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Market Snapshot – Calgary Real Estate April 1, 2024

Tuesday, April 2nd, 2024

What is really happening in the Calgary Real Estate Market?

 

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Graph showing Months of Inventory for Calgary Real Estate Market

Graph showing Months of Inventory for Calgary Real Estate Market

 

Gord’s commentary for the month (just my opinion).

March 2024 Highlights

A booming start to 2024!

  • Inventory increased but only marginally.
  • Sales Increased 10% over last year and are much higher than long term trends
  • Prices increased again!
  • Seller’s market continues….

Calgary Listing Inventory

Our listing inventory increased in March but only by 177 listings across all sectors. The only sector the inventory decreased was in the Semi- Detached sector and that was by only 17 listings.

Calgary Sales:

Sales increased by 529 over last month. While it is normal to see sales increase in March over February this is a significant increase. I attribute this to new listings picking up in March.

Sales Compared to 2023: 

Sales in March were 529 (or24.8%) over March of last year. I attribute this to new listings picking up a bit. Demand in Calgary is still substantially higher than supply.

 

  Jan Feb Mar Apr May June
2023 1198 1738 2135      
2024 1650 2135 2664      
Change +452 +397 +529      
% Change 37.7% 22.8% 24.8%      

 

  July Aug Sept Oct Nov Dec
2022 2249 2133 1893 1855 1642 1200
2023 2647 2729 2441 2171 1787 1366
Change +398 +596 +548 316 +145 +166
% Change +17.7% 27.9% +28.9% +17.1% 8.8% 15.5%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by another $12,600 or 2.15%. Increases were evenly distributed between all sectors except Apartment Condos which only saw an increase of $8,100 or 2.46%.

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Year to date the entire market has increases by $27,500 or 4.82% which is substantial.

 

 Current Months of Inventory (Absorption Rate):  Our Months of Inventory declined again, this month by  .15 putting us into an even deeper Sellers Market. No sectors increased this month. Keep in mind that anything below 2.5 is in a seller’s market position so we are deep in Seller’s market territory and prices will continue to rise.

 

My Prediction for what is ahead:  Anything below 2.5 months of Inventory is in a seller’s market position so at .95 months of inventory we are deep in Seller’s market and prices will continue to rise. On the street I am seeing more offers on listings and the amount over list price appears to be rising.

 

*Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

See Calgary Real Estate Stats Below

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

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Calgary Real Estate Market Snapshot – March 1, 2024

Friday, March 1st, 2024

What is really happening in the Calgary Real Estate Market?

 

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Graph showing Months of Inventory for Calgary Real Estate Market

Graph showing Months of Inventory for Calgary Real Estate Market

 

Gord’s commentary for the month (just my opinion).

February 2024 Highlights

A booming start to 2024!

  • Inventory increased but only marginally.
  • Sales Increased
  • Prices increased!
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory increased in February but only by 205 listings of which half of the increase is in the Apartment sector.

 

Calgary Sales:

Sales increased by 485 sales (or 29.4%).  This number is not surprising as the end of the year is always the low point and sales will normally increase from here until May or June.

 

Sales Compared to 2023: 

It is also important to look at sales compared to the Previous year. Sales for February beat sales from February 2023 by 397 or 22.8%.

 

  Jan Feb Mar Apr May June
2023 1198 1738
2024 1650 2135
Change +452 +397
% Change 37.7% 22.8%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by $12,700 or 2.22%. Increases were seen in all market sectors with Detached homes leading (2.72%) followed by Attached Row (2.37%), then Semi-detached homes at (2.26%) and finally Apartment Condos at 1.73%

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Year to date the entire market has increases by 2.61% with 2.22% of that being in February only.

Again, all sectors are up year to date.

 

Current Months of Inventory (Absorption Rate): 

Our Months of Inventory declined again by .20 putting us into an even deeper Sellers Market. The only sector that increased was the Attached Row sector and it increased by .01%

Keep in mind that anything below 2.5 is in a seller’s market position so we are deep in Seller’s market territory and prices will continue to rise.

