Posts Tagged ‘calgary home sales down’

Calgary Real Estate Market Snapshot- May 1, 2018

Wednesday, May 2nd, 2018

What is really happening in the Calgary Real Estate Market?

 

 

Months of housing inventory for last 2 years.

 

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.

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

 

April end  Absorption Rate

For the month of April we had some larger changes here.  Semi-Detached increased by 1.3, Detached increased by .4, while apartment condos decreased by .65 which has been drastically needed.  In my opinion we can be thankful that our inventory to sales is staying somewhat balanced considering the lull in sales.

End of Mar 2018    Apr 2018    Change
Detached 3.61 4.01 0.40
Semi Detached 4.70 6.00 1.30
Attached – Row 5.77 5.60 -0.17
Apartment 7.72 7.06 -0.65
Total City 4.64 4.82 0.19

  

Calgary Listing Inventory

In April, our inventory increased in all Sectors. This is totally expected at this time of year.  This trend is anticipated until the end of June as more people list their homes in Spring.

Inventory Mar 2018    Apr 2018    Change
Detached 3063 3642 579
Semi Detached 677 756 79
Attached – Row 941 1075 134
Apartment 1690 1851 161
Total City 6371 7324 953

 

Calgary Sales:

While our monthly numbers are trending upwards in all categories except Semi-detached these stats don’t show the comparison to last year.  Compared to last year Jan to April end we are down in Sales by 19.6%

As pointed out last month this can be due to a number of factors including but not limited to:

  • Weather
  • Mortgage rules changes from Jan 1
  • Calgary’s economy
  • Consumer lack of confidence.

 

Calgary Sales  Mar 2018    Apr 2018    Change % Change
Detached 848 908 60 7.08%
Semi Detached 144 126 -18 -12.50%
Attached – Row 163 192 29 17.79%
Apartment 219 262 43 19.63%
Total City 1374 1518 144 10.48%

  

Calgary Real Estate Sales Prices:

Prices in April showed very little change for all categories.  All categories increased with the exception of Apartment Condos and based on the absorption rate this will continue for some time.

  Sales Prices Mar 2018    Benchmark Price   Apr 2018   Benchmark Price Change
Detached 503,800 504,500 700
Semi Detached 418,800 420,000 1,200
Attached – Row 297,600 300,000 2,400
Apartment 257,100 256,700 -400
Total City 435,600 436,500 900

  

Sales Prices “Year to Date”  

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

$

% Change
Detached 499,600 504,500 4,900 0.98%
Semi Detached 416,600 420,000 3,400 0.82%
Attached – Row 299,500 300,000 500 0.17%
Apartment 257,700 256,700 -1,000 -0.39%
Total City 433,200 436,500 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 or if you have any questions about this summary or about Real Estate in general, please feel free to contact us.