This breakdown is based on interm numbers before the end of the month.
For this week, we have seen benchmark pricing reduce 0.8% from the same time last year. This is understandable considering all that is going on with the pandemic. Home sales don't act like stocks and bonds and react much much slower to changes like the one we are living through. Home owners that were planning to sell may not sell now. Buyers (which are fewer now with the pandemic) have more leverage are limited by their selection and the inventory access they have.
With that said, the amount of inventory has increased significantly. Those buyers I mentioned above have also shrunk and most have elected to stay home and not continue their search. In Calgary, we have an average of 9.3 months of supply, which grew in all segments. This is due to the virus impacts on our industry and as restrictions become less and less going into the summer months, this inventory level will level.
The number of listings is up week over week, the number of sales are down from the end of March by 60%. We are now seeing more and more buyers interested to get into the market and the number of showings has increased week over week for the last two weeks.
If you are a buyer wanting to leverage the current situation, you will want to act before the market becomes saturated with like minded buyers. For sellers, hang in there, prices haven't declined significantly and you can still get fair value for your home.
Send me an email at email@example.com or call/text me at (587) 328-1533 to get in touch and chat about your options. Take care and be safe.