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. A simple way to keep up to date on the Market. The Calgary housing market is still entrenched is a Sellers Market with limited supply and strong sales and I do not see that changing anytime soon.
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 dropped substantially this last month. This is simply a seasonal adjustment that happens every year. In the next few days listings will start to hit the market bringing these numbers right back up.
| Inventory |
November 2013 |
December 2013 |
Change |
| Single Family Home |
2171 |
1515 |
-656 |
| Condo Townhouse |
380 |
242 |
-138 |
| Condo Apartment |
605 |
479 |
-126 |
| Total |
3156 |
2236 |
-920 |
Calgary Sales:
Sales in December declined in all categories and again this is very normal for the month of December. Considering the weather I think we faired well. It is also important to note that sales in December were 8.3% higher than in December 2012. I am very confident that January’s numbers will be much higher.
| Sales |
November 2013 |
December 2013 |
Change |
% Change |
| Single Family Home |
1006 |
744 |
-262 |
-26.0 |
| Condo Townhouse |
228 |
179 |
-49 |
-21.5 |
| Condo Apartment |
305 |
221 |
-84 |
-27.5 |
| Total |
1539 |
1144 |
-395 |
-25.6 |
Calgary Real Estate Sales Prices:
In December, the benchmark price increased for all categories except apartment Condos which saw a small decrease. As long as our ratio of sales to listings remains the same this upward trend will continue.
| Sales Prices |
November 2013 Benchmark Price |
December 2013 Benchmark Price |
Change |
| Single Family Homes |
470,600 |
472,200 |
+$1,600 |
| Condo Townhouse |
305,700 |
307,100 |
+$1,400 |
| Condo Apartment |
279,600 |
278,600 |
-$1,000 |
Sales Prices “Year to Date”
Year to date prices have increased in all categories. Good news if you are a homeowner and not so good news for those wanting to get into the market.
| Sales Prices | Dec 31 2012 Benchmark Price |
Dec 31. 2013 Benchmark Price |
Change $ |
% Change |
| Single Family Homes |
434,800 |
472,200 |
+37,400 |
+8.6% |
| Condo Townhouse |
284,100 |
307,100 |
+23,000 |
+8.1% |
| Condo Apartment |
248,700 |
278,600 |
+29,900 |
+12.0% |
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: This doesn’t tell us much this month as December is a funny month where lots of people take their home off the market for the holidays and then relist in Jan. We are still in a strong seller’s market position and I don’t see that changing anytime soon. In the starter home price range we are still seeing lots of competing offers.
| Absorption Rate |
November 2013 |
December 2013 |
Change |
| Single Family Homes |
2.15 |
2.03 |
-.12 |
| Condo Townhouse |
1.67 |
1.35 |
-.32 |
| Condo Apartment |
1.98 |
2.17 |
+.19 |
| Total Calgary |
2.05 |
1.96 |
-.09 |
**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 this on. Gord, Eric, Brent & Jason