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. This month put the market into an even stronger Sellers position.
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 single family homes dropped a little while all townhouses and apartment condos remained almost flat this month.
| Inventory |
September 2013 |
October 2013 |
Change |
| Single Family Home |
2789 |
2705 |
-84 |
| Condo Townhouse |
450 |
444 |
-6 |
| Condo Apartment |
683 |
692 |
+9 |
| Total |
3922 |
3841 |
-81 |
Calgary Sales:
Sales in October were almost the same as in September. Traditionally this time of year we start to see sales slowing.
| Sales |
September 2013 |
October 2013 |
Change |
% Change |
| Single Family Home |
1354 |
1336 |
-18 |
-1.3 |
| Condo Townhouse |
245 |
280 |
+35 |
+1.4 |
| Condo Apartment |
324 |
337 |
+13 |
+.04 |
| Total |
1923 |
1953 |
+30 |
+.15 |
Calgary Real Estate Sales Prices:
In October, the benchmark price increased for all categories. As long as our ratio of sales to listings remains the same this trend will continue.
| Sales Prices |
September 2013 Benchmark Price |
October 2013 Benchmark Price |
Change |
| Single Family Homes |
463,700 |
468,000 |
+4,300 |
| Condo Townhouse |
299,100 |
302,200 |
+3,100 |
| Condo Apartment |
272,900 |
276,100 |
+3,200 |
Sales Prices “Year to Date”
Year to date prices have increased in all categories.
| Sales Prices | Dec 31 2012 Benchmark Price |
October 2013 Benchmark Price |
Change |
% Change |
| Single Family Homes |
434,800 |
468,000 |
+33,200 |
+7.6 |
| Condo Townhouse |
284,100 |
302,200 |
+18,100 |
+6.3% |
| Condo Apartment |
248,700 |
276,100 |
+27,400 |
+11.1% |
Absorption Rate Defined: (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 decreased in all categories putting the market even more in favour for sellers. Especially in the starter home price range we are starting to see lots of competing offers.
| Absorption Rate |
September 2013 |
October 2013 |
Change |
| Single Family Homes |
2.06 |
2.02 |
-.04 |
| Condo Townhouse |
1.84 |
1.58 |
-.26 |
| Condo Apartment |
2.1 |
2.05 |
-.05 |
| Total Calgary |
2.04 |
1.97 |
-.07 |
**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.
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