I hope your getting out and enjoying this great weather.
After what seemed like a VERY LONG painful winter, it’s nice to finally get outside, and soon we will be able to sit with friends and share solitaire confinement stories.
I would like to take a minute and share some market statistics with you. I get a lot of calls these days wanting to know how the market really is.
As of this day there are 6,605 residential properties on the market. This is a bit higher than we are accustomed to.
In the past 7 days there have been 767 (110/day) residential properties Sold in Calgary. This again is a bit higher than the past 2 years. This number has been fairly consistent for the past 6 months.
In the past 7 days there have been an average of 143 properties coming on the market per day, actually lower from where it was. (Recently was 210 per day).
At this time we are seeing an average of 80 asking price reductions per day. Yes some homes are getting multiple offers, and some are selling at or above asking price, but it is NOT 2006.
Of the 767 properties that sold in the past 7 days, 387 were priced under $450,000.00.
The properties priced between $450,000 and $600,000, there were 210 sold. Properties over $600,000 need to be very well priced.
Of the 6,605 properties on the market for sale, 4,755 of them are priced under $600,000.00. Although this is the segment where the majority of sales are taking place these buyers do have plenty to choose from.
The answer to the BIG question
Should I be selling now ?
Should I be Buying now ?
The answer to both is Yes.
For sellers; there are buyers who are actively buying, 110 sales per day is significant.
For Buyers; there are plenty of properties to chose from.
In my opinion real estate prices in Calgary are far lower than they should be, and over time will undoubtedly go up.
If you would like more detailed information, I would be happy to provide specific information about your home and or community.
Happy Father’s Day, hopefully the forecast is wrong. LOL