Posts Tagged ‘Absorption Rate Calgary’

Calgary Real Estate Market Snapshot: July 1, 2022

Wednesday, July 6th, 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.

Months of Inventory

Months of Inventory

 

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

June 2022 Highlights

  • Inventory Increased marginally
  • Sales decreased marginally
  • All sectors are still in a seller’s market position except Apartment Condos which are in a balanced market position.
  • Overall, we saw a marginal decrease in prices.

Calgary Listing Inventory

Listing inventory increased in all sectors combined by a total of 205 listings. Attached Row homes decreased by 32 while all other sectors increased.

 

Calgary Sales:

Sales in all categories decreased from May. The decrease for all sectors was only 229 less sales than May. The only sector that did not see a decrease is the Row Home sector and sales were even with last month.

  

Sales Compared to 2021: 

Calgary home sales for June were just slightly lower than June of 2021. June sales this year were down by 72 over 2021 or 2.5%.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981 2914  
2022 2009 3305 4107 3401 3071 2842  
Change + 802 1474 +1204 +197 90 -72  
% Change + 66.4% +180.5% +141.5% +1.06 +1.03% 2.5%  

 

 

  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:

The benchmark price for all sectors combined decreased by $2100 for the month.

 

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 continues to increase at a slow rate. Over all sectors, the months of Inventory increased by .21. The only sector bucking this trend is the Row House sector and it decreased marginally at .06.

 

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

Based on what I am seeing we are on our way towards a more balanced market. As noted above apartment condos have already entered balanced territory. If we keep up at the same pace, I estimate it will be September until we hit a balanced market position across the board.  What is interesting is this is after mortgage rates went up which seems to be having little affect on the market so far.  Time will tell, but Alberta’s economy seems to be doing much better and lots of people are moving to Calgary which may keep our market relatively strong compared to other parts of Canada.

 

Calgary Real Estate Board Stats

Key Stats from the Calgary Real Estate Boards Stats Package.

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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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What’s happening in the Calgary Real Estate Market?

Monday, December 2nd, 2019

What is really happening in the Calgary Real Estate Market?

 

Graph shows the 2 year trend of Months of Inventory for all housing categories in the Calgary Real Estate Market.

  

Current Report: December 1, 2019

Below see all the stats (Info taken from the Calgary Real Estate Boards Monthly Stats Package.

Gord’s Commentary 

A few comments on this month. 

Overall the market softened a little in November.

 Current Months of Inventory (Absorption Rate): 

November saw a different picture for each Sector although they all saw increases:

Detached homes increased by .14

Semi-Detached increased by 1.37

Attached Row increased by .88

Apartment increased by 1.61

Total Market increased by .56

Calgary Listing Inventory

Calgary listing inventory decreased in all sectors this month for a total of 635 listings less than one month ago. The largest decrease came in the Detached Sector with a decrease of 463 listings. Typically, this is the trend we will see until the end of the year.

Calgary Sales:

Sales for November decreased 287 or 19.83% down from October sales.  Every sector decreased a little with the largest decrease being in the Detached sector of 142 less.  Sales decreasing in November is a very typical for the month.

Sales Compared to 2018: 

November Sales were 98.9% of last years sales so we are down by only 12 sales from November 2018.

 Calgary Real Estate Sales Prices:

Prices for Detached homes showed an increase in Benchmark price of $100.  Semi-Detached, Attached Row, and Apartments all saw decreased this month.

Semi-detached decreased by 7,100

Attached Row decreased by 6,700

Apartment Condos decreased by 3,600

 

Months of Inventory/Absorption Rate: What does this mean you might ask?

The inventory divided by the number of sales in the last month).

 

**Please note that these numbers include only Calgary and do change on a community basis, and more so for towns. This report does not include rural properties and does not consider differences in different price ranges.  If you would like to find stats on your community just let me know.  If you have any questions about this summary or about Real Estate in general, please feel free to contact us.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Calgary Real Estate Market Snapshot for Dec 1, 2018

Tuesday, December 4th, 2018

What is really happening in the Calgary Real Estate Market?

What is really happening in the Calgary Real Estate Market?

Stay ahead of everyone else by following our Monthly Market Snapshot of the Calgary Real Estate Market. This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and most importantly the relationship between the two and how it affects the price of Calgary Real Estate.  A simple way to keep up to date with how the market is trending and to stay ahead of most! All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. I have also included some general comments which are simply my opinion.

Months of Inventory/Absorption Rate – the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0 Drives prices down
Balanced Market Between 2.4 to 4.0 Prices typically remain stable
Seller’s Market <2.4 Drives prices up

Current Months of Inventory:  If we did not list any more homes this is how many months it would take to deplete inventory.  In November there were some ups and some downs with the most significant being the Apartment Condo sector that went from 7.12 months to 5.49 months, which is a significant drop and is now the lowest Apartment Condos have been in well over a year.  One month does not make a trend and I speculate that this is largely do to listings expiring and people are leaving them off till the new year. All categories are still in a “Buyers Market” position.

