What is 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.
Following is a graph that shows the months of inventory for each housing sector. Looking at a 2-year trendline gives you and indication of where things are really heading.
Months of Inventory
Graph shows the 2 year trend of Months of Inventory for all housing sectors in the Calgary Real Estate Market.
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 commentary for the month (just my opinion).
Another extraordinarily strong month in the Calgary Real Estate Market. Total sales were up 24.87% from Sept 2019.
Calgary Listing Inventory
Our total listing inventory dropped in all sectors for a total decrease of 3.79%
Calgary Sales:
September sales beat August sales by 8.2% and like inventory it was in all sectors. This is unusual as September typically shows a decrease in sales. It feels like we are now in the middle of the Spring Market.
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 to last year.
| |
Jan |
Feb |
Mar |
Apr |
May |
June |
July |
Aug |
Sept |
Oct |
Nov |
Dec |
| 2019 |
801 |
973 |
1327 |
1544 |
1915 |
1775 |
1642 |
1580 |
1365 |
1440 |
1146 |
858 |
| 2020 |
861 |
1195 |
1175 |
573 |
1080 |
1747 |
1835 |
80 |
1702 |
|
|
|
| Change |
+60 |
+222 |
-152 |
-971 |
-835 |
-28 |
+194 |
-7 |
337 |
|
|
|
| % change |
+7.49 |
+22.8 |
-11.4 |
-62.8 |
-45.5 |
-1.6 |
+11.82% |
N/A |
24.87% |
|
|
|
Calgary Real Estate Benchmark Sales Prices:
For the second month in a row the Benchmark Sales Price increased overall and increased in all sectors except Semi Detached which remained the same.
Calgary Real Estate Sales Prices Year to Date
Since the start of 2020 prices have increased for Detached homes, Semi-Detached, and overall. Attached row are showing $9,300 less that the end of 2019 and apartment condos are down by only $400.
Current Months of Inventory (Absorption Rate):
As inventory declined and sales increased our months of inventory decreased for all sectors.
All sectors are now sitting in a balanced market position with the exception of Apartment condos which are still very much in a buyers market with 6.76 Months of Inventory.
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. For example, many communities if I look at listings under $500,000, they are showing being in a Sellers Market position and are getting competing offers.
