Calgary Real Estate Market Update - May 3 2014

The number of new listings are finally starting to increase. The lack of inventory and availability of properties has been a big challenge for buyers recently especially in the below $400,000 or $500,000 price point.  While the pressure may ease in some areas many of the new listings are in the higher price points so some pressure will remain.

This market is a challenge for both buyers and sellers. Understanding which offer to accept and how to manage timing is hard on sellers and buyers are making decisions very quickly. The 'did we do the right thing' conversation happens much more in this environment. The most important factor in managing is working with the right people and being prepared. Ask questions and look forward as it is very hard to explain and absorb everything you may need to know when you have only a few hours to submit or accept an offer.

With a shift coming in the the marketplace, only a crystal ball can predict whether things will ease or if the current growth pattern will continue at such a strong pace however some indicators such as the sales to new listing ratio have dropped a bit just from March to April which indicates more inventory availability and potentially a change in strategy.

In the coming months it will become mandatory for buyers to sign a buyers brokerage agreement with the Realtor they are working with. This is something in use already by many Realtors and explains how buyers are represented and what they can expect from their Realtor. Be prepared to meet you Realtor before viewing properties to go over the purchase process, your expectations and decide how you wish to pursue your purchase.  

Trends and strategies for buyers and sellers are very price and property type centric especially right now. Overall stats are great, but get the details you need.

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Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
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