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%
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.
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.