Calgary’s available housing inventory is being drained further as the number of sales this month is eclipsing new listings.
The sales-to-new-listings ratio for Calgary is now running at over 100%, ahead of the 91% a year ago.
At the end of 2012 there were 1,267 fewer homes (-31.76%) on the market than the previous year. It was also the lowest December month-end inventory level since at least 2006.
This December, active listings are on pace to fall to even lower levels. Active listings today are down -19.31% year-over-year and down -6.9% from the beginning of this month.
There is some light at the end of the tunnel for prospective buyers but not anytime soon. According to the preliminary 2014 forecast released today, CREB® expects that “rising listings and increased competition from the new home sector should alleviate supply pressure and push the market toward more balanced conditions” but not until the later part of 2014.