End of Oct 2018    Nov 2018    Change
Detached 4.80 5.14 0.35
Semi Detached 6.53 6.94 0.40
Attached – Row 6.59 6.56 -0.04
Apartment 7.12 5.49 -1.63
Total City 5.56 5.55 -0.01

  

Calgary Listing Inventory

In November, our inventory decreased in all sectors and overall, the highest decrease was in the Detached home sector followed by the Apartment Condo sector. This is normal at this time of year and we should expect this trend to continue for the rest of the year as consumers move their focus to Christmas.

 

Inventory Oct 2018    Nov 2018    Change
 Detached 3976 3491 -485
Semi Detached 823 749 -74
Attached – Row 1009 944 -65
Apartment 1509 1317 -192
Total Calgary 7345 6501 -844

 

Calgary Sales:

In November we saw a slight increase in Sales in the Apartment Condo Sector over last month while other sectors saw a decrease in sales. Sales decreasing at this time of year is normal with Christmas approaching.

Calgary Sales  Oct 2018    Nov 2018    Change % Change
Detached 829 679 -150 -18.09%
Semi Detached 126 108 -18 -14.29%
Attached – Row 153 144 -9 -5.88%
Apartment 212 240 28 13.21%
Total City 1322 1171 -151 -11.42%

 

***Sales Compared to last year:

As you can see from the chart below comparing sales to last year there have been some substantial changes.  In the first half of the year we were trending up and in the last 6 months we are trending down rather quickly.  My belief is that this is due to the Economic conditions in Calgary and declining consumer confidence.

Jan Feb Mar Apr May June July Aug Sept Oct Nov  Dec
102% 82% 72% 80% 82% 89% 95% 93% 85.9% 89.9% 83.0

 

Calgary Real Estate Sales Prices:

November saw prices decrease in all sectors with the largest decrease being in the Detached home sector.  This is expected with the high number of months of inventory on the market.  Unless something changes we can expect to see this trend for a few more months.

  Sales Prices Oct 2018     Benchmark Price   Nov 2018   Benchmark Price Change
Detached 490,200 486,000 -4,200
Semi Detached 403,400 400,700 -2,700
Attached – Row 293,400 292,900 -500
Apartment 257,200 252,800 -4,400
Total City 426,300 422,600 -3,700

  

Sales Prices “Year to Date”  

Sales Prices Jan 1, 2018    Benchmark Price  Nov 2018   Benchmark Price Change

$

% Change
Detached 499,600 486,000 -13,600 -2.72%
Semi Detached 416,600 400,700 -15,900 -3.82%
Attached – Row 299,500 292,900 -6,600 -2.20%
Apartment 257,700 252,800 -4,900 -1.90%
Total City 433,200 422,600 -10,600 -2.45%

  

**Please note that these numbers include only Calgary homes and do change on a community basis and more so for towns.  This report does not include rural properties and does not take into account differences in different price ranges.  If you would like to find stats on your community just let me know.  If you have any questions about this summary or about Real Estate in general, please feel free to contact TSW Real Estate Group here.

 

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Calgary Real Estate Market Snapshot – Aug 1, 2018

Thursday, August 2nd, 2018

What is really happening in the Calgary Real Estate Market?

What is really happening in the Calgary Real Estate Market?

Stay ahead of everyone else by following our Monthly Market Snapshot of the Calgary Real Estate Market. This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and most importantly the relationship between the two and how it affects the price of Calgary Real Estate.  A simple way to keep up to date with how the market is trending and to stay ahead of most! All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. I have also included some general comments which are simply my opinion.

Months of Inventory/Absorption Rate – the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0 Drives prices down
Balanced Market Between 2.4 to 4.0 Prices typically remain stable
Seller’s Market <2.4 Drives prices up

 

Watch the Trend

On the above graph it is important to see the trends – As you can see the apartment condo absorption rate is has been trending down however in July it reversed and when back up.

 Current Months of Inventory:  If we did not list any more homes this is how many months it would take to deplete inventory.

In July the months of inventory increased in every Category.  If you have been following my monthly snapshot you will notice that most months when this changes it changes only a little where this month the numbers have increased substantially. This change puts us deep into a Buyer’s market in every category.

 

End of June 2018    July 2018    Change
Detached 3.98 4.72 0.74
Semi Detached 5.04 6.07 1.04
Attached – Row 5.73 6.78 1.05
Apartment 6.41 7.01 0.60
Total City 4.65 5.46 0.81

  

Calgary Listing Inventory

In July, our inventory decreased increased in all sectors and overall. This is totally normal at this time of year and we should expect this trend to continue for the rest of the year.

 

Inventory June 2018    July 2018    Change
 Detached 4817 4578 -239
Semi Detached 922 911 -11
Attached – Row 1209 1187 -22
Apartment 1872 1774 -98
Total Calgary 8820 8450 -370

Calgary Sales:

Sales were down in all categories and again this is normal for July as this is moving out of our busy season when people are focused on vacations and outdoor activities.

