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We have the answer: Sold in 33 days.

Back on March 18, I posted: "How quickly will this listing sell?"

Here are some of the comments and predictions:

CM said: “I think if you were to list at $400k, it would sell for $380k quite quickly."

Van said: “It should sell within the average time that homes are on the market, if not sooner.”

Karl said: “The property will sell within 40 days between $415,000-$420,000.”

Kathy said: “My guess would be 45 days for about 398,000.”

Optimistic One said: “No more than 380K”

Karl had it pegged pretty close. The selling price was $414,000. Thanks to everyone who was brave enough to make a prediction!

We did not have to reduce the price or re-list. That's quite a feat when you consder that 60% of sales have had at least one price reduction. There were a total of 22 showings.

Over the past 30 days, the average Cumulative Days on the Market(CDOM) is 73.

CDOM includes days on the market when a listing was under a different MLS number.

Needless to say, the sellers are thrilled with the results. If you want realistic pricing for your home and the best exposure, give me a call.

Posted: Saturday, April 25, 2009 7:47 AM by Bob Truman

Comments

Bob Truman said:

Today is the first time in 21 months that we have Balanced Market conditions for single family homes in Calgary. It has been a Buyer's Market since Aug 2007. The absorption rate is at 3.5 today. An absorption rate of 1.8 - 3.5 is considered a balanced market.

The sales-to-new-listings ratio, at 66%, is the highest since March 2007.

# April 25, 2009 8:54 AM

Bob Truman said:

Here are some communities from a random sampling that are in seller's market conditions for single family homes. An absorption rate of less than 1.8 indicates a seller's market:

These Communities are Hot!!

Community

Absorption rate on Apr 23

Dalhousie

.7

Silver Springs

1

Spruce Cliff

1

Brentwood

1.1

MacEwan Glen

1.1

Varsity

1.2

Glenbrook

1.3

Ranchlands

1.4

Deer Run

1.5

Somerset

1.5

Beddington

1.5

Hidden Valley

1.6

Marlborough

1.7

Parkland

1.8

Scenic Acres

1.8

Citadel

1.9

# April 25, 2009 9:12 AM

Vinny said:

Very interesting.  I wonder if the main factor is the low interest rate.  If it is this effect may wear off for a while and pick back up again next year when they are ready to announce a hike.  That is also provided the govt dosesn't suddenly change their mind about the economy.

What seems to be the story on condos?  The listings aren't shooting up but the prices are continuing to come down.  Could it be lots of people trying to make their upgrade to a house now?

# April 26, 2009 9:46 AM

Bob Truman said:

The Crowchild Trail NW corridor seems to be one of the hottest areas for sales.  I did some calculations for the following group of communities which are on either side of Crowchild:

Brentwood, Dalhousie, Ranchlands, Varsity, Silver Springs, Scenic Acres.

Over the past 30 days, for single family homes:

Sales are 10% higher than last year.

The absorption rate is 1.2(That's a seller's market and it means there is a 36-day supply of homes. Overall, Calgary has a 105-day supply)

The sales-to-new-listings ratio is an astounding 96%.

11% of sales were at list price or higher.

CDOM is 39. Overall Calgary CDOM is 73.

The average price is down 6%.

# April 26, 2009 10:47 AM

Answer On said:

I've noticed the Crowchild NW rush as well. My guess is that people try to stay close to the LRT and the NW LRT leg offers more for the money as compared with the SW one.

What I find interesting is that despite the absortion rate that qualifies the area as a seller's market, only %11 of the sales were at list price or higher. I would have expected at least a %50, after all there is only a 36 day supply of homes. Did the house prices go up as compared with previous year or months?

The average price is down 6% compared to the same 30-day period last year(Mar 27 - Apr 25). The average price for the entire city is down 11%. If the prices had not come down, you wouldn't be seeing so many sales. The lower prices we are experiencing has brought a lot of people back into the market. -Bob

# April 26, 2009 10:01 PM

vinny said:

If i was still in the market and looking in the NW i would DEFINITELY be looking around that Crowchild NW for the exact reason of the LRT.

Bob, I know you've answered this before but I can't remember the answer.  Do townhouses fall under SFH or Condo stats.

99% of the time a townhouse falls under the condo umbrella. I recall selling a townhouse in Penbrooke that was considered a single family home(no condo fees). You'd really want to have good neighbours in that situation. There would be no condo rules and regulations to keep everyone in line. -Bob

# April 27, 2009 10:14 AM

Karl said:

Thanks Bob for giving us a chance to "guess" the sales of the property.

Actually, I'm from Edmonton, but a big fan of your city and visit regularly your Blog and the Edmonton Real Estate Blog.

Thanks for all the informations and discussions,

I find them very interesting and educational!

I can imagine the amount of time you spend to collect and publish your infos.

Thanks again, have a good day!

Your accurate guess of price and selling time was incredible. Maybe you could help some of these unrealistic Calgary sellers with their pricing? -Bob

# April 27, 2009 10:55 AM

Dame Edna said:

This may be out of topic but I can't hold back...

Have anyone noticed that over at Garth Turner's blog, he never talks about the positives of the Canadian context for RE?

He'll repeatedly talk about how bad (and it is!) it is for the condo market in Vancouver, etc. But there are now many positives for the canadian RE market but chooses to ignore it by posting crap like a house now sells for $1000 in Detroit and other cases that are a minute exception, never the rule.

Wow... That guy really has to sell books to distort reality! He's got an agenda, that's for sure.

Garth Turner is to RE fear mongering to what Al Gore is to the environmental armageddon to sell his company's carbon footprint crap.

BTW who uses my name over at the bubble blog?

# April 28, 2009 3:47 AM

DailyStats.ca said:

As you can tell from all recent the activity on this blog, ski season is over and I'm back at work.

# April 17, 2010 9:02 AM
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