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! All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. I have also included some general comments which are simply my opinion.
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. Detached homes & Semi – detached homes are now back in a seller’s market. The only category not to decrease in absorption rate was apartment condos and they stayed flat.
| April 2016 | May 2016 | Change | |
| Detached | 2.76 | 2.48 | -0.28 |
| Semi Detached | 3.42 | 2.88 | -0.54 |
| Attached – Row | 5.05 | 4.04 | -1.01 |
| Apartment | 5.85 | 5.85 | 0.00 |
| Total City | 3.54 | 3.20 | -0.34 |
Calgary Listing Inventory
May saw a slight decrease in Detached and Semi – Detached while Attached – Row and Apartment condos increased slightly.
| Inventory | April 2016 | May 2016 | Change |
| Detached | 3127 | 3018 | -109 |
| Semi Detached | 595 | 548 | -47 |
| Attached – Row | 930 | 974 | 44 |
| Apartment | 1590 | 1608 | 18 |
| Total City | 6242 | 6148 | -94 |
Calgary Sales:
Sales in all categories increased moderately again this month. This is very typical for a spring market. It is important to note that Sales are still down from normal levels but are increasing. The big jump in sales this month was in the Attached – Row homes which increased by 31%.
| Calgary Sales | April 2016 | May 2016 | Change | % Change |
| Detached | 1134 | 1217 | 83 | 7.32% |
| Semi Detached | 174 | 190 | 16 | 9.20% |
| Attached – Row | 184 | 241 | 57 | 30.98% |
| Apartment | 272 | 275 | 3 | 1.10% |
| Total City | 1764 | 1923 | 159 | 9.01% |
Calgary Real Estate Sales Prices:
Interesting that all categories decreased in prices. In my opinion, I believe it is simply because of what is happening in the general Calgary economy and Buyers and Sellers are not aware of how the market has shifted direction and everyone is still acting like it’s a buyer’s market. Buyers are bringing low offers, and sellers are happy just to get an offer and are willing to settle a little lower.
| Sales Prices | April 2016
Benchmark Price |
May 2016
Benchmark Price |
Change |
| Detached | 501500 | 500500 | -1000 |
| Semi Detached | 383600 | 383100 | -500 |
| Attached – Row | 314800 | 313200 | -1600 |
| Apartment | 280400 | 278500 | -1900 |
| Total City | 441000 | 439700 | -1300 |
Sales Prices “Year to Date”
Year to date prices
| Sales Prices | Dec 31, 2015 Benchmark Price | May 2016
Benchmark Price |
Change
$ |
% Change |
| Detached | 514100 | 501500 | -12600 | -2.45% |
| Semi Detached | 393100 | 383600 | -9500 | -2.42% |
| Attached – Row | 318500 | 314800 | -3700 | -1.16% |
| Apartment | 288000 | 280,400 | -7,600 | -2.64% |
| Total City | 452800 | 441000 | -11800 | -2.61% |
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 contact us.
TSW Real Estate Group
Tags: Calgary Home Prices, calgary real estate, What is happening in calgary real estate market?