Stay ahead of the curve by following our Monthly Market Snapshot of the Calgary Real Estate Market. This shows 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 and ahead of most! The Calgary housing market is deeply entrenched is a Sellers Market with very little supply and strong demand.  Last month (March) sales increased by 38% and our inventory only increased by 12.0%. This month (April) sales increased by only 2.4% while inventory increased by 17.2%.
Below are theВ details along with a few comments, all numbersВ were taken В from the Calgary Real Estate Boards Stats package for Realtors.
Want to see stats specific to your Community?В Register for our Market Report at http://www.calgaryareasolds.com/
Good news for home buyers.В The Calgary housing market is still very busy however it is finally showing signs of change.
Calgary Listing Inventory: Inventory levels increased this month in all categories. This is what normally happens at this time of year. The interesting thing is that many sellers coming to the market are hoping to cash in on the seller’s market and are listing their homes substantially higher than the market will pay. Home’s that are listed at or slightly above market values are still often getting competing offers and are selling in the first day or two.
| Inventory |
March 2014В В |
April 2014В В |
Change |
| Single Family Home |
2052 |
2445 |
393 |
| Condo Townhouse |
389 |
445 |
56 |
| Condo Apartment |
791 |
898 |
107 |
| Total |
3232 |
3788 |
556 or 17.2% |
Calgary Sales:
Sales in April increased in every categoryВ over last month which isВ to be expected at this time of year. Again interesting the total sales increase over last month was only 2.4%. Substantially lower than in previous months.
| Sales |
March 2014В В |
April 2014В В |
Change |
% Change |
| Single Family Home |
1699 |
1736 |
37 |
2.1 |
| Condo Townhouse |
341 |
360 |
19 |
5.5 |
| Condo Apartment |
445 |
449 |
4 |
.9 |
| Total |
2485 |
2545 |
60 |
2.4 |
В
В
Calgary Real Estate Sales Prices:
In April, the benchmark price increased for all categories. Based on the inventory change, prices are likely to increase for a few more months until we move from a seller’s market to a more balanced market.
| Sales Prices |
March 2014В В Benchmark Price |
April 2014В В Benchmark Price |
Change |
| Single Family Homes |
490,600 |
496,700 |
6,100 |
| Condo Townhouse |
313,100 |
316,700 |
3,600 |
| Condo Apartment |
287,200 |
291,700 |
4,500 |
В
Sales Prices “Year to Date”
Year to date prices – same as above, 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 2013 Benchmark Price |
April 2014В В Benchmark Price |
Change
$
|
% Change |
| Single Family Homes |
472,200 |
496,700 |
24,500 |
5.19 |
| Condo Townhouse |
307,100 |
316,700 |
9,600 |
3.1% |
| Condo Apartment |
278,600 |
291,700 |
13,100 |
4.7% |
В
В
Absorption Rate (Months of Inventory) В (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 is where it gets interesting. One month does not make a trend but it can certainly start one. For the first time in almost a year the increase in inventory is substantially larger than the increase in sales. This means that we are moving closer to a balanced market however we still have a long ways to go to get to that point. My prediction is that this trend will continue and by July or August we will be approaching a balanced market – sooner for apartment condos.
| Absorption Rate |
March 2014В В |
April 2014В В |
Change |
| Single Family Homes |
1.21 |
1.41 |
.20 |
| Condo Townhouse |
1.14 |
1.24 |
.1 |
| Condo Apartment |
1.78 |
2.0 |
.22 |
| Total Calgary |
1.30 |
1.48 |
.18 |
**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
