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Calgary Real Estate Market Snapshot for June 1, 2022

Wednesday, June 1st, 2022

What is really happening in the Calgary Real Estate Market?

Change is  happening

 

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 2022 Highlights

  • All sectors increased the months of Inventory this month.
  • All sectors however are still in a seller’s market position
  • All Sectors showed marginal increases in price

Calgary Listing Inventory

Listing inventory increased in all sectors combined by a total of 350 listings. Detached and Semi-Detached increased the least both under 6% while Apartment Condos and Row Houses increased by 11.2% and 12.75%. See chart below for details

 

Calgary Sales:

Sales in all categories decreased from April. The decrease for all sectors was less than 50 except detached homes where the decrease was 231 sales less. See chart below for details

  

Sales Compared to 2021: 

Calgary home sales for May were just slightly higher than in May 2021 – by 90 Sales or 1.03%

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981    
2022 2009 3305 4107 3401 3071    
Change + 802 1474 +1204 +197 90    
% Change + 66.4% +180.5% +141.5% +1.06 +1.03%    

  

  Aug Sept Oct Nov Dec
2020 1574 1702 1763 1438 1199
2021 2151 2162 2186 2110 1737
Change +577 +456 + 423 +672 +538
% Change 136.6% 126.7% 123.9% 146.7% 144.9%

 

 

Calgary Real Estate Benchmark Sales Prices:

*Note: If you have been following my reports you may have noticed some changes in the Benchmark Prices compared to my last report. The Calgary Real Estate Board has changed how they calculate the Benchmark Price. It is my understanding that previously they used numbers all the way back to 2005 when the Home Price Index was introduced. The new method is to only use the last 5 years so as communities change the benchmark price will more quickly reflect the change.

 

The benchmark price for all sectors increased combined increased marginally (between $2,100 to $4,700. See chart below for details

 

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

Year to date all sectors have seen substantial increases with the highest increases being in the detached sector. See chart below for details.

Current Months of Inventory (Absorption Rate): 

The months of inventory increased in all sectors in May by between .25 and .28. We are seeing all sectors creep up weekly.  All sectors currently remain in a seller’s market position however Apartment condos are just about into a balanced market again.

 

What might the rest of 2022 bring: (again just my opinion)

Based on what I am seeing we are on our way towards a more balanced market. At this stage it has been a gradual increase however we will see what impact today’s interest rate increase has – I think it will slow things down even more.

 

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

Stats from the Calgary Real Estate Board

Select Stats from the Calgary Real Estate Board

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Calgary Real Estate Market Snapshot – April 1, 2022

Friday, April 1st, 2022

Another month of record sales and sharp price increases!

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

Graph shows the months of Inventory, for each sector in the Calgary Real Estate market for the last year so we can all see the trends.

 

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

2022 Highlights

  • All Sectors of the Calgary Real Estate Market continue to be in a deep seller’s Market position
  • We continue to set monthly sales records.
  • Prices are going up, quickly
  • We are still running extremely low on Inventory
  • Although new listings were 24% higher than last year total inventory only increased by 759 or 21%.
  • All homes no matter what style are either going into multiple offers or are selling in a week.

Calgary Listing Inventory

Listing inventory increased in all sectors combined by a total of 764. Apartment condominiums saw the lowest inventory increase at 9.1% while all other sectors were between 18.5% to 29.8%.

 Calgary Sales:

Overall sales were 24.3% higher than in February. For the second month in a row, sales activity not only reached a monthly high but also hit new record highs for any given month. Gains occurred across every property sector, and they all hit new record highs.

Sales Compared to 2021:  This puts things into Perspective

Calgary home sales for March were 41.5% higher than total sales in March of 2021.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903
2022 2009 3305 4107
Change + 802 1474 +1204
% Change + 66.4% +180.5% +141.5%

   

  Aug Sept Oct Nov Dec Year to Date
2020 1574 1702 1763 1438 1199 16,149
2021 2151 2162 2186 2110 1737 27,686
Change +577 +456 + 423 +672 +538 11,537
% Change 136.6% 126.7% 123.9% 146.7% 144.9% 171.4%

  

Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors increased in February.

