Bidding Wars Ease As New Listings Rise

As new listings rise across the city, a lower percentage of buyers are finding themselves involved in bidding wars.

During the first 3 weeks of June, 16.7% of homes that sold did so above the list price compared to 22.1% during the same period in March.

Month-to-date, overall new listings in Calgary are up 26.55% y/y and active listings are up 1.63%.  The y/y increase in active listings is solely because of the condominium sector as single family inventory remains nearly -4% below year ago levels.

Percentage of Calgary home sold above asking

Percentage of Calgary homes sold above asking

However, sales above asking remain elevated when measured against last year’s levels.   Only 1/10 sales were above list price between June 1-21 of last year.

Y/Y comparison

Y/Y comparison

Here’s hoping for more balanced market conditions as we approach the second half of 2014.

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