It's a little late this month, but I figured it was better late than never.
Calgary's real estate market is still going strong however I think we should expect to see it level off here in the coming months. These are a few of the July Calgary Metro stats released by the Calgary Real Estate Board in early August.
As of the end of July, the Calgary Real Estate Board reported that inventory has hit 8,972, which is the highest level recorded this year.
The Average Selling Price in Calgary for Single Family homes, in July, hit $505,920 while the Average Selling Price for Condominiums was $318,582.
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The level of inventory has really caused a slowdown in the showings of properties. Realtors have even been telling clients to hold off on selling at the moment until listings drop off somewhat.
This resembles our market activity in the Seattle area. Along with Jon ... inventory is at an all time high right now.
Larry - I love Seattle. It's been a number of years since I was there last. I look forward to visiting again.
great graphs Jenn!! looks like that inventory is on the rise....like the rest of the country.
Hey Ines! Yes, inventory is high right now and as a result I think we are going to experience a slight slow down in the market here in the next few weeks. This by no means bad for the market, we needed a little leveling out period.
Update to this there are 12,000 listings as of April 2008. Just thought you'd all like to know
Keenan
Hey Keenan, long time no see. Hope you are doing well.
Yes there is a huge increase in inventory lately from last year. Spring is normally when the market here picks up again, but I think a lot of people were under the false impression that if they waited until Spring that they would see similar sales levels to last year. This is definitely not the case.
I believe that last year when we saw the average selling price of single family homes reach $503,000, and dealing with multiple offers was the norm, and homes selling in a few days of list was an anomialy.
Thanks for sharing the updating stats. Nice to see you back at AR.
Hey Keenan, long time no see. Hope you are doing well.
Yes there is a huge increase in inventory lately from last year. Spring is normally when the market here picks up again, but I think a lot of people were under the false impression that if they waited until Spring that they would see similar sales levels to last year. This is definitely not the case.
I believe that last year when we saw the average selling price of single family homes reach $503,000, and dealing with multiple offers was the norm, and homes selling in a few days of list was an anomaly.
Thanks for sharing the updating stats. Nice to see you back at AR.