Following is a short summary of what is happening in the Calgary Real Estate Market. All data is taken from the December 2012 Calgary Real Estate Boards monthly Stats package for Realtors. you will also find my comments on each area. Overall the Calgary housing market slowed for the month of December which is very typical for the holiday season.
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 most people like to wait until after Christmas and into spring to list their homes. I believe that starting this week we will see inventory start to rise again.
|
Inventory |
November 2012 |
December 2012 |
Change |
|
Single Family Home |
2586 |
1859 |
(727) |
|
Condo Townhouse |
426 |
310 |
(116) |
|
Condo Apartment |
819 |
553 |
(266) |
|
Total |
3831 |
2722 |
(1109) |
Calgary Sales:
Sales decreased in all categories this month although it’s important to point out that we still beat last year’s sales by 5.6%. This is a very normal trend as people are focused on Christmas and put off their home buying until the New Year. The key here is that although sales decreased by 25.6% the number of listings on the market decreased by 29.0% meaning the market is still very strong.
|
Sales |
Nov 2012 |
Dec 2012 |
Change |
% Change |
|
Single Family Home |
1006 |
745 |
(261) |
(25.9%) |
|
Condo Townhouse |
198 |
119 |
(79) |
(40.0%) |
|
Condo Apartment |
253 |
219 |
(34) |
(13.4%) |
|
Total |
1457 |
1083 |
(374) |
(25.6%) |
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 again. 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 and rental properties.
|
Sales Prices |
Nov 2012 Benchmark Price |
Dec 2012 Benchmark Price |
Change |
|
Single Family Homes |
433600 |
434,800 |
+1,200 |
|
Condo Townhouse |
282800 |
284,100 |
+1,300 |
|
Condo Apartment |
248,000 |
248,700 |
+700. |
As we are at the end of another year here are the YTD numbers
|
Sales Prices |
Dec 2011 Benchmark Price |
Dec 2012 Benchmark Price |
Change |
% Change |
|
Single Family Homes |
399,900 |
434,800 |
+ 34,900 |
+8.7% |
|
Condo Townhouse |
272,700 |
284,100 |
+11,400 |
+4.2% |
|
Condo Apartment |
236,000 |
248,700 |
+12,700 |
+5.38% |
Absorption Rate (Months of Inventory) (the inventory divided by the number of sales in the last month). What does this mean you might ask?
Below 3.0 indicates a Seller’s Market
Between 3.0 to 4.0 indicates a Balanced Market
Above 4.0 indicates a Buyer’s Market.
|
Absorption Rate |
Nov 2012 |
Dec 2012 |
Change |
|
Single Family Homes |
2.57 |
2.50 |
(.07) |
|
Condo Townhouse |
2.15 |
2.61 |
+ .46 |
|
Condo Apartment |
3.24 |
2.53 |
(.71) |
|
Total Calgary |
2.63 |
2.51 |
(.12) |
As you can see above we are in a Seller’s market for all categories. 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.
Gord, Eric & Brent
Tags: Calgary, calgary market, calgary real estate, calgary real estate prices, Calgary Real Estate Stats, Condominium, Housing, Townhouse