Detached home sector increased by $24,100 or 4.04%

Semi-detached increased by $17,000 or 3.68%

Attached Row increased by $14,300 or 4.45%

Apartment Condos increased by $8,400 or 3.26%%

 

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

Year to date all sectors combined have increased by $54,700 or 11.79%

 

Current Months of Inventory (Absorption Rate): 

The months of inventory in the detached sector increased marginally by .07 while the Semi-Detached sector increased by .04

The months of inventory decreased in the Attached -Row sector by .38 and in the Apartment sector by .03

The overall months of inventory decreased by .03 so this leaves the entire market in a Seller’s Market position.

 

What might 2022 bring: (again just my opinion) – The same as last month.

We are now very deep into a seller’s market. As inventory increases (which typically happens in Mar to may) I believe the market will soften but, in the meantime, I believe we will see more substantial price increases. Many people are asking me why this is all happening, and I have some thoughts:

  • Since 2015 sales have been low compared to the 10-year average so there is pent up demand
  • Alberta’s economy is showing signs of improvement
  • There are a substantial number of people moving here from Vancouver and Ontario

It is also important to note that these numbers vary by community, and by price range. If you would like numbers for your community, or more specific numbers for your home please  contact us.

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

Stats from the Calgary Real Estate Board

This chart contains key numbers from the Calgary Real Estate Boards Stats package for Agents. Numbers include inventory, sales, months of inventory and prices for all sectors of the Calgary Real Estate market.

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Feb 1, 2022 Calgary Real Estate Market Snapshot

Tuesday, February 1st, 2022

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.  Yes, we are moving into a deep Seller’s market.

Months of Inventory

Months of Inventory

The graph above  shows the one year trend of Months of Inventory for all housing categories in the Calgary Real Estate Market

 

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

2022 Highlights

  • All Sectors of the Calgary Real Estate Market are in a Seller’s Market position
  • Prices are going up, quickly
  • We are running extremely low on Inventory
  • Almost all Detached homes listed are going into multiple offers, I have seen many listings sell for between $50,000 to $100,000 over list price, and the odd one even above that.

Calgary Listing Inventory

Listing inventory stayed the same as at the end of December. We listed 2,250 homes in January and basically sold them all.

 Calgary Sales:

Sales in all sectors increased over December sales. Sales are normally at their lowest level in December and typically increase until June. What has changed is the level of sales, we took an extremely busy December and increased sales by 15.66%

 Sales Compared to 2020:  This puts things into Perspective

Calgary home sales were for January were 2009 while January of 2021 Sales were only 1207. We are therefore 66.4% higher than January 2021.

  Jan Feb Mar Apr May June July
2021 1207
2022 2009
Change + 802
% Change + 66.4%

   

  Aug Sept Oct Nov Dec Year to Date
2020 1574 1702 1763 1438 1199 16,149
2021 2151 2162 2186 2110 1737 27,686
Change +577 +456 + 423 +672 +538 11,537
% Change 136.6% 126.7% 123.9% 146.7% 144.9% 171.4%

  

Calgary Real Estate Benchmark Sales Prices:

Yes, Prices are going up. The benchmark price for all Sectors except Apartment Condos increased.

The highest increase is the sector with the lowest months of inventory being the Detached home sector. The benchmark price of detached homes increased by $12,500 or 2.28% this month.

Semi-detached increased by $7500.

Attached Row increased by $5,500

Apartment Condos decreased by $400

*It is important to note that Apartment Condos only went into a seller’s market in the last week so I anticipate when I report at the end of February prices will have started to increase.

 

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

Same as above for this month

 

Current Months of Inventory (Absorption Rate): 

The Months of inventory decreased in all sectors this month. As you can see in my chart above our months of inventory keeps decreasing in all sectors putting us into a deep seller’s market position.

