Prices in Real Estate are simply a function of supply and demand, Below you will find a summary of some key areas such as inventory(supply) and Sales (demand) with a few short comments along with what happened to prices this month. All numbers were taken from the November stats package prepare for Realtors by the Calgary Real Estate Board.
The Calgary housing market stayed steady for the month of November 2012.
Calgary Listing Inventory: Inventory levels for all categories decreased again in November. Seeing our inventory decrease is very normal at this time of year as many people like to wait until after Christmas and into spring to list their homes.
| Inventory |
Oct 2012 |
November 2012 |
Change |
| Single Family Home |
3114 |
2586 |
-528 |
| Condo Townhouse |
506 |
426 |
-80 |
| Condo Apartment |
985 |
819 |
-166 |
| Total |
4605 |
3831 |
-774 or 16.8% |
Calgary Sales:
Sales decreased in all categories this month. This is a very normal trend as people start to focus on Christmas and put off their home buying until the New Year. The key here is that although sales decreased by 12.5% the number of listings on the market decreased by 16.8% meaning the market is still very strong. Also, it is interesting to note that total sales Kaikki mainitut pelinvalmistajat ovat eurooppalaisia ja myos kaikki taman sivun casinot toimivat euroopassa eurooppalaisella lisenssilla. in Calgary were 8.3% higher than in November 2011.
| Sales |
Oct 2012 |
Nov 2012 |
Change |
% Change |
| Single Family Home |
1174 |
1006 |
-168 |
-14.4% |
| Condo Townhouse |
219 |
198 |
-21 |
-9.6% |
| Condo Apartment |
272 |
253 |
-19 |
-7.0% |
| Total |
1665 |
1457 |
-208 |
-12.5% |
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 increased this month with the largest increase again in Single Family homes. In my opinion this is a very healthy market with good activity level and prices showing modest increases. We are however starting to see competing offers in some situations mostly in inner city single family homes.
| Sales Prices | Oct 2012 Benchmark Price |
Nov 2012 Benchmark Price |
Change |
| Single Family Homes |
433,300 |
433600 |
$300 |
| Condo Townhouse |
279,000 |
282800 |
$3,800 |
| Condo Apartment |
247,000 |
248,000 |
$1,000 |
Absorption Rate (Months of Inventory) (the inventory divided by the number of sales in the last month). What does this mean you might ask?
A rate of below 3.0 indicates a Seller’s Market
A rate of between 3.0 to 4.0 indicates a Balanced Market
A rate of above 4.0 indicates a Buyer’s Market.
| Absorption Rate |
Oct 2012 |
Nov 2012 |
Change |
| Single Family Homes |
2.65 |
2.57 |
-.8 |
| Condo Townhouse |
2.31 |
2.15 |
-.16 |
| Condo Apartment |
3.62 |
3.24 |
-.38 |
| Total Calgary |
2.76 |
2.63 |
-.13 |
As you can see above Apartment condos are still in a balanced market place while single family homes and townhouses are now in a seller’s market.
Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community please contact us.
If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us.
If you know anyone else who might enjoy seeing our monthly summary please feel free to pass it on.
Have an awesome day!
Gord, Eric & Brent