 

My Prediction for what is ahead:  Anything below 2.5 months of Inventory is in a seller’s market position so at 1.1 month of inventory we are deep in Seller’s market and prices will continue to rise.

 

*Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

***All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

 

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Calgary Real Estate Market Snapshot February 1, 2024

Thursday, February 1st, 2024

What is really happening in the Calgary Real Estate Market?

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Graph of Months of Inventory

Graph of Months of Inventory

Gord’s commentary for the month (just my opinion).

January 2024  Highlights

The seasonal slowdown is over and here we go again!

  • Inventory decreased again however only marginally.
  • Sales increased by 20.79 over December.
  • Prices increased slightly.
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory declined but by only fourteen listings, so we are the same as last month.

 

Calgary Sales:

Sales in January increased over December by 20.79%   The reason for this increase is that new listings increased to 2137 new listings in January compared to 1248 new listings in December. I have said it before, and I will say it again that our sales depend on the number of listings as the demand is far more substantial than our supply.

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for November were up by 8.8% from last year. The demand is still extraordinarily strong so the more we can list the more we sell.

 

  Jan Feb Mar Apr May June
2022 1198
2023 1650
Change +452
% Change 37.7%

 

  July 2023 Aug 2023 Sept 2023 Oct 2023 Nov 2023 Dec 2023
2022 2249 2133 1893 1855 1642 1200
2023 2647 2729 2441 2171 1787 1366
Change +398 +596 +548 316 +145 +166
% Change +17.7% 27.9% +28.9% +17.1% 8.8% 15.5%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by $2,200, All sectors increased except Semi-Detached which declined by $2,100. Detached homes saw the largest increase at $4,800.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  Same as above. 

 

Current Months of Inventory (Absorption Rate): 

Our Months of Inventory declined again by .28 putting us into an even deeper Sellers Market. The only sector that increased was the Semi-Detached sector and it increased by .1.

My Prediction for what is ahead: 

2024 will be a year of a Sellers Market and we will see substantial price increases in all Sectors. The root cause of our market imbalance continues to be immigration and I do not see that changing anytime soon.

 

**Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

*All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

 

Blog Link:

 

See Stats from the Calgary Real Estate Market Below

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

 

 

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Calgary Real Estate Market Snapshot for dec 1, 2023

Friday, December 1st, 2023

What is really happening in the Calgary Real Estate Market?

 

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Graph of Months of Inventory

Graph of Months of Inventory

 

Gord’s commentary for the month (just my opinion).

October 2023 Highlights

The Calgary Market appears to be slowing a little.

  • New listing in November were down 17% yet were up 38% from last year.
  • Sales declined by 18.2%%
  • Prices increased moderately.
  • Seller’s market continues….

 

Calgary Listing Inventory

Our inventory of listings declined in November by only 206 listings.  This is very normal as the normal trend is to see less new listings at this time of year.  When I look at last year the decline from Oct to Nov was 773 so the listing inventory change is much smaller this year.

Calgary Sales:

Sales in November were also down 382 Sales from October.  Seeing this decrease is very normal as moving towards the holiday season we typically see a slowdown.

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for November were up by 8.8% from last year.  The demand is still very strong so the more we can list the more we sell.

 

  Jan Feb Mar Apr May June
2022 2004 3305 4091 3401 3071 2837
2023 1199 1740 2432 2690 3120 3146
Change -805 -1565 -1659 -711 +57 +309
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9%

 

  July Aug Sept Oct Nov Dec
2022 2249 2133 1893 1855 1642  
2023 2647 2729 2441 2171 1787  
Change +398 +596 +548 316 +145  
% Change +17.7% 27.9% +28.9% +17.1% 8.8%  

 

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price saw a slight increase in all sectors this month.  The overall benchmark price increased by $1,100 in November. The highest increase was $3900 in the Attached-Row sector followed by an increase of $3500 in the Apartment Condo sector. Detached homes gained $1,900 while Semi-Detached homes remained flat.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary year to date we have so far seen an increase in all sectors of 10.29% or $53,900.

