Game Over for First Time Home Buyer? March 18, 2008Posted by DustinRJay in Calgary real estate, supply and demand.
Tags: Calgary real estate, demand, first time home buyer, inventory, sales, supply
Single family home sales have dropped off dramatically in Calgary year over year. Therefore, it’s difficult to determine if averages and medians are representative of the direction of the market or reflective of changes in composition of the sales mix.
The following graph illustrates the year over year change in sales volume by price range:
It illustrates that:
For the first time home buyer market, single family home sales volumes have experienced significant deterioration
Higher-end ($600,000+) single family home sales volumes have held steady
As an aside, things in naturally occurring populations typically lie in a log normal distribution (including distribution of reserves in oilfields). Hence, it comes as no suprise that things like household income and also house prices also lie in a log normal distribution.