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 Sector. Looking at a 2-year trendline gives you and indication of where things are really heading.
Graph shows the 2 year trend of Months of Inventory for all housing categories 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.
Calgary Real Estate Board Stats
Gord’s commentary for the month (just my opinion).
Well, its been an interesting month in the Calgary market during this crazy time. Notice I did not say unprecedented – the most over used word of 2020 in my humble opinion.
Calgary Listing Inventory
Typically, April is the start of the spring market and that means increased listings. Do to the Covid-19 situation some Seller’s took their homes off the market and others simply did not list. The total inventory decreased by 238 listings or 4.1% The total new listings in April 2019 was 3126 and this year we had only 1425 so a decrease of 54.4%
Calgary Sales:
As expected, sales plummeted. What surprised me is how many actual sales we had even with the City being essentially locked down. Sales dropped from 1175 (in March) to 573 in April a 51.2% decrease. April is also typically when sales increase due to spring market.
Calgary Sales Compared to 2019 Sales
Calgary Real Estate Sales Prices:
Prices decreased in all sectors except apartment condos which somehow increased by $700. The highest decrease was in Attached – row homes and they decreased by $4300.
Calgary Real Estate Sales Prices Year to Date
Every sector has seen a decrease in Benchmark price – the highest being in the Attached Row house sector at $4,700 and the lowest decrease in Detached homes at $1000.
Current Months of Inventory (Absorption Rate):
In April, all Sectors saw a massive increase in the absorption rates. Actually, I honestly thought they would be much higher and, in my opinion that is what saved us is the number of new listings going on the market fell compared to a normal April.
Looking Forward
I am not going to pull out my crystal ball here, but I am going to share one more set of numbers for you. CIR Realty has a way to track how many showings we have on our listings. Here are the numbers.
Again, I do not have a Crystal ball, but this showings graph indicates to me that activity is starting to pick up again.
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.