It isn't Calgary if we don't get the obligatory snow dump here right before spring, about 8 inches as of writing...
Speaking of DUMPS, the Calgary new listings stats have also taken a deep dive this week (Spring Market 'heating up', rather, it seems as though it has already arrived).
Sold homes represent a staggering 113% of new listings in the last 7 days... with about 108% new pending deals to-boot. At this rate, many realtors really wonder, will there be anything to sell come April / May?
Notably, a few anecdotal observations on my own listings as well...
1) Single family detached home (Highwood) – new infill, under contract within 24 hours of listing
2) Original 1945 bungalow (Tuxedo Park) – prime land for infill building, under contract within 4 days of listing (24 showings, 6 offers); 108% of list price
3) Fourplex townhome (Parkdale) – gorgeous, well-maintained, under contract within 36 hours (20 showings, 3 offers); 105% of list price
... the list goes on...
Absent knowing the future, now is the best time to capitalize on gains made on your property if you're thinking about selling since there isn't much out there. Similar to listing your home in the dead of winter where listings are low, you're in the best negotiating position when there isn't much supply.
On the buy side, it pays to be patient, but also to execute a purchase with precision. Although there are 'deals' to be had, you may be looking for a while if you're trying to fulfill the ideal buyer triangle (Features, Location, Price). My best advice: put your best foot forward when submitting an offer – no penny pinching, because you'll end up getting pinched in this market.