Jul
19
2008
Weekly Calgary Real Estate Market Update - July 19, 2008
Below is my weekly market stats update. I call your attention to a growing gap between the condo and house markets (see the second chart and the red arrrow). If this trend continues I’ll write in detail about it in next month’s Monthly Market Report (in about 2 weeks). In the meantime… my advice is be careful if you are selling a condo - it is crucial that it be priced right if you are serious about selling it. For background you may want to read my Monthly Market Report from February 2008 or my blog post here from a few weeks ago where I talk about predictions regarding this emerging trend.
| July 19, 2008 | Current Listings | Sold in Last 30 Days | Absorption Rate (?) |
|---|---|---|---|
| Single family (SF) Houses | 6468 | 1440 | 4.49 |
| Condos | 3028 | 555 | 5.46 |
| Combined (SF and Condos) | 9496 | 1995 | 4.76 |
Category: Market Reports
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© 2010 Andrew Kyle. Excerpts require a link back to AndrewKyle.com or AndrewKyle.com/blog
RJT on 21 Jul 2008 at 2:14 pm #
Andrew.
Nice site. I like your analysis without too much typical spin.
Bottom line is that prices double/tripled (depending on area) over past 5 years. This was partially fundamentals but a lot of bubble (speculation, easy mortgages etcetera). Right now most homes are priced beyond the reach of your typical buyers, so sales are slow and inventory is high.
The market will clear the excessive supply with prices dropping. Calgary is not immune to RE cycles and this time is no exception. At some point the prices will drop enough for the market to clear, and you will see the absorption rate return to “normal”.