Stay ahead of the curve by following our Monthly Market Snapshot of the Calgary Real Estate Market. This shows what’s really happening in the Calgary Real Estate Market. The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate. A simple way to keep up to date and ahead of most!
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
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Calgary housing market softens slightly as we approach Christmas. Single family homes and apartment Condos moved slightly toward a balanced market while the Townhouse market went slightly deeper into a Sellers market. Below is a summary of some key areas with a few short comments.
Calgary Listing Inventory: As I would expect all Inventory levels decreased this last month. Inventories typically decrease at this time of year as some people now wait until the New Year to list. Interestingly the decrease was about 40% less than our decrease in November last year.
|
Inventory |
Oct 2014 |
Nov 2014 |
Change |
|
Single Family Home |
2780 |
2373 |
-408 |
|
Condo Townhouse |
568 |
511 |
-57 |
|
Condo Apartment |
1088 |
985 |
-103 |
|
Total |
4436 |
3869 |
-567 |
Calgary Sales:
Typically at this time of year we also see sales numbers decreasing. Sales in November decreased in all categories. Compared to last year sales from October to November decreased slightly more than last year however sales numbers are still higher than November 2013.
|
Sales |
Oct 2014 |
Nov 2014 |
Change |
% Change |
|
Single Family Home |
1462 |
1181 |
-281 |
-.19 |
|
Condo Townhouse |
300 |
277 |
-23 |
-.07 |
|
Condo Apartment |
385 |
324 |
-61 |
-.16 |
|
Total |
2147 |
1782 |
-365 |
.17 |
Calgary Real Estate Sales Prices:
In November the benchmark price decreased for single family homes and increased for Townhouses and apartment condos. The change is so small it’s insignificant. December pricing should remain fairly stable. Based on what I am seeing my early prediction for the New Year is for prices to continue to increase for Single family homes, and less so for Townhouses. Apartment condo prices should remain fairly stable as we are in a balanced market state.
|
Sales Prices |
Oct 2014 Benchmark Price |
Nov 2014 Benchmark Price |
Change |
|
Single Family Homes |
513,500 |
511,300 |
-2,200 |
|
Condo Townhouse |
337,800 |
338,600 |
+800 |
|
Condo Apartment |
299,800 |
300,700 |
+900 |
Sales Prices “Year to Date”
Year to date prices – Prices have increased in all categories. Good news if you are a homeowner.
|
Sales Prices |
Dec 31 2013 Benchmark Price |
Nov 2014 Benchmark Price |
Change $ |
% Change |
|
Single Family Homes |
472,200 |
511,300 |
39,100 |
+9.3% |
|
Condo Townhouse |
307,100 |
338,600 |
31.500 |
+10.25% |
|
Condo Apartment |
278,600 |
300,700 |
22,100 |
+7.9% |
Absorption Rate (Months of Inventory) (the inventory divided by the number of sales in the last month). What does this mean you might ask?
|
Buyer’s Market |
>4.0 |
|
Balanced Market |
Between 2.8 to 4.0 |
|
Seller’s Market |
<2.8 |
*** Absorption Rate:
This month the absorption rate increased for Single Family homes and Apartment Condos while Townhouses decreased slightly. This moves Single family homes closer towards a balanced market, Townhouses in a deeper Sellers market and apartment condos move stronger into a balanced market.
|
Absorption Rate |
Oct 2014 |
Nov 2014 |
Change |
|
Single Family Homes |
1.90 |
2.01 |
+.11 |
|
Condo Townhouse |
1.89 |
1.84 |
-.05 |
|
Condo Apartment |
2.83 |
3.04 |
+.21 |
|
Total Calgary |
2.06 |
2.17 |
+.11 |
**Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community just let me know. If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us.
Tags: Calgary Home Prices, calgary real estate, Calgary Real Estate Market, Calgary Real Estate Statitics, CREB STATS