SUP?

Calgary homes selling quicker
May 27, 2013

It’s interesting to see how the age-old dynamic of supply and demand is playing itself out in today’s Calgary real estate market.

When supply is down and demand is up, that’s going to impact prices and it’s also going to impact the length of time it takes to sell a property.

Well, supply is down these days in Calgary’s housing market while sales continue to grow. That’s pushing prices upwards – near record levels. And homes are selling quicker.

Here’s the numbers.

According to the Calgary Real Estate Board, month-to-date until May 26, there have been 2,049 MLS sales in the city, up 2.71 per cent from the same period last year.

Days on the market to sell a property have dropped from 39 last year to currently 31, which is a drop of 20.51 per cent.

New listings of 3,091 so far this month are down 4.83 per cent from last year and active listings are off 18.16 per cent to 4,821.

All those numbers are sure to impact prices.

So far this month the median price is up 3.87 per cent from last year to $405,000 and the average price has risen by 3.26 per cent to $459,951 for all MLS property sales in the city.