Here’s your Calgary Real Estate market update for December, 2007.
Total inventory finally started to decline this past month, which is good news. However, this reduction was caused more by fewer listings coming onto the market; not by any resurgence in sales, which is what we really need.
The bottom line: There are still an unusually excessive number of listings in Calgary.
Traditionally, the market tends to open up with a bang in January, but I don’t expect that to happen this year. Don’t get me wrong. The market should be quite active in January, but I am expecting a coinciding resurgence of new listings at the same time. Therefore, we won’t be getting out of this high inventory situation any time soon.
As for the balance of this year… it will be VERY slow. There might be some great opportunities for buyers, but the sellers are still in a tough spot. You need to be priced very competitively to generate a successful sale in this type of market.
By the way, other than the high inventory levels, everything else is playing out like NORMAL for the Calgary Real Estate market. It’s normal for sales to fall off at this time of year. It’s normal for there to be fewer new listings. Etc, etc.
The only thing that’s not normal is the excessive inventory! To give you an idea how bad it is, let’s take a look at the same time last year. I remember quite clearly that we were all quiet concerned about the inventory levels then. Well, this year the inventory is over 63% higher (at the end of November)!
Believe me, I hate to harp on and on about the same subject, month after month, but the inventory levels continue to be BY FAR the strongest factor affecting the market in Calgary. The result is the strongest Buyer’s Market we’ve seen in many years.
Next month, we’ll have a full recap of the year.
That’s your Calgary Real Estate market update for December 2007.
| SINGLE FAMILY |
Aug 2007 |
Sept 2007 |
Oct 2007 |
Nov 2007 |
| Month End Inventory |
4,821 |
5,562 |
5,517 |
4,984 |
| New Listings Added |
2,837 |
3,106 |
2,586 |
1,949 |
| Sales |
1,314 |
1,064 |
1,113 |
1,103 |
| Average Sale Price |
485,814 |
470,888 |
452,254 |
462,134 |
| Median Sale Price |
430,000 |
420,500 |
412,500 |
407,500 |
| CONDO |
Aug 2007 |
Sept 2007 |
Oct 2007 |
Nov 2007 |
| Month End Inventory |
1,855 |
2,235 |
2,329 |
2,196 |
| New Listings Added |
1,186 |
1,315 |
1,203 |
890 |
| Sales |
598 |
483 |
501 |
496 |
| Average Sale Price |
320,790 |
321,614 |
331,617 |
312,710 |
| Median Sale Price |
301,000 |
300,000 |
289,000 |
285,000 |
Note: All statistics reported above are for “Calgary Metro” (within Calgary city limits).
About the Author
Whether you’re buying or selling a house in the Calgary Real Estate Market, rely on the knowledge and experienced of Ted Greenhough, a Re/Max Reality Professional.
Note: The above commentary is the personal opinion of the author only and should not be construed as “financial advice”. The market changes from day to day. Always consult with a professional Realtor before making any decisions about Real Estate.