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 however is showing slow signs of moving toward a balanced market.
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 marginally in all categories. While this is typical for this time of year the challenge is we are starting with a low inventory so a decrease can push us back towards a stronger Seller’s market. I believe the reason is that we still have a large backlog of buyers waiting for the perfect home to come on the market, especially in the starter home price range.
| Inventory |
July 2014 |
Aug 2014 |
Change |
| Single Family Home |
3056 |
3021 |
-35 |
| Condo Townhouse |
536 |
437 |
-99 |
| Condo Apartment |
1070 |
1056 |
-14 |
| Total |
4662 |
4514 |
-148 |
Calgary Sales:
Sales in August decreased marginally in all categories except apartment condos. Sales numbers decreasing is very normal at this time as people are focused on summer vacations. Apartment condos increased and I believe that’s simply that last month they decreased more than the other categories.
| Sales |
July 2014 |
Aug 2014 |
Change |
% Change |
| Single Family Home |
1553 |
1477 |
-76 |
|
| Condo Townhouse |
339 |
338 |
-1 |
|
| Condo Apartment |
444 |
452 |
+8 |
|
| Total |
2336 |
2267 |
-69 |
|
Calgary Real Estate Sales Prices:
In August, 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 |
July 2014
Benchmark Price |
Aug 2014
Benchmark Price |
Change |
| Single Family Homes |
511,600 |
512,300 |
+700 |
| Condo Townhouse |
327,000 |
328,300 |
+1,300 |
| Condo Apartment |
298,100 |
298,200 |
+100 |
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 |
Aug 2014Benchmark Price |
Change
$ |
% Change |
| Single Family Homes |
472,200 |
512,300 |
40,100 |
+8.5 |
| Condo Townhouse |
307,100 |
328,300 |
21,200 |
+6.9 |
| Condo Apartment |
278,600 |
298,200 |
19,600 |
+7.0 |
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 month the absorption rate increased for single family homes while it decreased for Townhouses and Apartment Condos. This I find interesting as we have been moving from a strong seller’s market towards a buyer’s market (although slowly). My only explanation here is that there is still a backlog of buyers especially in the starter home price ranges putting more pressure on Condos and Townhouses.
| Absorption Rate |
July 2014 |
Aug 2014 |
Change |
| Single Family Homes |
1.97 |
2.05 |
+.08 |
| Condo Townhouse |
1.58 |
1.29 |
-.29 |
| Condo Apartment |
2.40 |
2.33 |
-.07 |
| Total Calgary |
1.99 |
1.99 |
– |
**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.
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