As a mid-fall update — with just one week left in the month of November! I pulled the current Calgary MLS® System statistics a few moments ago.
It's VERY CLEAR — the annual decrease in listings for the December holiday season has already begun. If you were waiting for the best selection of homes to choose from, don't wait any longer!
So, how is the market?
Here is the breakdown as of this morning:
Total Calgary MLS® System within Calgary for residential properties for sale:
- 7,098 properties available in inventory
- 1,153 properties marked sold in the last 30 days
- That makes 6.2 MONTHS of inventory — a strong BUYERS' market
- 3,838 properties available in inventory
- 663 properties marked sold in the last 30 days
- That makes 5.79 MONTHS of inventory — a BUYERS' market
ATTACHED homes (townhouses and 1/2 duplexes):
- 1,836 properties available in inventory
- 264 properties marked sold in the last 30 days
- That makes 6.95 MONTHS of inventory — a strong BUYERS' market
- 1,424 properties available in inventory
- 226 properties marked sold in the last 30 days
- That makes 6.30 MONTHS of inventory — a strong BUYERS' market
So, there are sales in all three sectors. And, there are some really great buys in all three sectors!
The number of Days On the Market (DOM) also continues to swell. I won't try to deceive you with the number the real estate board publishes as that number is the DOM of the "current listing" and not the true DOM of the home for sale. Nor is it the DOM since the last price adjustment (which really is the number you should be looking at).
Unfortunately, buyers haven't been taking advantage of the depressed real estate market in Calgary that has now been going on for over two years. With interest rates rising, now really is a great time to either trade up to another home or to finally leave renting behind. More and more builders are now listing a portion of their inventory on our local MLS in order to help move their stagnant inventory. Some builders and developers are offering substantial commission inducements (which are often passed on to buyers through a commissison rebate when purchasing with the aid of a licensed real estate professional — buying direct offers no rebates).
The keys to getting your home sold are: a home in great condition, excellent online photos and virtual tours, and MOSTLY having the home priced well.
It remains a great time to buy!