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