What is really happening in the Calgary 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 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.
Months of Inventory: If we did not list any more homes this is how many months it would take to deplete inventory.
Months of Inventory/Absorption Rate – 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 |
Current Report: Feb 1, 2019
Months of Inventory Trend Last 2 Years
Current Months of Inventory:
In January our months of inventory increased in all categories except Apartment Condo’s which decreased a little. This puts every segment of the market into a substantial buyers market.
| End of | December 2018 | January 2019 | Change |
| Detached | 5.23 | 5.83 | 0.60 |
| Semi Detached | 6.50 | 7.64 | 1.14 |
| Attached – Row | 6.81 | 7.64 | 0.83 |
| Apartment | 9.69 | 9.31 | -0.38 |
| Total City | 6.16 | 6.81 | 0.65 |
Calgary Listing Inventory
In January our months of inventory increased in all categories. An increase of inventory in January is 100% expected as many people do not want to sell over the holidays and wait until Jan.
| Inventory | December 2018 | January 2019 | Change |
| Detached | 2598 | 2834 | 236 |
| Semi Detached | 572 | 649 | 77 |
| Attached – Row | 715 | 817 | 102 |
| Apartment | 1027 | 1173 | 146 |
| Total Calgary | 4904 | 5473 | 569 |
Calgary Sales:
Sales for January were almost equal to December’s sales. In my opinion this is not a good sign as sales in January should be starting to pick up.
| Calgary Sales | December 2018 | January 2019 | Change | % Change |
| Detached | 497 | 486 | -11 | -2.21% |
| Semi Detached | 88 | 85 | -3 | -3.41% |
| Attached – Row | 105 | 107 | 2 | 1.90% |
| Apartment | 106 | 126 | 20 | 18.87% |
| Total City | 796 | 804 | 8 | 1.01% |
***Sales Compared to last year***
Although only doing 83.8% of last years sales sounds terrible if we look at the numbers from last year Jan sales equaled the year before – ie: The big decrease in sales started in February 2018. Therefore I would predict that starting in February sales should be close to last years.
| Jan | Feb | Mar | Apr | May | June | July | Aug | Sept | Oct | Nov | Dec | |
| 2018 | 102% | 82% | 72% | 80% | 82% | 89% | 95% | 93% | 85.9% | 89.9% | 83.0 | 78.6 |
| 2019 | 83.8% |
Calgary Real Estate Sales Prices:
December saw prices decrease in all sectors with the largest decrease being in the Detached home sector. This is expected with the high number of months of inventory on the market. Unless something changes we can expect to see this trend for a few more months.
| Sales Prices | Dec 2018 Benchmark Price | Jan 2019 Benchmark Price | Change |
| Detached | 481,400 | 476,500 | -4,900 |
| Semi Detached | 397,500 | 393,100 | -4,400 |
| Attached – Row | 288,400 | 284,300 | -4,100 |
| Apartment | 251,500 | 251,300 | -200 |
| Total City | 418,500 | 414,800 | -3,700 |
Sales Prices “Year to Date”
Numbers are same as above for this month only!
| Sales Prices | Jan 1, 2018 Benchmark Price | Feb 1, 2019 Benchmark Price | Change
$ |
% Change |
| Detached | 481,400 | 476,500 | -4,900 | -1.02% |
| Semi Detached | 397,500 | 393,100 | -4,400 | -1.11% |
| Attached – Row | 288,400 | 284,300 | -4,100 | -1.42% |
| Apartment | 251,500 | 251,300 | -200 | -0.08% |
| Total City | 418,500 | 414,800 | -3,700 | -0.88% |
**Please note that these numbers include only Calgary and do change on a community basis and more so for towns. This report does not include rural properties and does not take into account differences in different price ranges. If you would like to find stats on your community just let me know. If you have any questions about this summary or about Real Estate in general, please feel free to contact us.
Tags: Calgary Condo Prices, Calgary Home Prices, Calgary RE Market, home price trend calgary, What is happening in calgary real estate market?