching the numbers over the next few weeks to find out.
Right now we are currently sitting at 10,446 active listing on the market with 7,089 of those being single family homes and 3,357 being condominiums. In the month of April we were sitting at 11,008 active listings in the same week. This week of May 5th – 9th a total of 389 properties sold with 285 of those being single family homes and the other 104 being condominiums. What is really interesting is there were 560 residential listing that went pending this week.
A lot of the Realtors I have been talking to are saying we might just skip over the busy spring market this year due to the high listing inventory. However if the pending sales turn into SOLDS and the expired listings keep dropping off the market we might see a spring market in the summer. Who really knows through…right? Like any market it can change very quickly.
Below is the SOLD data for Calgary Metro for May 5th – 9th . As you will see the average Single family home sale this week was $498,897 and the average Condominium sale was $349,172. Please note: These numbers to not imply the average Calgary single family home or condo sale price . Just the average in the week it was posted.
Nevin Van Nest . Realtor . Royal LePage Foothills
Your Calgary Real Estate Expert