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 with how the market is trending 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 2.4 to 4.0 | Prices typically remain stable |
| Seller’s Market | <2.4 | Drives prices up |
*** Absorption Rate***
In my opinion this is the most critical number to look at. All categories increased slightly this month except Apartment condos which increased by 1.16. This is a reverse trend from last month where all categories decreased. As you can see the apartment condo market is still favouring Buyers the most.
| June 2016 | July 2016 | Change | |
| Detached | 2.28 | 2.46 | 0.18 |
| Semi Detached | 2.88 | 2.88 | 0.01 |
| Attached – Row | 3.90 | 4.45 | 0.55 |
| Apartment | 4.96 | 6.12 | 1.16 |
| Total City | 2.95 | 3.27 | 0.32 |
Calgary Listing Inventory
July saw a decrease in inventory in all categories except Apartment Condos which increased very slightly. This decrease is due to less new listings coming to market.
| Inventory | June 2016 | July 2016 | Change |
| Detached | 2923 | 2727 | -196 |
| Semi Detached | 532 | 522 | -10 |
| Attached – Row | 975 | 882 | -93 |
| Apartment | 1543 | 1554 | 11 |
| Total City | 5973 | 5685 | -288 |
Calgary Sales:
Sales in all categories decreased this month which in my opinion is very normal for this time of year with summer holidays many peoples focus.
| Calgary Sales | June 2016 | July 2016 | Change | % Change |
| Detached | 1282 | 1108 | -174 | -13.57% |
| Semi Detached | 185 | 181 | -4 | -2.16% |
| Attached – Row | 250 | 198 | -52 | -20.80% |
| Apartment | 311 | 254 | -57 | -18.33% |
| Total City | 2028 | 1741 | -287 | -14.15% |
Calgary Real Estate Sales Prices:
Pricing changes in July were minimal with all categories decreasing slightly. Again apartment condos decreased a little more and this make sense to me with the higher absorption rate. I would expect further price declines in the Apartment condo sector.
| Sales Prices | June 2016
Benchmark Price |
July 2016
Benchmark Price |
Change |
| Detached | 502,400 | 502,300 | -100 |
| Semi Detached | 385,600 | 385,200 | -400 |
| Attached – Row | 310,800 | 310,300 | -500 |
| Apartment | 278,200 | 277,000 | -1,200 |
| Total City | 440,400 | 440,000 | -400 |
Sales Prices “Year to Date”
Year to date prices
| Sales Prices | Dec 31, 2015 Benchmark Price | July 2016
Benchmark Price |
Change
$ |
% Change |
| Detached | 514100 | 502,300 | -11,800 | -2.30% |
| Semi Detached | 393100 | 385,200 | -7,900 | -2.01% |
| Attached – Row | 318500 | 310,300 | -8,200 | -2.57% |
| Apartment | 288,000 | 277,000 | -11,000 | -3.82% |
| Total City | 452800 | 440,000 | -12,800 | -2.83% |
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.
Tags: Calgary Home Prices, Calgary House Prices, Calgary Real Estate Market, CREB Stats July 2016