Category Archives: Bidding wars

What happened in February?

Posted on March 1, 2013 | 2 comments

Even with inventory down by 25%,  sales were still up by 3.8% in Feb compared to the average of the past 3 years. 

Inventory vs sales and price

  • The average price hit an all-time high for Calgary at $518,452 but it’s well-known that I put more credence in the median price, which hit an all-time high for Feb at $437,500. It’s still $1500 less than the record high of $439,000 in Jun 2007.
  • First-time buyers were up 6.8% compared to last year.

A seller’s market

  • There’s a huge demand for homes priced under $500,000 with an absorption rate of 1.3 which means there’s a 39-day supply of homes on the market. Last year in this price range, there was a 60-day supply.
  • For homes priced above 500,000, there’s a 111-day supply.
  • Bidding wars are going strong, with 17% of homes selling for list price or higher in the last four days of the month.

Read more here Monthly stats update
From the Calgary Herald: Calgary housing market sets all-time record

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Posted in Bidding wars, Market update, Month-end

What happened in June?

Posted on June 30, 2012 | Leave a comment

Canada Day in Canmore, Alberta

The housing market in Calgary continues to defy gravity(and all the predictions that were calling for a crash).  The biggest issue we had this spring was a shortage of attractive listings. I predicted back in the winter that we’d eventually see higher prices if the lack of inventory persisted, and that’s exactly what happened. The median price is up 9.2% compared to December.

With so little for buyers to choose from, it’s surprising to see that year-to-date sales are up 19% compared to 2011, and up 12% compared to the past three years. More complete statistics can be seen here Monthly stats update

Bidding wars update

Over the past three days, 12% of homes went for list price or higher. A home in North Glenmore which was listed for $489,500 was sold for $492,500, with an accepted offer coming after 2 days on the market. The home was purchased in 2007 for $450,000.

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Posted in Bidding wars, Calgary SFH, Month-end, Predictions

Bidding wars update

Posted on June 25, 2012 | 2 comments

Over the past four days, 13% of the single family homes went for list price or higher. A few examples…

A home in Garrison Woods sold for $606,000 which was $6,100 over list price. It had an accepted offer in four days. It was purchased in 2004 for $308,000.

A home in Glamorgan sold for $482,000 which was $7,000 over list price. It had an accepted offer on its first day on the market. It was purchased in 2006 for $395,000.

A reno project in Oakridge Estates sold for $765,000 which was $$2,500 over list price. It was purchased last year for $517,500.

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Posted in Bidding wars, Calgary SFH

Bidding wars update

Posted on June 16, 2012 | Leave a comment

Over the past two days, only 10% of the SFH sales were for list price or higher. Homes in the following communities sold over list price:
Glamorgan $10,100
North Haven $100
Tuxedo $14,600
Bankview $7,600
Winston Heights $5,700
Inglewood $5,100
Shaganappi $2,700
North Glenmore $15,100
Tuscany $100
Glenbrook $578
Canyon Meadows Estates $100

Homes in these communities sold for list price:
Brentwood
Valley Ridge
Montgomery
South Calgary

The home in North Haven was purchased in 1998 for $149,000 and sold for $360,000. It had an accepted offer on its first day on the market.

During the first 8 days of June, 13% of homes sold for list price or higher.

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Posted in Bidding wars, Calgary SFH