Want to know what’s really happening in the Calgary Real Estate Market. The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate. In summary the Calgary housing market is still entrenched is a Sellers Market with limited supply and strong sales.
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories dropped substantially this month. In my opinion this is of no concern and is simply a seasonal trend. We will see a further decrease in December and then in Jan it should start to increase again. Very few people want to list their home during the holiday season.
| Inventory |
October 2013 |
November 2013 |
Change |
| Single Family Home |
2705 |
2171 |
-534 |
| Condo Townhouse |
444 |
380 |
-64 |
| Condo Apartment |
692 |
605 |
-87 |
| Total |
3841 |
3156 |
-685 |
Calgary Sales:
Sales in November declined at almost the same as rate that inventory dropped. Traditionally this time of year we start to see sales slowing so again I’ll call it a seasonal trend.
| Sales |
October 2013 |
November 2013 |
Change |
% Change |
| Single Family Home |
1336 |
1006 |
-330 |
-24.7 |
| Condo Townhouse |
280 |
228 |
-52 |
-18.9 |
| Condo Apartment |
337 |
305 |
-32 |
-9.4 |
| Total |
1953 |
1539 |
-414 |
-21.1 |
Calgary Real Estate Sales Prices:
In November, the benchmark price increased for all categories. As long as our ratio of sales to listings remains the same this trend will continue.
| Sales Prices |
October 2013 Benchmark Price |
November 2013 Benchmark Price |
Change |
| Single Family Homes |
468,000 |
470,600 |
+2,600 |
| Condo Townhouse |
302,200 |
305,700 |
+3,500 |
| Condo Apartment |
276,100 |
279,600 |
+3,500 |
Sales Prices “Year to Date”
Year to date prices have increased in all categories.
| Sales Prices | Dec 31 2012 Benchmark Price |
November 2013 Benchmark Price |
Change |
% Change |
| Single Family Homes |
434,800 |
470,600 |
+35,800 |
+8.2% |
| Condo Townhouse |
284,100 |
305,700 |
+21,600 |
+7.6% |
| Condo Apartment |
248,700 |
279,600 |
+30,900 |
+12.4% |
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 |
|
Balanced Market |
Between 2.8 to 4.0 |
|
Seller’s Market |
<2.8 |
Absorption Rate: Throughout November our absorption changed but only marginally. We are still in a strong seller’s market position. In the starter home price range we are still seeing lots of competing offers.
| Absorption Rate |
October 2013 |
November 2013 |
Change |
| Single Family Homes |
2.02 |
2.15 |
+.13 |
| Condo Townhouse |
1.58 |
1.67 |
+.09 |
| Condo Apartment |
2.05 |
1.98 |
-.07 |
| Total Calgary |
1.97 |
2.05 |
+.08 |
**Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats or absorption rate for your community just let me know. If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us