 

What might 2022 bring: (again just my opinion)

My prediction last month has come true, only it is happening much quicker than I imagined.  The sales increases with inventory decreases have really pushed up prices of Detached homes, this increase is pushing people into buying Semi- Detached homes and on down the line so that even apartment condominiums are now in a seller’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, or more specific numbers for your home please contact us.

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

Stats from the Calgary Real Estate Board

Stats from the Calgary Real Estate Board

 

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Jan 1, 2022 Calgary Real Estate Market Snapshot

Tuesday, January 4th, 2022

January 2022 Market Snapshot

One-year trend of Months of Inventory

The one-year trend of Months of Inventory

What is really happening in the Calgary Real Estate Market?

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

Some 2022 Highlights

*Calgary Continues to break sales records

* We are entering 2022 with some of the tightest conditions seen in over a decade (CREB)

*  We are starting 2022 off very much like 2006 which saw a booming market with prices increasing.

 

 

Calgary Listing Inventory

Listing inventory declined in all sectors during December which is normal for the season. What is not normal is how low our inventory is – Specifically in the Detached home sector. Our detached home inventory is at 898 listings compared to 1566 at the end of December last year. All other sectors are within one hundred listings of where we were last year.

 

 Calgary Sales:

Sales in all categories declined in December. This is a normal trend where things wind down over the holiday season. In my opinion, our sales declined mostly due to a lack of inventory in the detached home market – If we had more listing there would have been more sales.

 

Sales Compared to 2020:

Calgary home sales were 72% higher than last year, (Keep in mind 2020 had a couple of slow months due to Covid.

The real story is that Calgary was 44% higher in sales than the 10-year average.

 

  Jan Feb Mar Apr May June July
2020 861 1190 1175 573 1080 1763 1835
2021 1208 1836 2903 3209 2989 2915 2319
Change +347 +646 +1729 +2639 1,911 1,152 +484
% Change +7.49 +54.4 247% +562% 277.3% 165.3% 126.4%

 

  Aug Sept Oct Nov Dec Year to Date
2020 1574 1702 1763 1438 1199 16,149
2021 2151 2162 2186 2110 1737 27,686
Change +577 +456 + 423 +672 +538 11,537
% Change 136.6% 126.7% 123.9% 146.7% 144.9% 171.4%

 

  

Calgary Real Estate Benchmark Sales Prices:

Overall, the benchmark price increased for the Detached, Semi-Detached and Attached Row Sectors while the Apartment Condo sectors saw a small decline of $100 this month. (See chart below).

 

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

Year to date every sector has seen an increase in the Benchmark price. Overall, we are at a 9.85% higher than at the end of 2020. Here are the Dec End Benchmark prices along with the increase and the % Increase for 2021.

2022 Price Increases

2022 Price Increases

 

Current Months of Inventory (Absorption Rate): 

The Months of inventory decreased in all sectors this month. As of today, here is where we sit:

Sellers Market: Detached, Semi-Detached, and Attached- Rowhomes

Balanced Market:  Apartment Condos

Overall, we are in a Seller’s Market.

 

What might 2022 bring: (again just my opinion)

We are very unbalanced in the detached home sector that I believe sales in this sector will decline slightly from last year only due to a lack of listings on the market. Detached homes will continue to be in Multiple offers and the prices will continue to increase. As the prices increase in the detached sector it will push some buyers into the Semi-detached and Attached Row sectors. If this continues for the better part of the year it may also push buyers into the Apartment Condo Sector.

It is also important to note that these numbers vary by community, and by price range. If you would like numbers for your community, or more specific numbers for your home please contact us.

 

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

Stats from the Calgary Real Estate Board

Stats from the Calgary Real Estate Board

 

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Dec 1, 2021 Calgary Real Estate Market Snapshot

Thursday, December 2nd, 2021

What is really happening in the Calgary Real Estate Market?

The market is 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 an indication of where things are really heading.

