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Calgary saw a lightening in the intensity of its resale market over the summer and into the fall, a new report has found, examining the number of homes sold over asking price.
Wahi published a recent study looking at third quarter data (July to September) that found the number of homes in the resale market selling over list price dropped to 10 per cent. That’s down from 54 per cent of all sales in the second quarter (April to June). The study further found 10 per cent of homes sold at list price while 80 per cent sold for below list. While most homes sold for less than list, the report stated that prices across 200 city neighbourhoods were mostly stable with sales going for just above or below list price. In about 69 per cent of communities, homes sold within about $5,000 of list price, it noted. The median underprice bid was $4,925, it further stated.
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Overall, demand is falling with 6,585 sales in the third quarter. That is down 25 per cent from the second quarter and 16 per cent from the same period last year. The report also revealed that 149 communities were considered in “underbidding territory” where on average homes were selling below list. Those neighbourhoods seeing the most sizeable average underbid amounts were typically upscale communities. Leading the way was Pump Hill with a median sale price of $1.085 million and a median underbid amount of $62,000.
Next was Elbow Park where the median home price was about $2.275 million and a median underbid of $60,000.
Red Carpet had the most sizable overbid in the third quarter, Wahi’s study found. There, the median sale price $265,000 with an overbid average of $10,200.
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