If it’s Thursday it must be blog post day! I just wanted to touch on what’s happening with the Real Estate market right now. We are continuing to see a trend where the gap between number of sales and number of new listings is getting closer and closer.
When a level is reached, where the number of monthly sales meets or exceeds the number of new properties added to the market things become crazy, much like 2006. It’s unlikely we will actually reach that point any time soon, but the current numbers really show a turnaround in the market from last year at this time.
As an investor it signals supply is dwindling causing demand and pricing to spike upwards. Potentially anyway, right now there is still quite a bit of caution for many people, but it is definitely a good indicator of a much healthier market than we saw earlier this year.
Whether this trend will continue into the normally very slow November and December months is yet to be determined. I personally feel it will drop off for the next couple months and then locally here in Calgary we will see quite a bit of activity in early 2010 and into the spring.
That could make November and December a great time to beat the rush and pick up some more investment properties for the fortunate investors out there.
I agree with you, Bill. Frankly, I’m surprised the recovery and upturn hasn’t happened already in Calgary and Edmonton like it has in Vancouver and other parts of the country.
You Forgot to say: call Stef Lukas, our Realtor, he has the best deals in town.