Want to know what’s really happening in the Calgary Real Estate Market. The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate. In summary the Calgary housing market is still very strong. Sales are strong and our inventory is on the low side making it a Seller’s market.
Here is the details along with a few comments, all numbers are taken from the Calgary Real Estate Boards Stats package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories except townhouses increased throughout May. The Townhouse inventory dropped only marginally. 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 |
April 2013 |
May 2013 |
Change |
| Single Family Home |
2977 |
3311 |
+334 |
| Condo Townhouse |
518 |
503 |
-15 |
| Condo Apartment |
871 |
929 |
+58 |
| Total |
4366 |
4743 |
+377 |
Calgary Sales:
Sales increased in all categories except apartment Condo’s this month. Apartment condo sales dropped but by very little. What is important here is that our sales increased at a lower rate than our inventory moving us towards a balanced market (although we have a long way to go). We are still challenged to find good Single Family homes for buyers as there is little choice so many buyers are moving into the townhouse market, the condominium market and surrounding towns.
| Sales |
April 2013 |
May 2013 |
Change |
% Change |
| Single Family Home |
1611 |
1766 |
+155 |
+9.6% |
| Condo Townhouse |
341 |
365 |
+24 |
+7.0% |
| Condo Apartment |
429 |
413 |
-16 |
-3.8% |
| Total |
2381 |
2544 |
+163 |
+6.8% |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
In May, the benchmark price increased slightly for all categories. This is simply a reflection demand outpacing supply and should continue until the inventory starts to increase faster than sales.
| Sales Prices |
April 2013 Benchmark Price |
May 2013 Benchmark Price |
Change |
| Single Family Homes |
452,900 |
456,900 |
+$4,000 |
| Condo Townhouse |
288,900 |
292,100 |
+$3,200 |
| Condo Apartment |
261,300 |
263,600 |
+$2,300 |
Sales Prices “Year to Date”
Year to date prices have increased in all categories.
| Sales Prices | Dec 31 2012 Benchmark Price |
May 2013 Benchmark Price |
Change |
% Change |
| Single Family Homes |
434,800 |
456,900 |
+$22,100 |
+5.1% |
| Condo Townhouse |
284,100 |
292,100 |
+$8,000 |
+2.8% |
| Condo Apartment |
248,700 |
263,600 |
+$14,900 |
+5.99% |
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: Throughout May there was little change in the absorption rate except for the apartment condo market which softened a little.
| Absorption Rate |
April 2013 |
May 2013 |
Change |
| Single Family Homes |
1.85 |
1.87 |
+.02 |
| Condo Townhouse |
1.52 |
1.37 |
-.15 |
| Condo Apartment |
2.03 |
2.25 |
+.22 |
| Total Calgary |
1.83 |
1.86 |
+.03 |
**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 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 this on.
Gord, Eric & Brent
Tags: Calgary, calgary real estate, calgary real estate prices, Calgary Real Estate Stats, Condominium, moving to calgary