Months of Inventory

Months of Inventory for the Calgary Real Estate Board

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

Typically, we see a steady decline in sales from October through December, and then once we hit mid-January sales start to increase again and peak around June. This year is far from typical.  Sales are booming and our Inventory is decreasing pushing us into an even stronger Seller’s Market. It has to the point (in the detached home sector) where if a new listing is priced at market value there will be competing offers and it will sell in the same day, typically above list price.  It is common to see 6-10 offers on homes.

Calgary Listing Inventory

Listing inventory in all sectors declined again this month. Detached homes showed the largest decline of 537 listings with a total decline in inventory of 948 listings in all sectors. This works out to a decrease in inventory of 19.47%. Seeing a decline in inventory is quite typical of this time of year but the decline this year is higher. Last year our decline was 733 in November.

Calgary Sales:

Sales in all sectors (except Attached Row Homes) were down slightly from last month by a total of seventy-six sales less.  Attached Row homes sales increased by fifty sales.  To put this in perspective sales in November were 146.7% of sales from last November so a large increase.  What makes this interesting is that if we had more inventory our sales would be higher as there are many buyers out there who are trying but have not successfully bought a home due to the lack of supply.

Sales Compared to 2020:

As you can see below October 2021 Sales were higher than October 2020. As noted above this is due to pent up demand and a lack of supply making people search longer to find their home. The other factor here is people taking advantage of the low-interest rates.

 

  Jan Feb Mar Apr May June
2020 861 1190 1175 573 1080 1763
2021 1208 1836 2903 3209 2989 2915
Change +347 +646 +1729 +2639 1,911 1,152
% Change +7.49 +54.4 247% +562% 277.3% 165.3%

 

  July Aug Sept Oct Nov Dec
2020 1835 1574 1702 1763 1438 1199
2021 2319 2151 2162 2186 2110  
Change +484 +577 +456 + 423 +672  
% Change 126.4% 136.6% 126.7% 123.9% 146.7%  

  

Calgary Real Estate Benchmark Sales Prices:

Overall, the benchmark price increased for the Detached and Semi-Detached Sectors while the Townhouse and Apartment Condo sectors saw a small decline this month ((see chartbelow).  With the Months of Inventory where it is I anticipate further price increases in the coming months.

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

Year to date every sector has seen an increase in the Benchmark price.  Overall we are at a 9.16% increase so far and I anticipate further gains this month.

 

Current Months of Inventory (Absorption Rate): 

The Months of inventory decreased in all sectors this month. As of today, here is where we sit:

Sellers Market: Detached, Semi-Detached, and Attached- Rowhomes

Buyers Market: Apartment Condos

Overall, we are in a Sellers’s Market.

It is also important to note that these numbers vary by community, and by price range. If you would like numbers for your community, or more specific numbers for your home please contact us.

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

Stats from the Calgary Real Estate Board

This photo shows Key Numbers from the Calgary Real Estate Board including sales, inventory, and Benchmark Price for each sector of the market.

 

 

 

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November 1, 2021 Calgary Real Estate Market Snapshot.

Monday, November 1st, 2021

 

What is really happening in the Calgary Real Estate Market?

The market is 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 an indication of where things are really heading.

Stats from the Calgary Real Estate Board

Months of Inventory

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

October continued with very strong sales and a declining inventory level pushing the market into a stronger seller’s market position.

 

Calgary Listing Inventory

Listing inventory in all sectors declined again this month. This is a normal trend where we see the number of new listings decline between now and the new year.

  

Calgary Sales:

Another strong month in Calgary Real Estate.  Sales in October increased (by 24) over sales from September. Typically, we see sales decline at this time of year, so an increase is a little unusual. Sales in attached Row and Apartment did show decreases while Detached and Semi-Detached homes increased from September.

 

 Sales Compared to 2020:

As you can see below October 2021 Sales were higher than October 2020. As noted above this is due to pent-up demand and a lack of supply making people search longer to find their home. The other factor here is people taking advantage of the low-interest rates.

