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.
Following 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.
Absorption Rate Graph
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.
Key Stats from the Calgary Real Estate Board.
Gord’s commentary for the month (just my opinion).
Its been another interesting month in the Calgary market during this Covid 19 time.
An optimist would say we gained 88.5% on sales (from last month)
A pessimist would say were down 45.5% (from last year)
Calgary Listing Inventory
Typically, May is the start of the spring market and that means increased listings. In May we increased our listing inventory from 5576 to 5813, only an increase of 237 listings. This small increase is good news and is helping us hold the value of homes.
Calgary Sales:
Wow, what a change Sales in May increased by 88.5% over April. All categories increased over 80% except apartment condos and they increased by 44.2%.
Sales Compared to 2019:
It is critical to note that in all my other numbers I look at month over month. This shows us the numbers this year compared too last year. So, although the market saw a huge improvement in May we are still down 45.5% from last year in May, meaning we have a long way to go.
Calgary Real Estate Sales Prices:
As one would expect we did see price decreases in all sectors of between $1,800 (Condos) To $4,800 (detached homes) except for Semi-Detached homes which increased by $2000
Calgary Real Estate Sales Prices Year to Date
Every sector has seen a decrease in Year to Date Benchmark price – the smallest decrease being in the Semi-Detached sector with a loss of $600. All other sectors saw decreases of between $5,800 to $8,600. The Total decrease across all sectors is -$6,900 or 1.65
Current Months of Inventory (Absorption Rate):
In May, all sectors decreased the absorption rate drastically. This is mainly driven by our inventory holding, Decreases were between -3.8 to -4.95
It is also important to note that these numbers vary by community, and by price range. If you would like numbers for your community contact us.
Tags: Calgary Condo Prices, Calgary Home Prices, Calgary Real Estate Market Snapshot