{"id":304542,"date":"2024-10-08T16:47:38","date_gmt":"2024-10-08T16:47:38","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?page_id=304542"},"modified":"2024-10-08T16:47:41","modified_gmt":"2024-10-08T16:47:41","slug":"press-releases-october-8-calgary-overbidding-plunge","status":"publish","type":"page","link":"https:\/\/wahi.com\/ca\/en\/press-releases\/october-8-calgary-overbidding-plunge","title":{"rendered":"Wahi Press Release: Overbidding Competition on Calgary Homes Plunges But Prices Remain Stable"},"content":{"rendered":"

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News Release<\/h1>\n

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Overbidding Competition on Calgary Homes Plunges But Prices Remain Stable<\/h2>\n

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While Wahi observed a pullback in bidding activity among Calgary<\/a> homebuyers this summer, most neighbourhoods weren\u2019t seeing homes sell at massive discounts.<\/em><\/p>\n

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CALGARY, ATLA. \u2014 October 8, 2024 \u2014 The share of Calgary neighbourhoods in overbidding territory boomeranged back to 10% in the third quarter, down from 54% in Q2<\/a>, according to new analysis from digital real estate platform Wahi.<\/p>\n

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However, the sharp decline in overbidding activity doesn\u2019t reflect a broad collapse in home prices \u2014 or sellers taking huge losses. Instead, Wahi observed prices were largely stable, with most of Calgary\u2019s approximately 200 neighbourhoods seeing homes just below or above asking. More than two-thirds of neighbourhoods (69%) were overbid or underbid by no more than $5,000.<\/p>\n

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In the third quarter, the median price of a Calgary home was $561,000, edging 2% lower than the previous quarter but remaining up 13% from the same period last year. When looking at all home sales across Calgary in Q3, the city was in underbidding territory, though barely. The Calgary-wide median underbid amount was $4,925.<\/span><\/p>\n

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\u201cThe Calgary market has been holding steady despite an apparent rise in underbidding activity,\u201d says Wahi CEO Benjy Katchen. \u201cSummer is short, and people tend to make the most of it by going away on vacation,\u201d he adds, noting one possible factor behind the calmer third quarter.<\/p>\n

While prices generally held their ground, the Calgary market did experience a sharp drop in home sales. Some 6,585 homes changed hands in Q3, representing a 25% quarter-over-quarter drop and down 16% from a year ago.<\/p>\n