 

  Jan Feb Mar Apr May June
2020 861 1190 1175 573 1080 1763
2021 1208 1836 2903 3209 2989 2915
Change +347 +646 +1729 +2639 1,911 1,152
% Change +7.49 +54.4 247% +562% 277.3% 165.3%

 

  July Aug Sept Oct Nov Dec
2020 1835 1574 1702 1763 1437 1199
2021 2319 2151 2162 2186    
Change +484 +577 +456 + 423    
% Change 126.4% 136.6% 126.7% 123.9%    

 

 

Calgary Real Estate Benchmark Sales Prices:

Overall, the benchmark price changed very little this month. The total change for all sectors was an increase of $2200. Semi-Detached Homes and Apartment Condos saw a small decline while Detached homes and Attached Row homes saw a small increase.

 

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

 

Current Months of Inventory (Absorption Rate): 

The Months of inventory decreased in all sectors except Attached Rowhomes. This is due to the declining inventory and increased sales. This puts Detached homes, Semi-Detached Homes, and the overall market into a seller’s market position. Attached Row homes stayed in a balanced position while Apartment Condos stayed in a Buyers 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, or more specific numbers for your home please contact us.

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

Stats from the Calgary Real Estate Board

Key Numbers to Understanding the Calgary Real Estate Market

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October 1, 2021 Calgary Real Estate Market Snapshot

Friday, October 1st, 2021

What is really happening in the Calgary Real Estate Market?

The market is 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 an indication of where things are really heading.

Months of Inventory

The graph shows 2 years of Months of Inventory for every sector in the Calgary housing market.

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

September saw a decline in inventory and a marginal increase in Sales moving the months of inventory even lower.

Calgary Listing Inventory

Typically, at this time of year, we see our inventory start to climb. This year that is still not the case as our overall inventory declined by 446 listings.  Inventory declined in all housing sectors with the largest decrease in Detached homes at 9.89% decline and the lowest in the apartment condo sector at 3.81%

 Calgary Sales:

Overall sales in Sept were 11 more than in August.  Traditionally we see sales dropping in September, so this is not all that normal.  I believe that this is mainly due to pent-up demand and a lack of supply making people search longer to find their home.

 Sales Compared to 2020:

Total sales were up by 26.7% over last year.  As you can see in my chart the last 3 months have all been over last year by between 24.4% to 36.6%.  As noted above I believe that this is mainly due to pent-up demand and a lack of supply making people search longer to find their home.

  Jan Feb Mar Apr May June
2020 861 1190 1175 573 1080 1763
2021 1208 1836 2903 3209 2989 2915
Change +347 +646 +1729 +2639 1,911 1,152
% Change +7.49 +54.4 247% +562% 277.3% 165.3%

 

  July Aug Sept Oct Nov Dec
2020 1835 1574 1702 1764 1437 1199
2021 2319 2151 2162      
Change +484 +577 +456      
% Change 126.4% 136.6% 126.7%      

 

 Calgary Real Estate Benchmark Sales Prices:

Overall, the benchmark price changed very little this month. The total change for all sectors was a decline of $1,700.   I sense this is because earlier in the year we saw some large increases, mostly due to competing offers and bidding wars and people were bidding very high just to get a new home.   There is still a lot of competing offers, but I am not seeing the offers coming in as high as there are fewer offers and I believe some people are just saying they will wait for the next one.

Calgary Real Estate Benchmark Sales Price:  See chart below.

 Current Months of Inventory (Absorption Rate): 

The Months of inventory decreased in all sectors due to the declining inventory. Currently detached are still in a seller’s market position, Semi-detached and Row houses are in a balanced market position and Apartment Condos are in a buyer’s market position however getting close to balanced.

It is also important to note that these numbers vary by community, and by price range.  If you would like numbers for your community, or more specific numbers for your home please contact us.

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

Stats from the Calgary Real Estate Board

Chart shows inventory, sales, benchmark price and the months of inventory for all sectors of the Calgary housing market.

 

 

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August 1, 2021 Calgary Real Estate Market Snapshot

Tuesday, August 3rd, 2021

What is really happening in the Calgary Real Estate Market?

The market is 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 an indication of where things are really heading.

