What’s happening in the Calgary Real Estate Market?
Ever heard that Real Estate is prices are a reflection of Supply and Demand?
Below is a summary made simple – what is happening in Real Estate in Calgary.
Information is taken from the Calgary Real Estate Boards monthly statistics package.
Calgary Listing Inventory: Inventory levels for both Single Family homes and Condo’s increased this month. This movement is normal for this time of year and we will most likely see this trend continue for the next several month.
| Inventory | December 2011 | Jan 2012 | Change |
| Single Family Home | 2761 | 2980 | +219 |
| Condo’s | 1287 | 1450 | +163 |
| Total | 4048 | 4430 | +382 |
Calgary Sales:
Calgary Single Family home sales are up over December while Condo sales stayed flat. Both Single Family home and Condo sales are almost the same as they were in January 2011.
| Sales | December 2011 | January 2012 | Change |
| Single Family Home | 722 | 773 | +51 |
| Condo’s | 310 | 305 | -5 |
| Total | 1032 | 1078 | +46 |
Calgary Real Estate Sales Prices: In January Single family home median prices remained almost flat while Condo prices decreased by $12,875. The median prices are not showing any certain direction but are bouncing up and down every month.
| Sales Prices | December Median Prices | Jan 2012 Median Prices | Change |
| Single Family Homes | $393,750 | 395,000 | +1250 |
| Condo’s | $257,875 | 245,000 | -12,875 |
Important note – As of Feb 2012 the Calgary Real Estate Board is changing the way it reports statistics. The Canadian Real Estate Association in partnership with local Real Estate Boards has developed the MLS HPI (Home Price Index). The Home Price Index identifies turning points sooner, is the most current and is the most detailed and accurate gauge for Canadian home prices.
With this change we will need to re-evaluate what information I can post for monthly. My goal is simply to make sure you are getting current up to date information that tells the real story about the Calgary Housing Market.
If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us anytime.
Gord, Eric & Brent