What’s really happening in the Calgary Real Estate Market? The market is simply a result of Supply and Demand therefore we look at both supply (inventory) and Demand (Sales) and the relationship between the two. We also update you on the current benchmark price for all housing sectors.
First here is a graph that shows the months of inventory for each Sector. Looking at a 2 year trendline gives you and indication of where things are really heading.
Following is a summary of what I deem to be the most important numbers. Again we look at Total Inventory, Sales for the past 30 days, Months of Inventory and of course the benchmark price. All numbers are taken from the Calgary Real Estate boards monthly stats package.
Gord’s comments – Just my opinion
A few comments on this month.
Merry Christmas and Happy new year. Yes, you will see major change this month, but this is 100% normal as everyone is focused on the holidays and not on Real Estate. Here are my comments.
Current Months of Inventory (Absorption Rate):
The larger changes were semi-detached decreasing by .72 and Apartment Condos which increased by .96 Every other sector was less than .25 of a change so fairly stable.
Calgary Listing Inventory
Every sector declined giving us 1327 less listings today than a month ago. As above this is a seasonal trend and starting January, we will start to see these numbers rise again.
Calgary Sales:
Sales for December declined in all sectors, and again this is to be expected. Sales declines were the highest in the Detached home and Apartment Condo sectors and were much lower in the Semi-Detached sector.
Sales Compared to 2018:
Although sales from Nov to Dec dropped, the sales for Dec 2019 were 8% higher than sales in Dec 2018. This in my opinion is important as we are starting to show more stability in the Market.
Calgary Real Estate Sales Prices:
Prices in the Attached – Row and Apartment condo sectors increased marginally (by 1,300 & 900 respectively).
Prices in Detached and Semi-Detached decreased marginally (1,400 & 2,200 respectively)
Calgary Real Estate Benchmark Prices Year to Date
As might be expected, all sectors saw a decrease in prices in 2019.
Detached homes: Declined by $1.900 or .27%
Semi-Detached: Decreased by $6,200 or 2.34%
Attached Row: Decreased by $1,400 or 1.87%
Apartment: Decreased by $2,300 or 1.07%
Overall Calgary Market: Decreased by $2,600 or .6%
It’s also important to note that these numbers vary by community, and also by price range. If you would like numbers for your community contact us.
Tags: Calgary Condo Market, Calgary Condo Prices, Calgary Home Prices, Calgary Real Estate Board Stats, Calgary Real Estate Market