Amazingly the Calgary Real Estate Market has recovered from Covid.
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 – 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 Stats
Gord’s commentary for the month (just my opinion).
Well, we seem to have returned to a more normal market. July’s sales outpaced 2019 July Sales by 6.56% and that was after a slower start in July.
Calgary Listing Inventory
Inventory in all sectors except Semi-Attached increased this month. The largest increases were in the Detached and Apartment Sectors which each grew by 170 listing. Listings in the Semi-Detached sector declined by 30 listings.
Calgary Sales:
July’s sales increased in all sectors except Attached Row homes where sales were 40 less.
Overall sales increased by 88 listings or 5.04%. In my opinion this is very good as sales in the first few weeks were slower.
Sales Compared to 2019:
It is critical to note that in all my other numbers I look at month over month. This shows us the numbers this year compared too last year. As you can see July’s sales beat last year by 194 sales or 11.82%. As a Realtor, it almost feels like July was the start of our Spring market even seeing lots of multiple offers. I will not predict how long this trend will last.
| |
Jan |
Feb |
Mar |
Apr |
May |
June |
July |
Aug |
Sept |
Oct |
Nov |
Dec |
| 2019 |
801 |
973 |
1327 |
1544 |
1915 |
1775 |
1642 |
1574 |
1365 |
1440 |
1146 |
858 |
| 2020 |
861 |
1195 |
1175 |
573 |
1080 |
1747 |
1835 |
|
|
|
|
|
| Change |
+60 |
+222 |
-152 |
-971 |
-835 |
-28 |
+194 |
|
|
|
|
|
| % change |
+7.49 |
+22.8 |
-11.4 |
-62.8 |
-45.5 |
-1.6 |
+11.82% |
|
|
|
|
|
Calgary Real Estate Benchmark Sales Prices: Some increases are nice to see.
Detached homes increased by $11,000
Semi-Detached Increased by $5,700
Attached Row decreased by $3,700
Apartment Condos Increased by $2,500
Total Market increased by $6,700
Calgary Real Estate Sales Prices Year to Date
For the year Semi-Detached have now seen an increase of $3300.
All other sectors are still in negative territory with Attached Row homes seeing the largest decrease at $12,200.
Current Months of Inventory (Absorption Rate):
Detached, Semi-Detached are both sitting in a balanced market position while Attached-Row and Apartment condos are both sitting in a buyer’s market position.
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.
