Weekly Minute Update

January 26, 2022


Sales Surge, New Listings Increase, But Days On Market Decline

This week, compared to last, we had:

  • Sales increase 41%

  • New listings increase 14%

  • Active listings decline 0.76%

  • Median price increases 2.8%

  • Average price increase 3.3%

  • Days on the market declined to 41 days from 48 last week

I had a client call me a few days and told me that his friend mentioned the market is seeing a surge of new listings on the market. He asked me that since we have a surge, what I thought about the increase.


And I will be completely honest, this weekly update helped me to answer this question for him.


So what did I say to him?


I told him the surge in new listings isn't enough. We need more. Much more.


Each week we see that the increase in new listings is around 14% week over week, which is great. But the number of active listings is still in decline (0.76% this week). Meaning that the number of active listings, being replenished by new listings is still being absorbed by sales faster than homes can come to market.


So is the surge in new listings helping? Yes and No.


On one side, they are keeping the boar afloat. But the boat has holes, many many holes, and is slowly taking on more and more water, making it sink more each day that passes.


On the other side, they are coming on few and far between and the buyers in today's market are left paying the significant price.


Over this past weekend, one home in Copperfield was listed for $499,000. Which was a great price for its size and being a front garage single-family home.


That great price attracted 50 buyers. That's right, 50! It ultimately sold all cash (no mortgage financing) for $649,000. Nearly $150,000 over asking.


Ask your favorite realtor, even the ones trading in the industry over 30 years and you will hear from them that is unheard of.


We are in need of a significant increase in supply to manage the demand we have in our city. If you are considering selling but are on the fence, let's talk as soon as possible about your options.


It's not only about the sale of your home, but we need to develop your plan after the sale.


Lets chat - @alyjanmohamed | aly@calgaryareahomes.ca


Take care and stay safe!


Aly


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