Here are the dollar increases for each sector:

Detached: $79,900

Semi Detached: $65,700

Attached Row: $70,800

Apartment: $45,300

It is important to note that these are Calgary overall numbers and each community within Calgary will be different – some higher and some lower.

 

Current Months of Inventory (Absorption Rate): 

With the number of sales dropping less than the number of listings our Months of Inventory have been pushed up.  The largest change is in the Attached Row Sector which increased by .53.

While all sectors are increasing their months of inventory keep in mind that we are still very much in a seller’s market.

 

My Prediction for what is ahead:  Based on what I am seeing and taking history into account, I believe we will see the same slowing trend in December.  I believe this is going to be short lived and in January we will start to see the trend reverse pushing us into a deeper seller’s market.  This prediction is largely based on what is driving demand (immigration) and I do not see that changing any time soon, I predict sales are going to remain strong and prices are going to continue to trend upwards throughout 2024.

**Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

*All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

 

See Stats from the Calgary Real Estate Market Below

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

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Calgary Real Estate Market Snapshot for Nov 1, 2023

Wednesday, November 1st, 2023

What is really happening in the Calgary Real Estate Market?

 Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Graph of Months of Inventory

Months of Inventory

 

Gord’s commentary for the month (just my opinion).

October 2023 Highlights

The Calgary Market appears to be slowing a bit, but is it?

  • New listing in October were down 15.9% from September.
  • Sales declined by 11.06%
  • Listing Inventory declined by 5.51%
  • Prices increased moderately.
  • Seller’s market continues….

Calgary Listing Inventory

Our listing inventory remains very low with a total of 3190 listings on the market. This number decreased by 5.31% since September.  It is quite normal that the number of new listings declines at this time of year.

Calgary Sales:

Sales in October were down by 179 or 5.31% from September.  The sectors that saw the largest decreases were Apartment Condos at -76 and Detached Homes at -80.  As I have said many times what is keeping our sales down is our Inventory if there were more listings we would certainly sell more.

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for October were up by 17.1% from last year.  The demand is still very strong so the more we can list the more we sell.

 

  Jan Feb Mar Apr May June
2022 2004 3305 4091 3401 3071 2837
2023 1199 1740 2432 2690 3120 3146
Change -805 -1565 -1659 -711 +57 +309
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9%

 

  July Aug Sept Oct Nov Dec
2022 2249 2133 1893 1855    
2023 2647 2729 2441 2171    
Change +398 +596 +548 316    
% Change +17.7% 27.9% +28.9% +17.1%    

 

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price saw a slight increase in all sectors this month. The highest increase was $7400 in the Semi-Detached sector followed by $5,800 in the Attached-Row sector.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary we have so far seen an increase in all sectors of 10.18% or $52,800.

The lowest dollar increases so far has been apartment condos at $41,800 and the highest is Detached homes at $78,000.  It is important to note that this is a Calgary number and each community within Calgary will be different – some higher and some lower.

 

Current Months of Inventory (Absorption Rate): 

Sales numbers decreased more than our listing inventory decreased moving our months of inventory slightly higher for the second month in a row.  All sectors remain in a seller’s market position.

 

My Prediction for what is ahead:  Based on what I am seeing, I believe we are going to see more of the same – so a little less intense competition for the next 2 months.  I predict that once January hits we will increase the number of sales and move into a deeper seller’s market.  This prediction is largely based on what is driving demand (immigration) and I do not see that changing any time soon, I predict sales are going to remain strong and prices are going to continue to trend upwards.

 

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

 

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October 1, 2023: Calgary Real Estate Market Snapshot

Thursday, October 5th, 2023

What is really happening in the Calgary Real Estate Market?

 Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Calgary Real Estate Board Stats

Gord’s commentary for the month (just my opinion).

September 2023 Highlights

The Calgary Market is maintaining its strength, with no substantial change.

  • September sales recorded another high at 2441 Sales.
  • New listings increased over August preventing our inventory from declining more.
  • Inventory is 24% lower than last year.
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory remains very low with a total of 3369 listings but did show a slight increase of 115 listings.  Its important to note that new listings are up, but they are being absorbed so the inventory is not increasing rapidly. Typically, in September we would see inventory rising but that is just not happening.

 

Calgary Sales:

Sales in September were down by 288 or 10.55% from August.  The sectors that saw the largest decreases were Apartment Condos at -170 and Attached Row houses at -60.  As I have said many times what is keeping our sales down is our Inventory if there were more listings we would certainly sell more.

 

 

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for September were up by 28.9% from last year.  I attribute this to an increase in listings.  The demand is certainly still large so the more we can list the more we sell.

 

  Jan Feb Mar Apr May June
2022 2004 3305 4091 3401 3071 2837
2023 1199 1740 2432 2690 3120 3146
Change -805 -1565 -1659 -711 +57 +309
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9%

 

  July Aug Sept Oct Nov Dec
2022 2249 2133 1893      
2023 2647 2729 2441      
Change +398 +596 +548      
% Change +17.7% 27.9% +28.9%      

 

Calgary Real Estate Benchmark Sales Prices:

Surprise, the overall benchmark price remained almost flat this month showing a decrease of $400.  In my opinion we should have seen a rise since we are still in a seller’s market position.  I Believe this may have been just a little bounce back from last month.

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary we have so far seen an increase in all sectors of 9.93% or $51,500.

The lowest dollar increases so far has been apartment condos at $38,000 and the highest is Detached homes at $76,500.  It is important to note that this is a Calgary number and each community within Calgary will be different – some higher and some lower.

 

Current Months of Inventory (Absorption Rate): 

Months of Inventory increased a little in all sectors.  The largest increase is in apartment condos (.35) and Semi-Detached (.29) while detached homes and Row Homes stayed flat.

My Prediction for what is ahead:  Based on what is driving demand (immigration) and I do not see that changing any time soon, I predict sales are going to remain strong and prices are going to continue to trend upwards although based on trends I see us slowly climbing out of the seller’s market, but it will likely take months.

 

**Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

*All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

Months of Inventory

 

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Sept 1, 2023 Calgary Real Estate Market Snapshot

Saturday, September 2nd, 2023

What is really happening in the Calgary Real Estate Market?

 

Months of Inventory

Gord’s commentary for the month (just my opinion).

August 2023 Highlights

The Calgary Market is maintaining its strength, with no substantial change.

  • August sales reached a record high with 2729 sales.
  • August inventory dropped to a record low of 3254 units, well below the 6000 units typically available.
  • Prices continue to increase.
  • Seller’s market continues.

Calgary Listing Inventory

Our listing inventory remains very low with a total of 3254 listings on the market, a decrease of 234 units since August 1st.   Its important to note that new listings are up, but they are being absorbed so the inventory is not increasing. Typically, in August we would see inventory rising but that is just not happening.

Calgary Sales:

Sales in August were up by 82 or 3.1% over July.  The largest sales increase was in the Apartment condo sector at 13.47%.

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for August were up by 27.9% from last year.  I attribute this to an increase in listings.  The demand is certainly still large so the more we can list the more we sell.

 

  Jan Feb Mar Apr May June
2022 2004 3305 4091 3401 3071 2837
2023 1199 1740 2432 2690 3120 3146
Change -805 -1565 -1659 -711 +57 +309
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9%

 

  July Aug Sept Oct Nov Dec
2022 2249 2133        
2023 2647 2729        
Change +398 +596        
% Change +17.7% 27.9%        

 

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price continues to increase. The overall benchmark price increased by$3000 or .53%.   The increase in Benchmark was consistent across all Sectors.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary we have so far seen an increase in all sectors of 10% or $51,900.

