What is really Happening in the Calgary Real Estate Market?
What is really happening in the Calgary Real Estate Market?
Stay ahead of everyone else by following our Monthly Market Snapshot of the Calgary Real Estate Market. This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and most importantly the relationship between the two and how it affects the price of Calgary Real Estate. A simple way to keep up to date with how the market is trending and to stay ahead of most! All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. I have also included some general comments which are simply my opinion.
Months of Inventory/Absorption Rate – the inventory divided by the number of sales in the last month). What does this mean you might ask?
| Buyer’s Market | >4.0 | Drives prices down |
| Balanced Market | Between 2.4 to 4.0 | Prices typically remain stable |
| Seller’s Market | <2.4 | Drives prices up |
Current Months of Inventory: If we did not list any more homes this is how many months it would take to deplete inventory.
In August the months of inventory remained fairly flat with the exception of Attached-Row homes which decreased by .56 I see this as a correction as last month this number went up by over 1.0
| End of | July 2018 | Aug 2018 | Change |
| Detached | 4.72 | 4.78 | 0.06 |
| Semi Detached | 6.07 | 6.45 | 0.37 |
| Attached – Row | 6.78 | 6.22 | -0.56 |
| Apartment | 7.01 | 6.86 | -0.16 |
| Total City | 5.46 | 5.45 | -0.01 |
Calgary Listing Inventory
In August, our inventory decreased in all sectors and overall, the highest decrease was in the Detached home sector. This is totally normal at this time of year and we should expect this trend to continue for the rest of the year.
| Inventory | July 2018 | Aug 2018 | Change |
| Detached | 4578 | 4433 | -145 |
| Semi Detached | 911 | 909 | -2 |
| Attached – Row | 1187 | 1113 | -74 |
| Apartment | 1774 | 1666 | -108 |
| Total Calgary | 8450 | 8121 | -329 |
Calgary Sales:
Sales were down in all categories (except Attached-Row which increased by 4) , This is normal for August as we are moving out of our busy season and people are focused on vacations and outdoor activities and now back to school.
| Calgary Sales | July 2018 | Aug 2018 | Change | % Change |
| Detached | 969 | 927 | -42 | -4.33% |
| Semi Detached | 150 | 141 | -9 | -6.00% |
| Attached – Row | 175 | 179 | 4 | 2.29% |
| Apartment | 253 | 243 | -10 | -3.95% |
| Total City | 1547 | 1490 | -57 | -3.68% |
Sales Compared to last year: Thought this is a number that deserves a look as the trend is changing. Chart shows this year’s sales as a percentage of last years so yes sales are down but they are down less than at the beginning of the year.
| Jan | Feb | Mar | Apr | May | June | July | Aug | Sept | Oct | Nov | Dec |
| 102% | 82% | 72% | 80% | 82% | 89% | 95% | 93% | ‘ |
Calgary Real Estate Sales Prices:
As you can see prices in all sectors decreased in August. As we are now in a buyer’s market we should expect prices to decline slightly which is what happened.
| Sales Prices | July 2018 Benchmark Price | Aug 2018 Benchmark Price | Change |
| Detached | 501,300 | 497,000 | -4,300 |
| Semi Detached | 416,200 | 411,300 | -4,900 |
| Attached – Row | 300,300 | 296,700 | -3,600 |
| Apartment | 259,700 | 258,100 | -1,600 |
| Total City | 435,200 | 432,000 | -3,200 |
Sales Prices “Year to Date”
Same as monthly number
| Sales Prices | Jan 1, 2018 Benchmark Price | Aug 2018 Benchmark Price | Change
$ |
% Change |
| Detached | 499,600 | 497,000 | -2,600 | -0.52% |
| Semi Detached | 416,600 | 411,300 | -5,300 | -1.27% |
| Attached – Row | 299,500 | 296,700 | -2,800 | -0.93% |
| Apartment | 257,700 | 258,100 | 400 | 0.16% |
| Total City | 433,200 | 432,000 | -1,200 | -0.28% |
**Please note that these numbers include only Calgary homes and do change on a community basis and more so for towns. This report does not include rural properties. If you would like to find stats on your community just let me know. If you have any questions about this summary or about Real Estate in general, please feel free to contact us.
Tags: Calgary Home Prices, Calgary Housing Market, Calgary Housing market Snapshot, calgary real estate prices