The Gord Piper & Associates Real Estate Blog

 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

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.

Stats taken from the Calgary Real Estate Boards Stats Package.

Gord’s commentary for the month (just my opinion).

Another strong month in the Calgary Real Estate Market with sales up and inventory down.

Calgary Listing Inventory

Our total listing inventory dropped in all sectors with  a total decrease of 453 listings or 7.21%. Most of the decrease was in the detached home sector with a decrease of 340 listings.

 Calgary Sales:

October sales beat September sales by 58 sales or 3.4%.  The detached and semi-detached saw increases while the Attached-Row and apartment condo sector saw a slight decline.  This is opposite of the normal where in October we are seeing sales declining from the peak.

 Sales Compared to 2019:

It is critical to note that in all my other numbers I look at month over month.  This chart below shows us the numbers this year compared to last year.   October sales were 22.67% higher than last October.

 

Calgary Real Estate Benchmark Sales Prices:

For the third month in a row the Benchmark Price overall increased by $550. It is interesting that every sector’s benchmark price increased this month.

Calgary Real Estate Sales Prices Year to Date

Since the beginning of the year

Increases of $9,700 in Detached homes, and $600. In Semi Detached and $200. In Apartment condos.

Decreases of $8,600 in the Attached-Row sector.

Current Months of Inventory (Absorption Rate): 

The months of Inventory decreased in Detached homes and Semi-detached while the Attached-row and Apartment sectors both saw increases.

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.