The lowest dollar increases so far has been apartment condos at $34,300 and the highest is Detached homes at $77,100.  It is important to note that this is a Calgary number and each community within Calgary will be different – some higher and some lower.

 

Current Months of Inventory (Absorption Rate): 

Months of Inventory has decreased in all but the Semi-Detached sector which saw a very small increase. This decrease is a change from last month when months of inventory rose.

My Prediction for what is ahead:  Based on what is driving demand (immigration) and I do not see that changing any time soon, I predict sales are going to remain strong and prices are going to continue to trend upwards although based on trends I see us slowly climbing out of the seller’s market, but it will likely take months.

**Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

*All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

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Calgary Real Estate Market Snapshot – Aug 1, 2023

Tuesday, August 1st, 2023

What is really happening in the Calgary Real Estate Market?

 

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Months of Inventory

 

 Gord’s commentary for the month (just my opinion).

July 2023 Highlights

The Calgary Market is maintaining its strength, although there are signs of change on the horizon.

  • Sales were the strongest July on record.
  • Months of Inventory increased by .22 for the month.
  • We remain in a deep seller’s market.

Calgary Listing Inventory

Our listing inventory remains very low with a total of 3488 listings on the market, an increase of 30 since July 1, 2023.  Its important to note that new listings are trending slightly up, but they are being absorbed so the inventory is not increasing at a pace we typically expect at this time of the year.

Calgary Sales:

Sales in July were 2647 making this the best July on record with the Calgary Real Estate Board.   Sales were down by 499 compared to June but it is normal that once we hit July sales decline every month until the end of the year.  What’s interesting is that sales were 309 higher than last year.

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for April were 711 less than last year. Again, in my opinion this is simply due to not having enough Inventory on the market.

  Jan Feb Mar Apr May June July
2022 2004 3305 4091 3401 3071 2837 2249
2023 1199 1740 2432 2690 3120 3146 2647
Change -805 -1565 -1659 -711 +57 +309 +398
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9% +17.7%

 

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price continues to increase. The overall benchmark price increased by $3000 or .53%. The largest gain was in the Attached -Row sector with an increase of $7,500 which happens to be the same sector that saw the smallest increase in months of inventory.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary we have so far seen an increase in all sectors of 9.43% or $48,900. The lowest dollar increases so far has been apartment condos at $31,100 and the highest is Detached homes at $70,900.

 

Current Months of Inventory (Absorption Rate): 

Months of Inventory has increased for the second month in a row, which tells me that the direction is changing.  Our overall months of inventory is 1.32. Months of inventory below 2.5 indicates a seller’s market so we are still deep in a seller’s market.  The largest increase in Months of Inventory was in the Detached sector increasing by .35. Note the Attached-Row sector saw the smallest increase of .10.

 

My Prediction for what is ahead:  Based on what is driving demand (largely immigration) and I do not see that changing any time soon, I predict sales are going to remain strong and prices are going to continue to trend upwards although based on trends I see us slowly climbing out of the seller’s market.

*All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

See Stats from the Calgary Real Estate Market Below

Calgary Real Estate Board Stats

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Calgary Real Estate Market Snapshot, July 1, 2023

Tuesday, July 4th, 2023

What is really happening in the Calgary Real Estate Market?

 Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Months of Inventory

 

Gord’s commentary for the month (just my opinion).

May 2023 Highlights

The Calgary Market is continuing at a blistering pace!

  • Another new sales Record – 3146 Sales
  • Prices continue the upward trend.
  • New listings increased resulting in a sale increase.
  • Listing inventory remains very low.

