Here is a summary of some key areas with a few short comments. In summary the Calgary housing market is starting off 2013 with very strong sales and our inventory is on the low side making it a Seller’s market. All numbers are taken from the Calgary Real Estate Boards stats package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories increased throughout February. Seeing our inventory increase is very normal at this time of year as many people wait until spring to list their homes. This trend of increasing inventory should continue for the next few months.
|
Inventory |
January 2013 |
February 2013 |
Change |
|
Single Family Home |
2075 |
2408 |
+333 |
|
Condo Townhouse |
369 |
427 |
+58 |
|
Condo Apartment |
640 |
704 |
+64 |
|
Total |
3084 |
3539 |
+455 |
Calgary Sales:
Sales increased in all categories this month. Although the increase seems extremely high it is comparable to what happened last year. The trend seems that buyers are coming to the market a little earlier every year. It also seems to me that as good single family homes in the lower price ranges are harder to find we are seeing more buyers moving into the condominium market.
|
Sales |
Jan 2013 |
Feb 2013 |
Change |
% Change |
|
Single Family Home |
879 |
1209 |
+330 |
38% |
|
Condo Townhouse |
147 |
223 |
+76 |
52% |
|
Condo Apartment |
204 |
279 |
+75 |
37% |
|
Total |
1230 |
1711 |
+481 |
39% |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
In February the benchmark price increased slightly for single family homes and apartment condos and decreased slightly for townhouses.
|
Sales Prices |
Jan 2013 Benchmark Price |
Feb 28, 2013 Benchmark Price |
Change |
|
Single Family Homes |
436,900 |
442,500 |
+1% |
|
Condo Townhouse |
283,400 |
283,000 |
– |
|
Condo Apartment |
251,300 |
252,900 |
+1% |
Sales Prices “Year to Date” Same as above for this month
Once again we saw increases in Single Family homes and Apartment Condos and a slight decrease in Townhouses.
|
Sales Prices |
Dec 31 2012 Benchmark Price |
Feb 2013 Benchmark Price |
Change |
% Change |
|
Single Family Homes |
434,800 |
442500 |
+7,700 |
+2% |
|
Condo Townhouse |
284,100 |
283,000 |
(1,100) |
– |
|
Condo Apartment |
248,700 |
252,900 |
+4,200 |
+2% |
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 |
Jan 2013 |
Feb 2013 |
Change |
|
Single Family Homes |
2.36 |
1.99 |
-.37 |
|
Condo Townhouse |
2.51 |
1.91 |
-.60 |
|
Condo Apartment |
3.14 |
2.52 |
-.72 |
|
Total Calgary |
2.51 |
2.07 |
-.44 |
As you can see above we are in a Seller’s market for all categories and it is getting stronger in favour of sellers. 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 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.
If you know anyone else who might enjoy seeing our monthly summary please feel free to pass it on.
Gord, Eric & Brent