Want to know what is really happening in Calgary’s Real Estate Market. Bottom line Real Estate is all about supply and demand so that is our focus here. Below you will find a summary of some key Factors with a few short comments. In summary the Calgary housing market is very strong. Sales are strong and our inventory is on the low side making it a Seller’s market. All numbers below are taken from the Calgary Real Estate Boards Stats Package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories increased throughout April. 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 |
March 2013 |
April 2013 |
Change |
|
Single Family Home |
2727 |
2977 |
+250 |
|
Condo Townhouse |
484 |
518 |
+34 |
|
Condo Apartment |
796 |
871 |
+75 |
|
Total |
4007 |
4366 |
+359 |
Calgary Sales:
Sales increased in all categories this month. What is important here is that our sales increased at a higher rate than our inventory putting us into an even stronger sellers market than last month. What I am seeing is that good single family homes in the lower price ranges are harder to find and therefore we are seeing more buyers moving into the townhouse market, the condominium market and surrounding towns.
|
Sales |
March 2013 |
April 2013 |
Change |
% Change |
|
Single Family Home |
1480 |
1611 |
+131 |
+8.8% |
|
Condo Townhouse |
283 |
341 |
+58 |
+20.4% |
|
Condo Apartment |
347 |
429 |
+82 |
+23.6% |
|
Total |
2110 |
2381 |
+271 |
+12.84 |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
In April the benchmark price increased slightly for all categories. This is simply a reflection demand outpacing supply and may continue until the inventory starts to increase faster than sales.
|
Sales Prices |
March 2013 Benchmark Price |
April, 2013 Benchmark Price |
Change |
|
Single Family Homes |
446,500 |
452,900 |
+$6,400 |
|
Condo Townhouse |
286,800 |
288,900 |
+$2,100 |
|
Condo Apartment |
257,700 |
261,300 |
+$3,600 |
Sales Prices “Year to Date”
Once again we saw increases in all categories.
|
Sales Prices |
Dec 31 2012 Benchmark Price |
April 2013 Benchmark Price |
Change |
% Change |
|
Single Family Homes |
434,800 |
452,900 |
+18,100 |
+4.2% |
|
Condo Townhouse |
284,100 |
288,900 |
+4,800 |
+1.7% |
|
Condo Apartment |
248,700 |
261,300 |
+12,600 |
+5.1% |
Absorption Rate (Months of Inventory) (the inventory divided by the number of sales in the last month). What does this mean you might ask?
|
Buyer’s Market |
>4.0 |
|
Balanced Market |
Between 2.8 to 4.0 |
|
Seller’s Market |
<2.8 |
|
Absorption Rate |
March 2013 |
April 2013 |
Change |
|
Single Family Homes |
1.84 |
1.85 |
+.01 |
|
Condo Townhouse |
1.71 |
1.52 |
– .19 |
|
Condo Apartment |
2.29 |
2.03 |
– .26 |
|
Total Calgary |
1.90 |
1.83 |
– .07 |
Yes, we are in a Sellers Market
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 share.
Gord, Eric & Brent