I hope everyone is enjoying their long weekend! Here’s the market update for May 1-21, 2011:
May single family home (SFH) sales are poised to surpass last year’s levels by the end of the month. Month-to-date, 941 homes have sold compared to 945 during the first three weeks last year. Pending sales have been higher than 2010’s levels by an average of 60 homes this past week and you can see the results of this in the weekly sales chart.
Despite the low sales, because of the reduced inventory the current absorption rate is at 3.6 months which is still classified as “balanced” conditions with generally neither Sellers nor Buyers having the upper hand in negotiations.
A total of 360 units changed hands between May 1-21, a slight decline from the 385 sales recorded last May during the same time period.
For the ninth straight week, condo sales have averaged between 115-125 sales:
Metro-Calgary condo inventory absorption rate is currently at 4.25 which means that market conditions slightly favors buyers over sellers at this point in time.
Your Input Wanted
This week a few Calgary Realtors (myself included) will be meeting with our new senior economist at CREB. To be discussed is what type of housing information and statistics we would like to see in order to help support us in our business.
While Bob & I provide many statistics not commonly found anywhere else, is there any other information you personally would find helpful to make a better assessment of our housing market?