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.
Below is a summary of some key areas with a few short comments. The Calgary housing market started off the year on a strong note with sales 11.1% higher than in January 2013. We are still in a very strong seller’s market position.
Calgary Listing Inventory: Inventory levels increased slightly this month which is very normal for this time of year as the holidays are behind us. There is still a shortage of homes on the market and the good ones are selling very fast.
| Inventory |
December 2013
|
January 2014
|
Change
|
| Single Family Home |
1515
|
1671
|
+156
|
| Condo Townhouse |
242
|
277
|
+35
|
| Condo Apartment |
479
|
577
|
+98
|
| Total |
2236
|
2525
|
+289
|
Calgary Sales:
Sales in January increased in every category over last month which is to be expected at this time of year. It is also important to note that sales in January were 17% higher than sales in January 2013. I believe that as we get more listings on the market sales will continue to rise as there is a pent up demand.
| Sales |
December 2013
|
January 2014
|
Change
|
% Change
|
| Single Family Home |
744
|
974
|
+230
|
+31.0%
|
| Condo Townhouse |
179
|
206
|
+27
|
+15.0%
|
| Condo Apartment |
221
|
260
|
+29
|
+18.0%
|
| Total |
1144
|
1,440
|
+296 |
+26%
|
Calgary Real Estate Sales Prices:
In January, the benchmark price increased for all categories except. As long as our ratio of sales to listings remains the same this upward trend will continue.
| Sales Prices |
December 2013
Benchmark Price
|
January 2014
Benchmark Price
|
Change
|
| Single Family Homes |
472,200
|
476,700
|
+$4,500
|
| Condo Townhouse |
307,100
|
308,100
|
+$1,000
|
| Condo Apartment |
278,600
|
280,600
|
+$2,000
|
Sales Prices “Year to Date”
Year to date prices – same as above 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 2013 Benchmark Price |
January 2014 Benchmark Price
|
Change
$
|
% Change
|
| Single Family Homes |
472,200
|
476,700
|
+$4,500
|
+1%
|
| Condo Townhouse |
307,100
|
308,100
|
+$1,000
|
–
|
| Condo Apartment |
278,600
|
280,600
|
+$2,000
|
+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: The numbers are still going down which is putting us in more of a 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 |
December 2013
|
January 2014
|
Change
|
| Single Family Homes |
2.03
|
1.71
|
-.32
|
| Condo Townhouse |
1.35
|
1.34
|
-.1
|
| Condo Apartment |
2.17
|
2.21
|
+.04
|
| Total Calgary |
1.96
|
1.75
|
-.21
|
**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.
Please feel free to pass this on. Gord, Eric & Brent