Calgary Housing Inventory Dropping Even As New Listings Rise

Prospective home buyers closely watching the market have noticed that new listings have been on the rise.  Unfortunately, this hasn’t translated into a greater selection of homes to choose from.

New listings  in October were up 9% from the previous year.  It was the 4th month in a row where new listings were higher on an annual basis.

Month-to-date, new listings are up year-over-year by an even greater amount: 15.85%

New Listings Y/Y Percentage Change in 2013

New Listings Y/Y Percentage Change in 2013

Despite this welcomed increase in new listings, housing inventory levels remain below historical November averages.

Active listings now total 3,466.  That’s -17% fewer listings than a year ago when buyers had 4,216 homes to browse.  There are 10% fewer active listings on the market even from just a month ago.

Looking at the single family home segment of the market, inventory is at the lowest November level since 2005 and less than half of 2008’s month-end count.

Single family inventory is at it's second lowest November level in a decade

Single family inventory is at the second lowest November level in a decade

Why are there fewer homes for sale if new listings have increased?

While new listings are up 15.85% this month across Calgary, sales are up an even greater 23.94%.   Factor in listings that expire or are taken off the market and you can see why inventory has fallen.

The sales-to-new-listings ratio today is at 86% signalling market conditions heavily favor the seller:  nearly one home is sold for every one that is listed.   Read more about the STNL ratio here.

Check back tomorrow for the November 1-21 market update.

4 responses to “Calgary Housing Inventory Dropping Even As New Listings Rise

  1. it will be on fire again in 2014

  2. 2014 spring time, in April and May, we will be steam hot bidding wars!

  3. Bidding wars are the perfect time for smart people to not buy, and realtors to get rich.

  4. Now rental making more sense the prices are not realistic and will be exposed to a hit pretty soon Smar buyers will stop nw

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