There’s less fight in the real estate market with more homes going for under, rather than over, list price.
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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.
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.