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 slowly changing and is 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 for Single Family homes decreased while everything else increased this month. Typically this time of year we show increases in inventory. Single family home inventory went down which is not normal. 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 |
Aug 2014 |
Sept 2014 |
Change |
| Single Family Home |
3021 |
2961 |
-60 |
| Condo Townhouse |
437 |
552 |
+115 |
| Condo Apartment |
1056 |
1081 |
+25 |
| Total |
4514 |
4594 |
+80 |
Calgary Sales:
Sales in September decreased marginally in all categories. Sales numbers decreasing is very normal at this time of year. It is critical to note that even though the sales are decreasing we are still substantially above our sales for 2013.
| Sales |
Aug 2014 |
Sept 2014 |
Change |
% Change |
| Single Family Home |
1477 |
1398 |
-79 |
-5.3 |
| Condo Townhouse |
338 |
318 |
-20 |
-5.9 |
| Condo Apartment |
452 |
432 |
-20 |
-4.4 |
| Total |
2267 |
2148 |
-119 |
-5.2 |
Calgary Real Estate Sales Prices:
In September, the benchmark price increased for all categories. Based on the inventory change, prices are likely to increase moderately 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 you will notice the increases are continuing to get smaller every month.
| Sales Prices |
Aug 2014 Benchmark Price |
Sept 2014 Benchmark Price |
Change |
| Single Family Homes |
512,300 |
512,800 |
+500 |
| Condo Townhouse |
328,300 |
330,200 |
+1900 |
| Condo Apartment |
298,200 |
298,800 |
+600 |
Sales Prices “Year to Date”
Year to date prices – Prices have increased in all categories. Good news if you are a homeowner.
| Sales Prices |
Dec 31 2013 Benchmark Price |
Sept 2014 Benchmark Price |
Change$ |
% Change |
| Single Family Homes |
472,200 |
512,800 |
+40,600 |
+8.6 |
| Condo Townhouse |
307,100 |
330,200 |
+23,100 |
+7.5 |
| Condo Apartment |
278,600 |
298,800 |
+20,200 |
+7.3 |
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 in all categories. For Single Family homes the ratio went up even though our inventory decreased – this is because sales decreased more. Condo Townhouses took the largest jump of .45, I believe this is just catching up as last month it went opposite of everything else.
| Absorption Rate |
Aug 2014 |
Sept 2014 |
Change |
| Single Family Homes |
2.05 |
2.11 |
+.06 |
| Condo Townhouse |
1.29 |
1.74 |
+.45 |
| Condo Apartment |
2.33 |
2.50 |
+.17 |
| Total Calgary |
1.99 |
2.14 |
+.15 |
**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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