The graph shows the 2-year trend of months of inventory for all sectors of the Calgary Real Estate Market.

 

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

Another record: Sales in July were 2319, the highest July on record!

Sales declined from last month but so did the number of listings on the market. The sales decline was slightly greater than the listings decline, pushing up the months of inventory on the market.

 

Calgary Listing Inventory

While inventory typically starts rising in July, our inventory declined by 240 listings. The decrease in inventory was consistent across all sectors.  I believe there is still a pent-up demand, if listings are priced right then they are selling very quickly.  Some listings I am seeing are substantially overpriced and these are sitting on the market.

 

Calgary Sales:

Another record: Sales in July were 2319, the highest July on record!

Compared to June sales dropped by 20.3% This is very typical as once we hit July people are focused on summer vacations and such.  The decrease in sales was consistent across all sectors.

 

Sales Compared to 2020:

Normally this is a good category to watch however we are now comparing sales this year to when we were in a slower market due to Covid.  As you can see sales in July were 126.4% above last July’s sales.  As you can also see every month the sales over last years are declining.

 

  Jan Feb Mar Apr May June
2020 861 1190 1175 573 1080 1763
2021 1208 1836 2903 3209 2989 2915
Change +347 +646 +1729 +2639 1,911 1,152
% Change +7.49 +54.4 247% +562% 277.3% 165.3%

 

  July Aug Sept Oct Nov Dec
2020 1835 1574 1702 1764 1437 1199
2021 2319          
Change +484          
% Change 126.4%          

 

 Calgary Real Estate Benchmark Sales Prices:

Overall, the benchmark price in Calgary increased again in June by $1,800

All Sectors showed price gains in July. The highest gains were in Detached homes at +$2,700 and the lowest gain was $300 in the Attached-Row sector which makes total sense based on Months of Inventory.  I am a little surprised that the Apartment sector increased by $1,100 even though that sector is still showing 5.54 months of Inventory (indicating a buyer’s market).

 

Calgary Real Estate Benchmark Sales Price:  See chart below.

 

Current Months of Inventory (Absorption Rate): 

Once again, our months of inventory gained slightly in all sectors.  The highest gain is in the Apartment Condo sector at 1.1   Every other sector was in the .4 to .5 increase range.

Detached homes are still sitting in a seller’s market.

Semi-Detached, Attached-Row homes are sitting in a balanced market position.

Apartment Condos are sitting in a buyer’s market position.

 

It is also important to note that these numbers vary by community, and by price range.  This month I sold an apartment condo in the SW and the months of inventory for that community was only 1.55 compared to a 5.54 in Calgary.

If you would like numbers for your community, or more specific numbers for your home please contact us.

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

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July 1, 2021 Calgary Real Estate Market Snapshot

Friday, July 2nd, 2021

 

What is really happening in the Calgary Real Estate Market?

The market is 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 an indication of where things are really heading.

Graph shows the 2 month trend of months of inventory for all sectors in the Calgary Real Estate Market.

 

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

Another solid month in the Calgary Real Estate Market showing the highest number of sales in June on record. Although sales have declined the market is still favoring Sellers or balanced except for the Apartment Condo sector.

The booming market has already brought out sellers who are fishing for huge dollars, yes there are more than a normal number of homes listed substantially above what the market will bear.  This is what is going to cause the inventory to increase and balance out the market.  Buyers be aware when shopping.

I have also noticed a decline in the intensity of buyers to compete on offers, there are still competing offers happening everywhere but the amount that buyers are going above list price is in my opinion shrinking.

 

Calgary Listing Inventory

Our listing inventory increased by 136 through June.  As of today, we are 2.01% higher than currently a month ago.

 

Calgary Sales:

Sales in June decreased by 74 or 2.48%

What is interesting here is that sales declined by 4.8% in Detached homes and 13.5% in Semi-Detached homes while sales in the Apartment sector increased by 16.6%

What is likely driving this is with the price increases some people may have moved into the Apartment Condo sector.

