Find out what is really happening in the Real Estate Market. Stay ahead of everyone else 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 most importantly the relationship between the two and how it affects 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.
Calgary Listing Inventory
In February our total inventory of listings in Calgary increased in all 3 categories. This is very typical for this time of year as many sellers wait until after the holiday season to list their homes. This seasonal trend should continue for the next few months.
| Inventory | Jan 2016 | Feb 2016 | Change |
| Detached | 2546 | 2943 | 397 |
| Attached | 1223 | 1336 | 113 |
| Apartment | 1253 | 1402 | 149 |
| Total City of Calgary | 5022 | 5681 | 659 |
Calgary Sales:
Sales in all categories Increased in February. This again is seasonal and it’s important to note that this Feb we are 6.63% under sales for Feb 2015.
| Sales | Jan 2016 | Feb 2016 | Change | % of Change |
| Detached | 465 | 691 | 226 | 48.60% |
| Attached | 170 | 268 | 98 | 57.65% |
| Apartment | 129 | 168 | 39 | 30.23% |
| Total City of Calgary | 764 | 1127 | 363 | 47.51% |
Calgary Real Estate Sales Prices:
Prices for all detached and attached homes showed decreases in February. Apartment Condos showed a slight increase in price. This may be because apartment condos have been showing price decreases for several months.
| Sales Prices | Jan 2015
Benchmark Price |
Feb 2016
Benchmark Price |
Change |
| Detached | 509300 | 504400 | -4900 |
| Attached | 345600 | 338900 | -6700 |
| Apartment | 281900 | 283600 | 1700 |
| Total City of Calgary | 447300 | 445000 | -2300 |
Sales Prices “Year to Date”
Year to date prices
| Sales Prices | Dec 31, 2015 Benchmark Price | Feb 2016
Benchmark Price |
Change
$ |
% Change |
| Detached | 508700 | 504400 | -4300 | -0.85% |
| Attached | 351400 | 338900 | -12500 | -3.56% |
| Apartment | 285500 | 283,600 | -1,900 | -0.67% |
| Total City of Calgary | 448800 | 445000 | -3800 | -0.85% |
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 my opinion this is the most critical number to look at. Of interest the trend reversed this month. The last several months our Absorption rate has been increasing and this is the first time in several months that it decreased. Does this mean the market has changed – I would not be so quick and would suggest that one month does not make a trend so let’s watch.
| Absorption Rate | Jan 2015 | Feb 2016 | Change |
| Detached | 5.48 | 4.26 | -1.22 |
| Attached | 7.19 | 4.99 | -2.21 |
| Apartment | 9.71 | 8.35 | -1.37 |
| Total City of Calgary | 6.57 | 5.04 | -1.53 |
Price Sensitivity
It is also important to note that homes in the lower price ranges are still moving much quicker than homes in the higher price ranges.
**Please note that these numbers do change on a community basis and more so for towns. This report does not include rural properties. If you would like to find stats on your community just let me know. If you have any questions about this summary or Real Estate questions please feel free to contact us.
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TSW Real Estate Group
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