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.
2 Year Graph showing months of Inventory.
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).
Calgary Listing Inventory
Our total listing inventory dropped in all sectors with inventory decreasing by 805 listings or a 13.8% drop from October. This is simply a normal seasonal adjustment and we can expect listings to drop further through December.
Calgary Sales:
November sales decreased in all sectors. The largest drop was in detached homes and it dropped by 256 sales or 22.48% from October. The total decrease was 327 sales less or a decrease of 18.54%. As with inventory, sales declining in November is strictly a seasonal adjustment and we will see a further decline in December.
Sales Compared to 2019:
It is critical to note that in all my other numbers I look at month over month. This chart below shows us the numbers this year compared to last year. Although November sales slowed, we were still 327 sales higher than last year or 25.4% higher.
| |
Jan |
Feb |
Mar |
Apr |
May |
June |
July |
Aug |
Sept |
Oct |
Nov |
Dec |
| 2019 |
801 |
973 |
1327 |
1544 |
1915 |
1775 |
1642 |
1580 |
1365 |
1438 |
1146 |
858 |
| 2020 |
861 |
1195 |
1175 |
573 |
1080 |
1747 |
1835 |
80 |
1702 |
1764 |
1437 |
|
| Change |
+60 |
+222 |
-152 |
-971 |
-835 |
-28 |
+194 |
-7 |
337 |
+326 |
+327 |
|
| % change |
+7.49 |
+22.8 |
-11.4 |
-62.8 |
-45.5 |
-1.6 |
+11.82% |
N/A |
24.87% |
+22.67% |
+25.4% |
|
Calgary Real Estate Benchmark Sales Prices:
For the 4th month in a row we saw the Benchmark Sales price in Calgary increase. The overall increase was $3,600. All sectors except Apartment Condos increased. Apartment Condo sector decreased by $3,200.
Calgary Real Estate Sales Prices Year to Date
Since the beginning of the year
Detached homes increased by $11,900
Semi-Detached homes increased by $1,000
Attached Row houses decreased by $800.
Apartment Condos decreased by $3,000
Current Months of Inventory (Absorption Rate):
The months of Inventory decreased in Semi-detached homes by .24
Every other sector saw a small increase in the Months of Inventory.
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 and are getting competing offers.