 

Sales Compared to 2020:

Normally this is a good category to watch however we are now comparing sales this year to when we were

in a collapsed market due to Covid and the First Shutdown.  As you can see sales in June were 65.3% higher

than in June 2020.

 

  Jan Feb Mar Apr May June
2020 861 1190 1175 573 1080 1763
2021 1208 1836 2903 3209 2989 2915
Change +347 +646 +1729 +2639 1,911 1,152
% Change +7.49 +54.4 247% +562% 277.3% 65.3%

 

  July Aug Sept Oct Nov Dec
2020 1835 80 1702 1764 1437 1199
2021            
Change            
% Change            

 

 Calgary Real Estate Benchmark Sales Prices:

Overall, the benchmark price in Calgary increased again in June by $3,100.

The highest gains were in Detached homes at +$3,900 and the lowest gains we $400 in the Apartment sector which makes total sense based on Months of Inventory.

 

Current Months of Inventory (Absorption Rate): 

With a slight increase in Inventory and a slight decrease in sales, all sectors (except apartment Condos) increased our months of Inventory slightly.  Apartment condos months of Inventory went from 5.18 to 4.44 the largest decrease is quite some time as apartment condos have been struggling since 2015.

Buyers Markets include Apartment Condos.

Balanced Markers include Attached Row homes and Semi-Detached sectors.

Sellers Markets include just Detached Homes.

 

It is also important to note that these numbers vary by community, and by price range.  If you would like numbers for your community, or more specific numbers for your home please contact us.

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

This photo shows key stats that are taken from the stats package produces by the Calgary Real Estate Board.

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June 1, 2021 Calgary Real Estate Market Snapshot

Tuesday, June 1st, 2021

What is really happening in the Calgary Real Estate Market?

The market is 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 an indication of where things are really heading.

2 year trend – Months of Inventory

 

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

Another huge month for Calgary Real Estate although Change is on the way again.

“Buyers Beware” The booming market has already brought out sellers who are fishing for huge dollars, yes there are more than a normal number of homes listed substantially above what the market will bear.

 

Calgary Listing Inventory

Listing inventory in Calgary increased in every sector with the largest increase in the Detached Sector at 15%.  The lowest increase was in Semi-Detached homes at 3.92. The overall market increased by 11.73%

Calgary Sales:

Sales in all sectors are booming although we are seeing signs of a slight slowdown across all sectors. The largest decrease was in Apartment condos at 13.86% decline, the lowest decline in sales was Attached-Row homes at 1.42% Overall decline in sales was 6.86% from April highs.

I do not for a minute believe the demand has gone down, what I believe is causing the decline is the availability of homes.

 Sales Compared to 2020:

Normally this is a good category to watch however we are now comparing sales this year to when we were

in a collapsed market due to Covid and the First Shutdown.

 

  Jan Feb Mar Apr May June
2020 861 1190 1175 573 1080
2021 1208 1836 2903 3209 2989
Change +347 +646 +1729 +2639 1,911
% Change +7.49 +54.4 247% +562% 277.3%

 

  July Aug Sept Oct Nov Dec
2020 1835 80 1702 1764 1437 1199
2021            
Change            
% Change            

 

 Calgary Real Estate Benchmark Sales Prices:

Overall, the benchmark price in Calgary increased again in May by $3,800.

The largest gain was in Semi-Detached at $5,700 Detached homes at $4,200, Attached Row at $3,000, and Apartment Condos at $700.

 

Current Months of Inventory (Absorption Rate): 

With the increases in inventory and the reduction in sales our Months of Inventory is starting to rise again.  Still positioned in a Seller’s market are Detached and Semi-Detached homes.  Attached Row homes just came out of the seller’s market to a balanced market position.  Apartment condos are still sitting at 5.18 Months of inventory so very much in a buyer’s market.

It is also important to note that these numbers vary by community, and by price range.  If you would like numbers for your community, or more specific numbers for your home please contact us.

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

 

Data taken from the Calgary Real Estate Boards Monthly Stats Package.

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