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!
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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An interesting month in the Calgary Real Estate market. Apartment Condos and Townhouses continued to slowly shift away from a seller’s market towards a more balanced market. I find it interesting that Single Family homes moved slightly deeper into a Seller’s market. Attached please find a copy of the stats package from the Calgary Real Estate Board for the month of Oct 2014. Below is a summary of some key areas with a few short comments.
Calgary Listing Inventory: Inventory levels typically decrease at this time of year as some people now wait until the New Year to list. That was the case for Single Family homes. Townhouses and Apartment condos increased very slightly but not big enough to make any substantial difference.
| Inventory | Sept 2014 | Oct 2014 | Change |
| Single Family Home | 2961 | 2780 | -181 |
| Condo Townhouse | 552 | 568 | +16 |
| Condo Apartment | 1081 | 1088 | +7 |
| Total | 4594 | 4436 | -158 |
Calgary Sales:
Typically at this time of year we also see sales numbers decreasing. Sales in October decreased marginally for Townhouses and Apartment Condos while sales for Single Family Homes increased. I believe this may be still a backlog of buyers waiting for the perfect home to come on the market. It is critical to note that even though the sales are decreasing we are still substantially above our sales for 2013.
| Sales | Sept 2014 | Oct 2014 | Change | % Change |
| Single Family Home | 1397 | 1462 | +65 | +4.6 |
| Condo Townhouse | 318 | 300 | -18 | -5.6 |
| Condo Apartment | 432 | 385 | -47 | -10.9 |
| Total | 2267 | 2147 | -120 | -5.3 |
Calgary Real Estate Sales Prices:
In October, the benchmark price increased for all categories. Based on what I am seeing my prediction is for prices to continue to increase for Single family homes, and less so for Townhouses but Apartment condo prices should flatten as they are now in a balanced market state. If you have been following my reports you will notice the increases are continuing to get smaller every month.
| Sales Prices | Sept 2014 Benchmark Price | Oct 2014 Benchmark Price | Change |
| Single Family Homes | 512,800 | 513,500 | +700 |
| Condo Townhouse | 336,300 | 337,800 | +1500 |
| Condo Apartment | 298,800 | 299,800 | +1000 |
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 | Oct 2014 Benchmark Price | Change$ | % Change |
| Single Family Homes | 472,200 | 513,500 | +41,300 | 8.75 |
| Condo Townhouse | 307,100 | 337,800 | +30,700 | +9.99 |
| Condo Apartment | 278,600 | 299,800 | +21,200 | +7.61 |
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 Townhouses and Apartment Condos and decreased for single family homes. This puts single family homes in more of a sellers market while it puts apartment condos into a balanced market.
| Absorption Rate | Sept 2014 | Oct 2014 | Change |
| Single Family Homes | 2.11 | 1.90 | -.12 |
| Condo Townhouse | 1.74 | 1.89 | +.15 |
| Condo Apartment | 2.50 | 2.83 | +.33 |
| Total Calgary | 2.14 | 2.06 | -.08 |
**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.