As a mid-summer update — with just one week left in the month of August! I pulled the current Calgary MLS® System statistics a few moments ago.
So, how is the market?
Here is the breakdown as of this morning:
Total Calgary MLS® System within Calgary for residential properties for sale:
- 8,705 properties available in inventory
- 1,500 properties marked sold in the last 30 days
- That makes 5.8 MONTHS of inventory — a BUYERS' market
DETACHED homes:
- 4,748 properties available in inventory
- 945 properties marked sold in the last 30 days
- That makes 5.02 MONTHS of inventory — a BUYERS' market
ATTACHED homes (townhouses and 1/2 duplexes):
- 2,152 properties available in inventory
- 314 properties marked sold in the last 30 days
- That makes 6.85 MONTHS of inventory — a strong BUYERS' market
APARTMENT homes:
- 1,805 properties available in inventory
- 241 properties marked sold in the last 30 days
- That makes 7.49 MONTHS of inventory — a strong BUYERS' market
So, there are sales in all three sectors. And, there are some really great buys in all three sectors!
The number of Days On the Market (DOM) also continues to swell. I won't try to deceive you with the number the real estate board publishes as that number is the DOM of the "current listing" and not the true DOM of the home for sale. Nor is it the DOM since the last price adjustment (which really is the DOM you should be looking at).
While they are not the highest inventory levels I seen in recent months, unfortunately buyers haven't been taking advantage of the depressed real estate market in Calgary that has now been going on for two years. With interest rates poised to rise, now really is a great time to either trade up to another home or to finally leave renting behind.
The keys to getting your home sold are: a home in great condition, excellent online photos and virtual tours, and MOSTLY having the home priced well.
It remains a great time to buy!
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