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 entrenched is a Sellers Market with limited supply and strong sales. It is important to note that for the first time in more than 6 months the absorption rate increased above 2.0 so we are seeing a slight shift.
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories remained almost flat this month.
| Inventory |
August 2013 |
September 2013 |
Change |
| Single Family Home |
2791 |
2789 |
-2 |
| Condo Townhouse |
417 |
450 |
33 |
| Condo Apartment |
690 |
683 |
-7 |
| Total |
3898 |
3922 |
24 |
Calgary Sales:
Sales decreased marginally in all categories except townhouses which saw a small increase this month. This is very normal as sales typically start slowing at this time of year. To look at another perspective even though sales slowed this month they were 19% higher than in August 2012.
| Sales |
August 2013 |
September 2013 |
Change |
% Change |
| Single Family Home |
1517 |
1354 |
-163 |
-10.7 |
| Condo Townhouse |
282 |
245 |
37 |
13.6 |
| Condo Apartment |
397 |
324 |
-73 |
-18.4 |
| Total |
2196 |
1923 |
-273 |
-12.4 |
Calgary Real Estate Sales Prices:
In September, the benchmark price stayed almost flat for all categories with apartment condo’s showing the largest increase.
| Sales Prices |
August 2013 Benchmark Price |
September 2013 Benchmark Price |
Change |
| Single Family Homes |
464,700 |
463,700 |
-1,000. |
| Condo Townhouse |
298,500 |
299,100 |
600 |
| Condo Apartment |
270,600 |
272,900 |
2,300 |
Sales Prices “Year to Date”
Year to date prices have increased in all categories.
| Sales Prices | Dec 31 2012 Benchmark Price |
September 2013 Benchmark Price |
Change |
% Change |
| Single Family Homes |
434,800 |
463,700 |
28,900 |
6.65 |
| Condo Townhouse |
284,100 |
299,100 |
15,000 |
5.27 |
| Condo Apartment |
248,700 |
272,900 |
24,200 |
9.73 |
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 September our absorption rate increased in all categories. This could be the start of a shift as this is the first time in several months that the absorption rate has exceeded 2.0. Of course we have a long way to move still to move into a buyers market.
| Absorption Rate |
August 2013 |
September 2013 |
Change |
| Single Family Homes |
1.84 |
2.06 |
.22 |
| Condo Townhouse |
1.47 |
1.84 |
.37 |
| Condo Apartment |
1.74 |
2.1 |
.36 |
| Total Calgary |
1.78 |
2.04 |
.26 |
**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.
Interest Rates are on the rise – if you are even considering making a move get to your bank and get a mortgage commitment locked in at today’s rates. It looks like they may even go higher.
Tags: Calgary Condos, calgary real estate, Calgary Real Estate Stats, Condominium, sell my home calgary, Townhouse