May 1, 2017 Calgary Real Estate Market Snapshot

What is really happening in the Calgary Real Estate market?

Calgary Real Estate Absorption Rate

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 to stay 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

The absorption rate for April remained fairly flat.  Detached homes changes only by .13%.  Semi detached rate decreased by .04% while attached homes and Townhouses both increased by .5% This leaves us in the following market positions:

  • Sellers Market – Detached and Semi-Detached Homes
  • Balanced Market – Row or Townhouses
  • Buyers Market – Apartment Condo’s
  March 2017 April 2017 Change
Detached 1.97 2.09 0.13
Semi Detached 2.29 2.25 -0.04
Attached – Row 3.38 3.92 0.54
Apartment 5.22 5.74 0.52
Total City 2.68 2.87 0.18

 

Calgary Listing Inventory

April saw a slight increase in our inventory level in all categories except Semi Detached which remained even.  Increasing inventory is a normal pattern for April as we are approaching the spring market.  Expect our inventory to continue to increase over the next few months.

Inventory March 2017 April 2017 Change
Detached 2312 2522 210
Semi Detached 463 463 0
Attached – Row 764 863 99
Apartment 1575 1647 72
Total City 5114 5495 381

Calgary Sales:

All categories remained flat in sales. Overall we had 11 more sales in April then in March. This again is a fairly normal pattern and I expect this number to start to increase as buyers tend to come out once spring starts to arrive. We are starting to see lots of competing offers again in the detached market.

Calgary Sales   March 2017 April 2017 Change % Change
Detached 1176 1204 28 2.38%
Semi Detached 202 206 4 1.98%
Attached – Row 226 220 -6 -2.65%
Apartment 302 287 -15 -4.97%
Total City 1906 1917 11 0.58%

  

Calgary Real Estate Sales Prices: 

Prices this month increased marginally in all categories except for Apartment Condos which went down by $500. The increases in the Detached and Semi Detached homes were small and Row Houses actually increased by $1800.  Based on the absorption rate I believe you will continue to see increases in all Detached and Semi Detached Homes, prices should remain flat for Attached-Row houses and a slight decline in apartment condos which are still very much in a buyer’s market position.

  Sales Prices March 2017   2016 Benchmark Price          April 2017 Benchmark Price Change
Detached 503,900 504,100 200
Semi Detached 389,600 390,200 600
Attached – Row 304,100 305,900 1,800
Apartment 269,700 269,200 -500
Total City 439,400 439,600 200

  

Sales Prices “Year to Date”   

Sales Prices Jan 1, 2017    Benchmark Price  April  2017 Benchmark Price Change

$

% Change
Detached 498,300 504,100 5,800 1.16%
Semi Detached 385,400 390,200 4,800 1.25%
Attached – Row 307,900 305,900 -2,000 -0.65%
Apartment 269,200 269,200 0 0.00%
Total City 435,400 439,600 4,200 0.96%

 

Price Notes 

**Please note that these numbers include only Calgary homes and 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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