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Understanding the Calgary Real Estate Market Supply and Demand Stats
Navigating the Calgary real estate market can seem daunting, but understanding the basic supply and demand statistics can provide you with invaluable insight. Here’s a simple guide on how to interpret these crucial figures.
Step 1: Analyze Active Listings and Sales Data Begin with the bar graph showing monthly active listings (blue bars) and sales (red bars). Active listings represent the number of homes on the market, while sales indicate the number of homes actually purchased. A high number of active listings compared to sales suggests a buyer’s market, where buyers have more choices and negotiating power. Conversely, if sales approach or exceed the number of listings, it’s likely a seller’s market, with sellers enjoying the upper hand.
Step 2: Look at the Average Daily Sales To grasp the market’s pulse, check the average daily sales table. This shows the daily pace at which homes are selling. A rising trend in daily sales often points to an increasing demand for homes, while a decreasing trend may suggest a cooling market.
Step 3: Assess the Listings Sold Percentage The “% Listings Sold” table is your key to understanding market balance. If the percentage is near 33%, the market is balanced between buyers and sellers. Figures above 33% typically indicate a competitive market with more buyers than available homes, leading to a seller’s market.
Step 4: Observe Yearly Trends Compare the current year’s data to the previous year to identify trends. Are listings and sales increasing or decreasing? This comparison can indicate market growth or decline.
Step 5: Note Seasonal Variations Realize that real estate is seasonal. Sales might spike in the spring and summer months, as seen in the data, and dip during the winter.
Remember, these stats are a snapshot. For a complete picture, consider economic factors, interest rates, and local developments. Now, with these steps, you’re better equipped to interpret the Calgary real estate market’s supply and demand statistics like a pro!
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