Sales Compared to last year: Of interest if we compare to last year Sales in June we were 11.3% down from last year while July we were down only 4.8% from last year – a big improvement.

 

Calgary Sales  June 2018    July 2018    Change % Change
Detached 1210 969 -241 -19.92%
Semi Detached 183 150 -33 -18.03%
Attached – Row 211 175 -36 -17.06%
Apartment 292 253 -39 -13.36%
Total City 1896 1547 -349 -18.41%

  

Calgary Real Estate Sales Prices:

As we are now in a buyer market we should expect prices to decline slightly which is what happened except in the Apartment Condo sector where prices increased slightly.

 

  Sales Prices June 2018   Benchmark Price   July 2018   Benchmark Price Change
Detached 503,100 501,300 -1,800
Semi Detached 418,000 416,200 -1,800
Attached – Row 302,300 300,300 -2,000
Apartment 259,100 259,700 600
Total City 436,500 435,200 -1,300

  

Sales Prices “Year to Date”  

Same as monthly number

Sales Prices Jan 1, 2018    Benchmark Price  July 2018   Benchmark Price Change

$

% Change
Detached 499,600 501,300 1,700 0.34%
Semi Detached 416,600 416,200 -400 -0.10%
Attached – Row 299,500 300,300 800 0.27%
Apartment 257,700 259,700 2,000 0.78%
Total City 433,200 435,200 2,000 0.46%

  

**Please note that these numbers include only Calgary homes and do change on a community basis and more so for towns.  This report does not include rural properties.  If you would like to find stats on your community just let me know.  If you have any questions about this summary or about Real Estate in general, please feel free to contact us.

 

 

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Calgary Real Estate Market Snapshot – Dec. 1, 2017

Saturday, December 2nd, 2017

Absorption Rate Dec. 2017

What is really happening in the Calgary Real Estate Market?

Stay ahead of everyone else by following our Monthly Market Snapshot of the Calgary Real Estate Market This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and most importantly the relationship between the two and how it affects the price of Calgary Real Estate.  A simple way to keep up to date with how the market is trending and to stay ahead of most! All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. I have also included some general comments which are simply my opinion.

What is 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 Drives prices down
Balanced Market Between 2.4 to 4.0 Prices typically remain stable
Seller’s Market <2.4 Drives prices up

Current Absorption Rate

The Absorption rate for November decreased in all categories except Semi – Detached which rose a little.  In my opinion this is mainly due to listings expiring and not due to sales.  Either way this is good as it is keeping the market fairly balanced. 

Oct  2017  Nov  2017  Change
Detached 3.57 3.15 -0.42
Semi Detached 4.27 4.40 0.13
Attached – Row 5.28 4.60 -0.68
Apartment 7.03 6.69 -0.35
Total City 4.41 4.01 -0.39

 

Calgary Listing Inventory

In November all categories saw a decrease in the number of listings.  This is normal for this time of year where people will let their listing expire and then put it back on in the new year.

Inventory Oct  2017  Nov  2017  Change
Detached 3246 2758 -488
Semi Detached 611 555 -56
Attached – Row 967 861 -106
Apartment 1639 1491 -148
Total City 6463 5665 -798

 

 

Calgary Sales:

Sales for November saw a small decrease overall.  Attached Row homes are the only category to show an increase.  Semi-Detached saw a rather large decrease and it’s my belief that this is simply listings expiring that will be relisted in January.

Of interest Calgary year to date sales are 15% above last year’s sales.

Calgary Sales  Oct  2017  Nov  2017  Change % Change
Detached 908 875 -33 -3.63%
Semi Detached 143 126 -17 -11.89%
Attached – Row 183 187 4 2.19%
Apartment 233 223 -10 -4.29%
Total City 1467 1411 -56 -3.82%

    

Calgary Real Estate Sales Prices:

Prices for November showed a slight decrease in Calgary.  This in my opinion is mainly due to consumer confidence or lack of it.

  Sales Prices Oct  2017  Benchmark Price   Nov  2017  Benchmark Price Change
Detached 506,200 504,000 -2,200
Semi Detached 419,000 417,800 -1,200
Attached – Row 305,000 303,100 -1,900
Apartment 261,600 258,300 -3,300
Total City 438,900 436,700 -2,200

 

Sales Prices “Year to Date”  

Sales Prices Jan 1, 2017    Benchmark Price  Nov  2017  Benchmark Price Change

$

% Change
Detached 498,700 504,000 5,300 1.06%
Semi Detached 406,800 417,800 11,000 2.70%
Attached – Row 302,600 303,100 500 0.17%
Apartment 265,000 258,300 -6,700 -2.53%
Total City 433,400 436,700 3,300 0.76%

 **Please note that these numbers include only Calgary homes and do change on a community basis and more so for towns.  This report does not include rural properties.  If you would like to find stats on your community just let me know.

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