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.
Despite more new listings, inventory continues to drop because of the increased sales.
The demand for homes in Calgary is resulting in numerous bidding wars. Yesterday, 25% of all sales were for list price or higher. A home in Scenic Acres which was listed for $458,000 had an accepted offer after one day on the market and sold for $468,000. It was purchased in 2001 for $209,000.
A tear-down on a 50′ lot in Montgomery also sold in one day. It was listed for $419,000 and sold for $432,500.
Sellers are finally starting to list their homes, but inventory remains low because the buyers are snapping them up.
Bidding wars update:
Over the past 3 days, 17% of homes sold for list price or higher. A bi-level in Silver Springs was listed for $475,999 and sold in 5 days for $484,000. It was purchased in 2010 for $417,000.
A 2-story in Sundance was listed for $419,900 and had a firm offer in 2 days for $430,000. It was purchased in 2007 for $365,000.
From the Calgary Herald: Calgary home price growth best in Canada
The March median price will break all previous records. It’s surprising to see that sales are up considering the inventory shortage.
20% of homes sold in the past 2 days went for list price or higher. A 1931 Mt Pleasant bungalow which was listed for $449,900 sold for $502,100. It had an accepted offer in 1 day.
It’s a hot seller’s market for homes in the 0 – $400,000 price range, with only a 35-day supply of inventory. Also in that price range, 78% of all new listings are selling within 30 days.
For homes above $400,000, there’s a 72-day supply.
Alberta’s population is closing the gap with BC. If both provinces continue to grow at the same rate as last year, Alberta will surpass B.C. and become the third largest province within eight years. Alberta’s population growth is best
Bidding wars have returned to Calgary with a vengeance. Over the past three days, 21% of the homes sold in Calgary went for list price or higher.
A couple examples:
An original Westgate bungalow which was listed for $439,900 sold for $470,000. It had an accepted offer after 2 days on the market.
A renovated Lakeview bungalow which was listed for $819,900 sold for $830,000. It had an accepted offer after 3 days on the market.
Calgary truly is different. We’re rated as the best place to live in Canada. Calgary ranked top Canadian city in which to live
Over the past two days, 20% of the sales have been for list price or higher. 31% of the homes listed in the past 30 days already are sold or conditionally sold. Concern: First-time buyers are down 8% compared to last year. Are they being priced out?
A tear-down bungalow in Capitol Hill was listed two days ago for $524,900. It sold in one day for $540,000. Builders seem to have confidence in this market.
Also two days ago, a home in Elbow Park sold for list price, $1.6 million, after two days on the market.
June hasn’t shown any changes in the bidding wars happening in Calgary’s real estate market. So far this month, 13% of all single family homes have sold for list price or higher.
How much did someone pay for 6400 sq ft of dirt? A tear-down in St Andrew’s Heights recently sold for $651,000 after being listed for $645,000. It had an accepted offer after one day on the market.
A brand new 3713 sq ft home in St Andrew’s Heights recently sold for list price at $2.3 million.
A home in Scarboro slated for demolition sold yesterday for $55,000 OVER list price. It was listed at $850,000 and was only on the market for two days.
Over list price Continue reading →
Buyers are bidding up the prices of single family homes in Calgary. Yesterday, with 72 total sales, 15 sold for list price or higher, with 11 actually going OVER list. Continue reading →