Here is a quick summary of some key areas including inventory, sales, prices and absorption rate with a few short comments about the Calgary real estate market for September 2012. All numbers are taken from the statistics package created by the Calgary Real Estate Board for Realtors.
Calgary Listing Inventory: Inventory levels for all categories decreased slightly again in September. Last year this was the time when our inventory was increasing rapidly so seeing a slight decline is a good sign and shows stability in the Calgary market.
| Inventory |
Aug 2012
|
Sept 2012
|
Change
|
| Single Family Home |
3535
|
3486
|
-49
|
| Condo Townhouse |
584
|
548
|
-36
|
| Condo Apartment |
1065
|
1064
|
-1
|
| Total |
5184
|
5098
|
-86
|
Calgary Sales:
Sales decreased marginally in all categories this month. In my opinion this is simply a seasonal adjustment. What I am seeing (especially in Single Family homes) it is hard to find good homes for clients due to low inventory levels. Last year’s sales in September were 1461 and this year we sold 1617 homes showing a 10.6% increase this year over last.
| Sales |
Aug 2012
|
Sept 2012
|
Change
|
% Change
|
| Single Family Home |
1169
|
1132
|
-37
|
-3.2%
|
| Condo Townhouse |
241
|
209
|
-32
|
-1.3%
|
| Condo Apartment |
315
|
276
|
-39
|
-1.3%
|
| Total |
1725
|
1617
|
-108 |
-6.2%
|
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 |
Aug 2012 Benchmark Price |
Sept 2012 Benchmark Price
|
Change
|
| Single Family Homes |
432600
|
432,900
|
+$300.00
|
| Condo Townhouse |
278200
|
277,700
|
-$500.00
|
| Condo Apartment |
248700
|
249,300
|
+$600.00
|
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 |
Aug 2012 |
Sept 2012
|
Change
|
| Single Family Homes |
3.02
|
3.08
|
+.06
|
| Condo Townhouse |
2.42
|
2.62
|
+.2
|
| Condo Apartment |
3.38
|
3.85
|
+.47
|
| Total Calgary |
3.01
|
3.15
|
+.14
|
Overall we are in a balanced market and leaning towards a seller’s market. Please note that these numbers do change by community. 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