 

Calgary Listing Inventory

Our listing inventory remains very low with a total of 3457 listings on the market, an increase of 251 since June 1, 2023.  Its important to note that new listings are trending slightly up, but they are being absorbed so the inventory is not increasing like we typically expect at this time of the year.

 

Calgary Sales:

Sales in June set another new record high with 3146 sales, an increase of 26 sales from May.  What is interesting is that sales in June were 309 above June sales which is 10.9% higher than last year. I still believe that one of the largest reasons for the continuous increase in sales in the increased level of immigration. For the time being I do not see anything that is going to change that trend so I predict we will continue to see strong sales at least through the end of this year.

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for April were 711 less than last year. Again, in my opinion this is simply due to not having enough Inventory on the market.

 

  Jan Feb Mar Apr May June July
2022 2004 3305 4091 3401 3071 2837  
2023 1199 1740 2432 2690 3120 3146  
Change -805 -1565 -1659 -711 +57 +309  
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9%  

 

 Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price continues to increase. The overall benchmark price increased by $7,700 or 1.38% All sectors increased fairly equally.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary we have so far seen an increase in all sectors of 8.85% or $45,900. The lowest dollar increases so far has been apartment condos at $28,400 and the highest is Detached homes at $65,500.

 

 Current Months of Inventory (Absorption Rate): 

Months of Inventory has finally started to turn the corner with an overall increase from 1.03 to 1.10 which still leaves us in a deep Sellers Market.

My Prediction for what is ahead:  Based on what is driving demand (immigration) and the fact I do not see that changing any time soon, I predict sales are going to remain strong and prices are going to continue to trend upwards.  One thing I am seeing on the street is even though we are still in a very strong sellers market, the  buyers are starting to act much more cautiously and while their offers are still often coming in above list price they are coming in only a little above list compared to what I was seeing a few months ago.

**Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

*All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

 

Calgary Real Estate Board Stats

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Calgary Real Estate Market Snapshot – June 1, 2023

Thursday, June 1st, 2023

What is really happening in the Calgary Real Estate Market?

 

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Months of Inventory

Months of Inventory

 

Gord’s commentary for the month (just my opinion).

May 2023 Highlights

The Calgary Market is continuing at a blistering pace!

  • Months of Inventory declines again
  • Prices continue the upward trend.
  • New listings increased resulting in a sale increase.

 

Calgary Listing Inventory

There were only small changes in the listing inventory for the month resulting in 31 less listings as of today compared to May 1, 2023

 

Calgary Sales:

Sales increased in all sectors this month.  The overall increase was 15.99% The different sectors ranged from 13.78% for detached homes to 19.47% for Attached-Row.  In my opinion the cause of the increase in sales is because we had substantially more new listings hit the market this month. New listings went from 3132 in April to 3652 in May.  Sales should continue to be strong as the demand seems to be much higher than the supply.

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for April were 711 less than last year. Again, in my opinion this is simply due to not having enough Inventory on the market.

  Jan Feb Mar Apr May June July
2022 2004 3305 4091 3401 3071 2842 2254
2023 1199 1740 2432 2690 3120
Change -805 -1565 -1659 -711 +57
% Change -40.1% -47.4% -40.55% -20.9% +1.9%

 

 Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price increased by $6,200 in May.  The largest increase was in the detached sector at $12,100 and the smallest increase was in the Apartment Condo sector at $4,500.  My predictions are that this trend will continue as the months of inventory is still very low putting us in deep seller’s market territory.

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary we have so far seen an overall increase of 7.36% or $38,200. The lowest dollar increases so far has been apartment condos at $23,800 and the highest is Detached homes at $54,400.

 

Current Months of Inventory (Absorption Rate): 

Months of Inventory decreased again in all sectors making things even tighter.

My Prediction for what is ahead:  Being that we are in a deep Sellers Market, we will continue to see prices increasing. As we have seen all new inventory get sold right away and no net gain, I still have to say this trend is going to continue for the next several months.

 

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

 

 

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