March 2012 Stats update can be seen here
Sales, not prices, are the leading indicator of where the market’s going. Sales of single family homes in March were up 23% compared to the 3-year average.
With inventory down 19%, it doesn’t take long to figure out why 10% of homes are selling at list price or higher. There is a shortage of attractive homes for sale in Calgary.
On this table, it shows that homes priced under $400,000 are in a seller’s market. We haven’t seen so much red and green on that chart for a long time.
Another telling statistic is that 48% of the homes listed in Feb already have a firm sale.
When I was checking price reductions, it shows that prices were increased on 19 listings in the past week.
Is anyone surprised that the median price is holding steady in the face of so much activity, inventory shortage, and bidding wars?
The last week of the month saw an upswing in new listings. Let’s hope it continues for the sake of anyone who’s trying to buy. If you’ve been thinking of selling your home, this may be your last chance, because armageddon is just around the corner(according to Garth Turner and the bubble bloggers).