What is really happening in the Calgary Real Estate Market?
Lets look at the number of months of Inventory AKA Absorption Rate
Current Report: July 1, 2019
A slightly new format this month and moving forward due to technology challenges with reading the graphs on a cell phone. This should help. New format shows all numbers first and then my comments.
Current Months of Inventory:
Through June our Months of Inventory increased in all categories except Attached Row houses. The only Substantial increase is in Apartment Condos which increased by 1.58, Attached Row decreased by .38
Interesting to note that Detached Homes and Semi- Detached homes are trending in a Balanced Market. Attached Row Houses is in a buyer’s Market and Apartment Condos are still very much in a buyer’s market.
Calgary Listing Inventory
In June, our inventory rose in all Detached homes and Apartment Condos and we saw decreases in Semi Detached and Attached Row Houses. Overall increase was just 74 listings so not substantial.
Calgary Sales:
Sales for June decreased in all categories except Attached Row which increased only marginally.
The largest decrease was in the Apartment condo sector which decreased by 16.83%. Overall sales decreased by 7.34% for the month.
Sales Compared to 2018:
In May we were 11.4% above last May’s sales. In June we are 6.1% down from last year so things seem to be settling out a bit.
Calgary Real Estate Sales Prices:
June saw price increases in Detached and Semi Detached and we saw decreases in Attached Row houses and Apartment Condos. Note the price increases in the detached sector is being driven by homes under $500,000. Which are moving very quickly.
Months of Inventory/Absorption Rate – What does this mean you might ask? It’s the inventory divided by the number of sales in the last month).
**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 consider 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.
