Stay ahead of the curve by following our Monthly Market Snapshot of the Calgary Real Estate Market. This shows what’s really happening! 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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July saw very little change to our inventory levels and a decrease in sales numbers in both detached homes and apartment condos. This is quite typical for Calgary as people are vacationing in July and of course we have our annual Calgary Stampede. In addition to that we have had beautiful weather and people are taking advantage of that while it’s here.
Calgary Listing Inventory: Inventory went down in all categories except Apartment Condos this month. All changes are really insignificant.
| Inventory |
June 2015 |
July 2015 |
Change |
| Detached |
2760 |
2728 |
-28 |
| Attached |
1114 |
1104 |
-10 |
| Apartment |
1196 |
1223 |
+27 |
| Total City of Calgary |
5070 |
5055 |
-15 |
Calgary Sales:
Sales for detached homes and apartment condos decreased this month while attached homes remained even. As mentioned above a decrease in sales in typical in July.
| Sales |
June 2015 |
July 2015 |
Change |
% Change |
| Detached |
1335 |
1222 |
-113 |
-8.5 |
| Attached |
449 |
449 |
0 |
0 |
| Apartment |
399 |
324 |
-75 |
-18.8 |
| Total City of Calgary |
2183 |
1995 |
-188 |
-8.6 |
Calgary Real Estate Sales Prices:
Prices in all categories changed very little this month. Based on the absorption rate below my prediction is that detached and attached homes (in a Seller’s Market) will see small price increases while apartment condos (in a balanced market) should stay flat.
| Sales Prices |
June 2015 Benchmark Price |
July 2015 Benchmark Price |
Change |
| Detached |
515,500 |
515,300 |
-200 |
| Attached |
354,500 |
355,300 |
+800 |
| Apartment |
293,600 |
293,300 |
-300 |
| Total City of Calgary |
455,400 |
455,400 |
0 |
Sales Prices “Year to Date”
Year to date prices – All categories have decreased.
| Sales Prices |
Dec 31, 2014 Benchmark Price |
July 2015 Benchmark Price |
Change$ |
% Change |
| Detached |
518,600 |
515,300 |
-3,300 |
-.64 |
| Attached |
356,200 |
355,300 |
-900 |
-.2 |
| Apartment |
300,400 |
293,300 |
-7,100 |
-2.4 |
| Total City of Calgary |
459,500 |
455,400 |
-4,100 |
.89 |
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 |
Drives prices down |
| Balanced Market |
Between 2.8 to 4.0 |
Prices typically remain stable |
| Seller’s Market |
<2.8 |
Drives prices up |
*** Absorption Rate:
In July the absorption rate increased marginally for all categories. What this means is that the relation to sales over inventory decreased. This leaves detached homes and attached homes in a seller’s market, while apartment condos have stayed in a balanced market but have reversed direction coming closer to a buyer’s market.
| Absorption Rate |
June 2015 |
July 2015 |
Change |
| Detached |
2.13 |
2.23 |
+.10 |
| Attached |
2.44 |
2.46 |
+.02 |
| Apartment |
3.6 |
3.77 |
+.17 |
| Total City of Calgary |
2.44 |
2.53 |
+.09 |
**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
TSW Real Estate Group
