Sellers have the upper hand in Calgary

Over the past four days, 14% of sales have been for list price or higher. For a healthy market, that’s still higher than I’d like to see it.

A 1990 sq ft 2-storey home in Citadel which was listed for $434,900 was sold for $445,000. It was only on the market for two days.

More indicative of the market is the sales-to-new-listings(SNL) ratio at 80%. The average SNL in July since 2006 has been 59%.

The absorption rate of 2.0 is also in seller’s market territory. This means we have a 60-days supply of listings. We normally have a 102-day supply in July.

I don’t normally pay much attention on this blog to the condo market, but the SNL ratio for condos in July is a phenomenal 95%. It’s usually at 59% in July.

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2 responses to “Sellers have the upper hand in Calgary

  1. Edmonton real estate just died with the increase in mortgage rates. Calgary and Edmonton used to move in tandem with one another. Both can’t be right.

  2. How does this compare in terms of statistics to the frenzied days of 2006? It seems demand is rapidly outstripping supply. Are the number of proprties, dom, absorption similar?

    Good question. See my new post, “Is demand outstripping supply” for my answer. -Bob

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