From CREB President Bonnie Wegerich:
"This is the third consecutive month we are seeing our inventory return to a balanced market," says Bonnie Wegerich, President of the Calgary Real Estate Board. "Our inventory turnover for single family homes and condos in metro Calgary is now just over two months. This is a remarkable shift from the nearly 11 months of inventory we saw in January of this year."
""A rise in demand along with fewer listings has helped bring supply in balance with demand," says Wegerich. "Affordable prices, low interest rates and pent-up demand continue, to fuel this gradual rebound. Should this trend continue, I think we can confidently say the bottom of the market has come and gone before many buyers had a chance to notice."
My thoughts: I echo Wegerich`s comments regarding the bottom of the market. It has indeed come and gone and those that purchased in December 2008 or early 2009 bought at the lowest of the low. There are still great deals out there and buyers are getting concessions from sellers however the fact that real estate values have come down is old news. Sellers are listing responsibly and those that couldn`t get their price before have taken action and either reduced their asking prices or removed their listings from the market.
We are in a balanced market right now with between 2.5 and 4 listings to every closed sale. The pretenders - sellers with asking prices way out of line of true value - are out of the market. Buyers have seen a few months of stability and are now beginning to make their moves up market
We likely won`t see another `boom` until prices eclipse their previous highs allowing all owners that bought at the peak to exit or trade up without a net loss and that is probably a year or more away based on the recent trends.
Northwest LRT
Ranchlands Single Family Home June 09
Ranchlands Condominium June 09
Silver Springs Single Family Home June 09
Silver Springs Condominium June 09
Dalhousie Single Family Home June 09
Dalhousie Condominium June 09
Brentwood Single Family Home June 09
Varsity Single Family Home June 09
Varsity Acres Condominium June 09
Varsity Village Condominium June 09
West LRT
Glendale Single Family Home June 09
Rosscarrock Single Family Home June 09
s%20June%2009/Shaganappi_SF_2009.pdf" target="_blank">Shaganappi Single Family Home June 09
Westgate Single Family Home June 09
Spruce Cliff Single Family Home June 09
Spruce Cliff Condominium June 09
Overall Calgary Market
Citywide Sales Stats - last 24 months - Current to June 2009
"This is the third consecutive month we are seeing our inventory return to a balanced market," says Bonnie Wegerich, President of the Calgary Real Estate Board. "Our inventory turnover for single family homes and condos in metro Calgary is now just over two months. This is a remarkable shift from the nearly 11 months of inventory we saw in January of this year."
""A rise in demand along with fewer listings has helped bring supply in balance with demand," says Wegerich. "Affordable prices, low interest rates and pent-up demand continue, to fuel this gradual rebound. Should this trend continue, I think we can confidently say the bottom of the market has come and gone before many buyers had a chance to notice."
My thoughts: I echo Wegerich`s comments regarding the bottom of the market. It has indeed come and gone and those that purchased in December 2008 or early 2009 bought at the lowest of the low. There are still great deals out there and buyers are getting concessions from sellers however the fact that real estate values have come down is old news. Sellers are listing responsibly and those that couldn`t get their price before have taken action and either reduced their asking prices or removed their listings from the market.
We are in a balanced market right now with between 2.5 and 4 listings to every closed sale. The pretenders - sellers with asking prices way out of line of true value - are out of the market. Buyers have seen a few months of stability and are now beginning to make their moves up market
We likely won`t see another `boom` until prices eclipse their previous highs allowing all owners that bought at the peak to exit or trade up without a net loss and that is probably a year or more away based on the recent trends.
Northwest LRT
Ranchlands Single Family Home June 09
Ranchlands Condominium June 09
Silver Springs Single Family Home June 09
Silver Springs Condominium June 09
Dalhousie Single Family Home June 09
Dalhousie Condominium June 09
Brentwood Single Family Home June 09
Varsity Single Family Home June 09
Varsity Acres Condominium June 09
Varsity Village Condominium June 09
West LRT
Glendale Single Family Home June 09
Rosscarrock Single Family Home June 09
s%20June%2009/Shaganappi_SF_2009.pdf" target="_blank">Shaganappi Single Family Home June 09
Westgate Single Family Home June 09
Spruce Cliff Single Family Home June 09
Spruce Cliff Condominium June 09
Overall Calgary Market
Citywide Sales Stats - last 24 months - Current to June 2009