We have included a snapshot of what is happening in the Calgary Real Estate Market. Below you will find a summary of some key areas including inventory, sales numbers and of course prices. We have taken the information directly from the Stats package from The Calgary Real Estate Board . Overall the Calgary housing market has slowed but is still in good shape and we are still exceeding last years sales.
Calgary Listing Inventory: Inventory levels for all categories decreased slightly again in August. Last year this was the time when our inventory started increasing rapidly so seeing a slight decline is a good sign and shows stability in the Calgary market.
| Inventory |
July 2012 |
Aug 2012 |
Change |
| Single Family Home |
3646 |
3535 |
-111 |
| Condo Townhouse |
623 |
584 |
-39 |
| Condo Apartment |
1161 |
1065 |
-96 |
| Total |
5390 |
5184 |
-206 |
Calgary Residential Sales:
Sales decreased in Single family homes but increased a little in townhouses and apartment style condos. In my opinion this was expected and is more of a seasonal adjustment as we are following the same trend as last year when our sales peaked in June. The other reason I see for the decrease in Single Family homes is some of my clients are having a hard time finding what they are looking for due to the low inventory levels. Last year’s sales in August were 1569 and this year we sold 1725 showing a 9.9% increase this year over last.
| Sales |
July 2012 |
Aug 2012 |
Change |
% Change |
| Single Family Home |
1386 |
1169 |
-217 |
-18.5% |
| Condo Townhouse |
239 |
241 |
+2 |
+.01% |
| Condo Apartment |
311 |
315 |
+4 |
+1.2% |
| Total |
1936 |
1725 |
-211 | -12.2% |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
As the chart below demonstrates the benchmark price for all categories stayed flat this month. In my opinion this is a very healthy market with good activity level and prices showing modest increases.
| Sales Prices | July 2012 Benchmark Price |
Aug 2012 Benchmark Price |
Change |
| Single Family Homes |
432400 |
432600 |
+200 |
| Condo Townhouse |
277400 |
278200 |
+800 |
| Condo Apartment |
247600 |
248700 |
+1100 |
Absorption Rate (Months of Inventory) – Yes a new category!
The absorption rate is the inventory divided by the number of sales in the last month.
What does this mean you might ask?
An absorption rate of below 3.0 indicates a Seller’s Market
An absorption rate of between 3.0 to 4.0 indicates a Balanced Market
An Absorption rate of above 4.0 indicates a Buyer’s Market.
| Absorption Rate | July 2012 |
Aug 2012 |
Change |
| Single Family Homes |
2.63 |
3.02 |
+.39 |
| Condo Townhouse |
2.61 |
2.42 |
-.19 |
| Condo Apartment |
3.73 |
3.38 |
-.35 |
| Total Calgary |
2.78 |
3.01 |
+.23 |
Therefore overall we are coming out of a seller’s market and entering a more balanced market. Please note that these numbers do change on a community basis. If you would like to find stats on your community just let me know.
If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us anytime.
If you know anyone else who might enjoy seeing our monthly summary please feel free to pass it on.
Gord, Eric & Brent