Hope everyone is enjoying the week so far. The school year is coming to an end and it seems everyone is starting to get excited for vacations, camping, etc. Some people are thinking about selling their home before the next school year begins. That's a smart idea, get your kids settled into their new home and feeling comfortable and ready to make new friends if it's a new school.
The Calgary Real Estate market is interesting right now. We never did have the crash that everyone predicted. We did have a big drop in our luxury homes but the opposite side of things are happening in the $500,000 and under market. There has been a influx of multiple offers.
The reason for the multiple offers, there is very low inventory right now. I mean this inventory is LOW! Here is what we have on the MLS System (realtor.ca) market right now as I type this this morning.
Active Single Family Homes - 3048
Active Attached (townhouses, side by sides, rows) - 1571
Active Apartments (high rise and low rise) - 51
That leaves us with a total of 4670 homes for sale on the market right now. (This does not include land)
A few years back when we were having a "recession," there were greater than 9000 homes for sale on the MLS System.
I took this screen shot this morning of what has happened in the last 24 hours. More homes are getting sold than coming on to the market. Take a look...
Sold's and conditionally sold homes are 146, New listings are 131. This keeps up then we may begin to see a sellers market. Right now it seems to be a pretty level playing field. Supply and demand or close to even. Problem personally is that my buyers can not find a home they love that is not over priced.
Buyers are smart, they're sitting on their hands if they feel a home is over priced. I have several buyers right now that are not will to give up their hard earned cash for a home that is over priced. They will not even give the sellers an offer. Buyers are giving themselves more time if possible so they don't feel rushed.
I said there are multiple offers happening and that's true but very few of them are going over asking price. So think before you list. Talk to a Licensed Realtor® about price and get them to show you the comparable's. If you over price your home you will not sell. The longer you are on the market at a price range that is too high the less money you are going to get for your home. More days on the market mean more low ball offers, if you even get any offers.
If you have any questions about the real estate market in Calgary or surrounding towns please feel free to give me a call. 100% no obligation, no pressure.