June 23, 2018 - How's the Calgary real estate market?

I pulled the current Calgary MLS® System statistics a few moments ago.

 

So, how is the market?

Well, for having just officially starting summer (whereas the "summer market" for Calgary real estate started in May), the market remains quite a bit slower than "normal" — if there is still a "normal" for the Calgary market. The last 10 years have been exceptionally slow with the occasional blip up or down along the way.

 

Here is the breakdown as of this morning:

 

Total Calgary MLS® System within Calgary for residential properties for sale:

• 9,282 properties available in inventory
• 1,895 properties marked sold in the last 30 days
• That makes 4.9 MONTHS of inventory - a really soft BALANCED market

 

DETACHED homes:

• 5,039 properties available in inventory
• 1,211 properties marked sold in the last 30 days
• That makes 4.2 MONTHS of inventory - a really soft BALANCED market

 

ATTACHED homes (townhouses and 1/2 duplexes):

• 2,248 properties available in inventory
• 386 properties marked sold in the last 30 days
• That makes 5.8 MONTHS of inventory - a BUYERS' market 

 

APARTMENT homes:

• 1,995 properties available in inventory
• 298 properties marked sold in the last 30 days
• That makes 6.7 MONTHS of inventory - a strong BUYERS' market

 

So, there are sales in all three sectors. Attached and Apartment sales are improving whereas Detached homes have slowed even more.

 

It sure is a great time to buy!

And, we are starting to see some incentives being offered by sellers! I'm seeing it on both on the resale market and the new property market. They are a few directed directly at consumers, but most that I have seen are directed at agents (a higher than normal commission offered). As a home buyer, this is DEFINITELY the time to make sure your have your Buyer Representation Agreement in writing before you go see homes and ONLY sign one that details the COMMISSION the agent will receive. This will cause any "bonus" commission to be returned to the BUYER in the form of a Buyer's Commission Rebate. (Note: "Bonus" commission is actually misnomer as there legally is no fixed amount although there is a market-normal amount.)