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: March 1, 2019
This graph shows the 2 year Trend of the number of months of inventory for a housing sectors.
Current Months of Inventory:
In February our months of inventory decreased in every housing sector in Calgary. Although we are certainly in a Buyer’s market this month all sectors moved toward a more balanced market which in my opinion is a great sign.
| End of | Jan 2019 | Feb 2019 | Change |
| Detached | 5.83 | 5.04 | -0.79 |
| Semi Detached | 7.64 | 6.63 | -1.01 |
| Attached – Row | 7.64 | 6.98 | -0.65 |
| Apartment | 9.31 | 8.73 | -0.58 |
| Total City | 6.81 | 6.03 | -0.78 |
Calgary Listing Inventory
In February our months of inventory increased in all categories. This increase is totally expected as we move further away from the holiday season.
| Inventory (End of) | Jan 2019 | Feb 2019 | Change |
| Detached | 2834 | 2987 | 153 |
| Semi Detached | 649 | 689 | 40 |
| Attached – Row | 817 | 908 | 91 |
| Apartment | 1173 | 1301 | 128 |
| Total Calgary | 5473 | 5885 | 412 |
Calgary Sales:
Sales for February increased in all sectors compared to January. Although the increase was not substantial it is good to see a change of direction.
| Calgary Sales | Jan 2019 | Feb 2019 | Change | % Change |
| Detached | 486 | 593 | 107 | 22.02% |
| Semi Detached | 85 | 104 | 19 | 22.35% |
| Attached – Row | 107 | 130 | 23 | 21.50% |
| Apartment | 126 | 149 | 23 | 18.25% |
| Total City | 804 | 976 | 172 | 21.39% |
***Sales Compared to last year***
In Feb our sales were 89.6% of last years sales so a decrease of 10.4%. This trend in my opinion is expected to continue until our economy and consumer confidence change direction. I am also starting to see and hear from clients who are getting ready to take advantage of the low prices which may kickstart things a little.
| 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% | 89.6% |
Calgary Real Estate Sales Prices:
February saw a very small decrease in prices in detached and Semi-Detached homes. Attached (Row) houses and Apartment condos showed a slight gain. Based on our absorption rate (months of inventory) we can expect prices to continue to trend downward.
| Sales Prices | Jan 2018 Benchmark Price | Feb 2019 Benchmark Price | Change |
| Detached | 476,500 | 475,600 | -900 |
| Semi Detached | 393,100 | 392,500 | -600 |
| Attached – Row | 284,300 | 284,600 | 300 |
| Apartment | 251,300 | 252,300 | 1,000 |
| Total City | 414,800 | 414,400 | -400 |
Sales Prices “Year to Date”
| Sales Prices | Jan 2019 Benchmark Price | Feb 1, 2019 Benchmark Price | Change
$ |
% Change |
| Detached | 481,400 | 475,600 | -5,800 | -1.20% |
| Semi Detached | 397,500 | 392,500 | -5,000 | -1.26% |
| Attached – Row | 288,400 | 284,600 | -3,800 | -1.32% |
| Apartment | 251,500 | 252,300 | 800 | 0.32% |
| Total City | 418,500 | 414,400 | -4,100 | -0.98% |
**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 Housing Market, What is really happening in the Calgary Real Estate Market