Every week and every month, the Calgary Real Estate Board (CREB) evaluates the housing market in Calgary and the surrounding area. CREB looks at each market sector, explores housing by property type and explains how supply and demand is functioning at every level. But what does that mean for you the consumer, buyer or seller? Having detailed market information is beneficial if looking to sell your home. As realtors, we can assess your neighborhood specifically and use the statistics provided by the Real Estate board including sale data to help accurately price your home to reflect market conditions or whether you should even be listing at that particular time. As a buyer, having all that same information, helps your realtor give you detailed reports about homes or neighborhoods you may be interested in. Then if you decide to put an offer of a home, you have an arsenal of relevant information to make that decision. How fast or slow the properties are selling in a particular neighborhood or what the average prices are of similar sold properties can assist you greatly when making big real estate decisions.
The information on the above slide, for example, is updated every week showing how many active listings are available of all property types (detached, attached and condos) in the city. What does this mean? In this example, 379 new properties hit the market in one week which is typical during busy times of the year such as the spring. When many new properties are being listed week after week, you start to see a surplus of inventory which is a benefit to you the buyer. With lots of homes to pick from, buyers can negotiate better deals and do not have to "settle". Alternately, home owners often experience pressure to lower their selling prices as the buyers have many other options if they feel a property is overpriced.
Having this type of information and data is just one of the benefits of working with your realtor. The more knowledge your have when making a decision in the real estate market whether you're buying or selling, can help adjust your expectations. This, of course, is the tip of the iceberg but the good thing is, you don't have to go it alone.
For more detailed information on statistics in your area, don't hesitate to contact me directly.