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. In June we started seeing a slight shift towards a buyers market but we have a long way to go.
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
Want to see stats specific to your Community? Register for our Market Report at http://www.calgaryareasolds.com/
Calgary Listing Inventory: Inventory levels increased this month in all categories except townhouses. Increasing inventory levels is very normal at this time of year as many sellers wait until spring to sell. I am actually surprised that the levels did not increase more than they did.
| Inventory |
May 2014 |
June 2014 |
Change |
| Single Family Home |
2947 |
3128 |
+181 |
| Condo Townhouse |
576 |
523 |
-53 |
| Condo Apartment |
1051 |
1071 |
+20 |
| Total |
4574 |
4722 |
+148 |
Calgary Sales:
Sales in June decreased in all categories except for Townhouses which increased slightly. Sales numbers decreasing is very normal at this time as people start to go on summer vacations. The increase in sales in Townhouse is most likely that there is still a pent up demand and people were just waiting for the right one to come on the market.
| Sales |
May 2014 |
June 2014 |
Change |
% Change |
| Single Family Home |
2027 |
1769 |
-258 |
-14.5% |
| Condo Townhouse |
410 |
427 |
+17 |
+3.9 |
| Condo Apartment |
511 |
474 |
-37 |
-7.8% |
| Total |
2948 |
2670 |
-278 |
-10.4% |
Calgary Real Estate Sales Prices:
In June, the benchmark price increased for all categories. Based on the inventory change, prices are likely to increase for a few more months as we move from a seller’s market to a more balanced market.
| Sales Prices |
May 2014 Benchmark Price |
June 2014 Benchmark Price |
Change |
| Single Family Homes |
504,300 |
509,700 |
+5,400 |
| Condo Townhouse |
321,400 |
326,000 |
+4,600 |
| Condo Apartment |
295,400 |
299,700 |
+4,300 |
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.
| Sales Prices |
Dec 31 2013 Benchmark Price |
June 2014 Benchmark Price |
Change$ |
% Change |
| Single Family Homes |
472,200 |
509,700 |
+37,500 |
+7.94 |
| Condo Townhouse |
307,100 |
326,000 |
+18,900 |
+6.15 |
| Condo Apartment |
278,600 |
299,700 |
+21,100 |
+7.58 |
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: For the third month in a row our absorption rate has increased. This indicates that the market is changing and we are moving towards a balanced market. Please note that we are so deep in a Seller’s market that it will take us a few more months of this trend to reach a balanced market state. My prediction is that this trend will continue and by September or October we will be approaching a balanced market – maybe sooner for apartment condos.
| Absorption Rate |
May 2014 |
June 2014 |
Change |
| Single Family Homes |
1.45 |
1.77 |
+.32 |
| Condo Townhouse |
1.40 |
1.22 |
-.18 |
| Condo Apartment |
2.06 |
2.26 |
+.20 |
| Total Calgary |
1.55 |
1.77 |
+.22 |
**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
