What's Happening in the Market?
With the end of summer, came lower showing numbers. Following normal seasonal trends, the showings in Alberta tapered off through the last ten days of August and into the early days of September. The activity should increase come the second week of the month but will be short lived before we start the descent into the slower Fall and Winter months.
Summary
Regardless of the showing slow down, Calgary had its third best August for sales. While the slow down feels significant due to the incredible pace we have been experiencing in Calgary, it is still a very strong market. Typically, over the last ten years, at this point of the year we would be sitting at 4.6 months of inventory. With current months of inventory sitting just over 2 months, we have a very strong market going into Fall. Please keep in mind that the Cumulative Days on Market (CDOM) are climbing month over month and we are currently sitting at 35 CDOM which is the highest it has been since February....BUT the average CDOM for the past 10 years at this point in the year is 62!! Pricing strategically to have a compelling price will be instrumental to net the highest dollar in the market.
Steve Phillips
