For the past 2 weeks in June SFH inventory in Calgary has fluctuated around 7100, and around 3300 since the beginning of May for Condos.
Has the influx of new inventory peaked?
(A special thanks to Matthew for compiling all the daily stats and providing us with the graph!)
To view the month-end inventory level numbers: click here
Last year, it seemed that it peaked around June/July as inventory levels remained steady. Then there was another surge of listings in September/October. Finally, as winter approached many listings were left to expire to be relisted in the spring (which caused for the abnormal inventory reduction in December, seeing that sales didn’t coincide to the drop of inventory)
If you believe inventory will continue to surge later this year, feel free to post what month this will happen in (ie. Will it be similar to last year’s cycle?)
Poll: Has Inventory peaked?
Status:
Also want to create a poll? Click here
For comparison’s sake:
June 1 – 11
NEW LISTINGS
2008: 1154 (SFH)
2007: 1277 (SFH)
2008: 513 (Condo)
2007: 491 (Condo)
SALES
2008: 504 (SFH)
2007: 652 (SFH)
2008: 197 (Condos)
2007: 275 (Condos)
I thought this was a very timely post. I am curious what the long term seasonal trends are? Over the past 8+ years does inventory typically follow the same trends? I understand that there are record amounts of construction, and I would anticipate that there greatest volume of new construction would be added to the inventory in the fall before the snow flies. I would also expect inventory to decline during the winter as much less supply is added to the market from new construction.
On the other hand, I would expect that there is less supply of speculative properties to be put on the market compared to last year.
Is it more common that inventory peaks in June or October?
Seems to me (anecdotaly) that many folks are talking stuff off the market and putting it up for rent. Don’t know if the figures would back that up. Might make sense if you’ve bought another property, can’t sell yours but need the income??
I think it remain about the same till year end. The big question is with Interests rates set to start rising how will this impact the market. I feel that a big pull back is comming in reference to all types of spending.
Anyone buying into the bull trap right now can expect to learn the meaning of “winners curse” and “buyers remorse” in a few weeks once the optimists run out of steam, having only reduced the inventory levels by a bit heading into the slowest part of the year for sales. Was there a reason why those levels weren’t sustainable? Interest rate risk along with total lack of fundamentals supporting a price increase is the biggest chill imaginable for serious speculators. They just won’t be able to get another round of the bubble going…….we can expect a major drop in prices a month or two from now.
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Today’s current SFH inventory of 6966 is the lowest it has been since the first week of May.
However, there is no way of knowing whether inventory levels will follow previous years’ trends and slowly subside, or perhaps be like last year where the inventory actually spiked again in early Fall.
My website host is upgrading their system — I just noticed that although I’ve updated today’s stats, the changes don’t show up when you go to http://www.findcalgary.ca
I’ll contact them Monday. In the meantime, here are the stats for Saturday:
CONDOS
June 28 (Sat)
Condo Average Price: $300,178
Condo Median Price $252,800
Condo Average DOM: 41
Condo Average Price / ft2: $316($326)
Condo Average sq ft: 951
Highest Price of the Day: $495,000
Lowest Price of the Day: $148,000
Average SP / LP Ratio %: 98%
Highest Sold OVER LP %: 0%
Highest Sold UNDER LP %: 6%
Total Sold: 9
Total Pending Sales (C/S): 159
Vacant/New Construction: 1140
Total Active Condo Listings: 3282
SINGLE FAMILY HOMES
June 28(Sat)
SFH Average Price: $456,544
SFH Median Price: $425,000
SFH Average DOM: 43
SFH Average Price / ft2: $280($281)
SFH Average sq ft: 1629
Highest Price of the Day: $1.7M
Lowest Price of the Day: $246,000
Average SP / LP Ratio %: 97%
Highest Sold OVER LP %: 1%
Highest Sold UNDER LP %: 12%
Total Sold: 39
Total Pending Sales (C/S): 347
Vacant/New Construction: 1755
Total Active SFH Listings: 6931
Here are the stats for Sunday, June 29th:
SINGLE FAMILY HOMES
SFH Average Price: $486,425
SFH Median Price: $457,500
SFH Average DOM: 51
SFH Average Price / ft2: $309($320)
SFH Average ft2: 1576
Highest Price of the Day: $1.175M
Lowest Price of the Day: $275,000
Average SP / LP Ratio %: 97%
Highest Sold OVER LP %: 0%
Highest Sold UNDER LP %: 7%
Total Sold: 20
Total Pending Sales (C/S): 348
Vacant/New Construction: 1757
Total Active SFH Listings: 6941
CONDOS
Condo Average Price: $283,000
Condo Median Price: $222,000
Condo Average DOM: 33
Condo Average Price / ft2: $272($289)
Condo Average ft2: 1040
Highest Price of the Day: $405,000
Lowest Price of the Day: $185,000
Average SP / LP Ratio %: 97%
Highest Sold OVER LP %: -1%
Highest Sold UNDER LP %: 4%
Total Sold: 7
Total Pending Sales (C/S): 169
Vacant/New Construction: 1144
Total Active Condo Listings: 3283