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 July 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.
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Calgary Listing Inventory: Inventory levels decreased for single family homes and stayed flat for townhouses and condos. Normally our inventory would show a much higher increase in July. I speculate the reason is that we still have a large backlog of buyers waiting for the perfect home to come on the market. I am surprised that the levels did not increase more than they did.
| Inventory | June 2014 | July 2014 | Change |
| Single Family Home | 3128 | 3056 | -72 |
| Condo Townhouse | 523 | 536 | +13 |
| Condo Apartment | 1071 | 1070 | -1 |
| Total | 4722 | 4662 | -60 |
Calgary Sales:
Sales in July decreased in all categories. Sales numbers decreasing is very normal at this time as people start to go on summer vacations and the city shuts down for the Stampede. No surprises here.
| Sales | June 2014 | July 2014 | Change | % Change |
| Single Family Home | 1769 | 1553 | -216 | -12.2 |
| Condo Townhouse | 427 | 339 | -88 | -20.6 |
| Condo Apartment | 474 | 444 | -30 | -6.3 |
| Total | 2670 | 2336 | -334 | -12.5 |
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. If you have been following my reports monthly the increase is smaller than what we have been seeing.
| Sales Prices | June 2014 Benchmark Price | July 2014
Benchmark Price |
Change |
| Single Family Homes | 509,700 | 511,600 | +1900 |
| Condo Townhouse | 326,000 | 327,000 | +1,000 |
| Condo Apartment | 299,700 | 298,100 | -1,600 |
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 | July 2014 Benchmark Price | Change
$ |
% Change |
| Single Family Homes | 472,200 | 511,600 | +39,400 | +8.3 |
| Condo Townhouse | 307,100 | 327,000 | +19,900 | +6.5 |
| Condo Apartment | 278,600 | 298,100 | +19,500 | +7.00 |
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 fourth month in a row our absorption rate has increased. This indicates that the market is changing and we are moving towards a balanced market with apartment condos leading the way. 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. My prediction is that this trend will continue and by September or October we will be approaching a balanced market – sooner for apartment condos.
| Absorption Rate | June 2014 | July 2014 | Change |
| Single Family Homes | 1.77 | 1.97 | +.2 |
| Condo Townhouse | 1.22 | 1.58 | +.36 |
| Condo Apartment | 2.26 | 2.40 | +.14 |
| Total Calgary | 1.77 | 1.99 | +.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.
Tags: Calgary Condos, Calgary Home Prices, calgary market, Calgary Real Estate Stats, Northwest Calgary Real Estate Prices