Calgary Real Estate Market Snapshot Feb 1, 2019

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.

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