What is really happening in the Calgary Real Estate Market?
The market is 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 an indication of where things are really heading. On the right it indicates if we are in a sellers or buyers market in that sector.
Graph shows 2 years on Months of Inventory for all sectors within the Calgary Real Estate Market.
Gord’s commentary for the month (just my opinion).
Calgary had another very busy month in the Real Estate world. It feels like we are in the spring market already. Sales of detached homes, especially in the lower price ranges are booming and we are seeing multiple offers. Currently in the single-family home sector what is holding people back from buying is the lack of inventory so they cannot find what they want.
COVID-19: Even though we are in a similar lockdown situation as we were in March there does not seem to be the same result in the market falling. I believe that the public is now aware of the many protocols Realtor’s have put in place to keep both Buyers and Sellers safe. On top of that, I believe people are seeing that there is a light at the end of the tunnel with the recent Vaccine announcements.
Calgary Listing Inventory
Every housing sector saw an increase in Inventory, and this is to be expectedin January. In November/December people often hold off for the holiday season and are now listing.
Calgary Sales:
Overall Calgary sales increased in January over December but only by a small margin. The only sector that saw a decrease was the Attached-Row Sector and sales were only down by 19.
Sales Compared to 2020:
This is where it gets interesting. January saw 347 more sales than in January of 2020. This makes me believe that there is still a pent-up demand and with the interest rate so low we are going to see some higher numbers this year than we have seen in a while.
| |
Jan |
Feb |
Mar |
Apr |
May |
June |
July |
Aug |
Sept |
Oct |
Nov |
Dec |
| 2020 |
861 |
1195 |
1175 |
573 |
1080 |
1747 |
1835 |
80 |
1702 |
1764 |
1437 |
1199 |
| 2021 |
1208 |
|
|
|
|
|
|
|
|
|
|
|
| Change |
+347 |
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|
|
|
|
|
|
|
|
|
| % change |
+7.49 |
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Calgary Real Estate Benchmark Sales Prices:
Overall, the Benchmark Price for all sectors increased by $1500. All sectors showed an increase except Semi-Detached which showed a small decrease of 2,000.
Current Months of Inventory (Absorption Rate):
The months of Inventory increased marginally in all Sectors except the Semi-Detached sector where months of inventory declined by .13.
Detached homes at 2.17 put us solidly into a seller’s market.
Semi-Detached is at 2.53 so borderline between Sellers and Balanced market position.
Attached Row and Apartment sectors are both in Buyer’s Market positions with 4.65 and 7.08 Months of Inventory respectively.
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.
Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boars monthly Stats package.
CREB Stats for January of 2021
