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 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 2.8 to 4.0 | Prices typically remain stable |
| Seller’s Market | <2.8 | Drives prices up |
*** Absorption Rate***
In my opinion this is the most critical number to look at. All categories decreased this month meaning the market balance is continuing to shift. As you can see the apartment condo market is still the slowest however shifted the most this month.
| May 2016 | June 2016 | Change | |
| Detached | 2.48 | 2.28 | -0.20 |
| Semi Detached | 2.88 | 2.88 | -0.01 |
| Attached – Row | 4.04 | 3.90 | -0.14 |
| Apartment | 5.85 | 4.96 | -0.89 |
| Total City | 3.20 | 2.95 | -0.25 |
Calgary Listing Inventory
June saw a slight decrease in inventory in all categories except Attached row homes (Townhouses) which increased by only 1 listing.
| Inventory | May 2016 | June 2016 | Change |
| Detached | 3018 | 2923 | -95 |
| Semi Detached | 548 | 532 | -16 |
| Attached – Row | 974 | 975 | 1 |
| Apartment | 1608 | 1543 | -65 |
| Total City | 6148 | 5973 | -175 |
Calgary Sales:
Sales in all categories increased moderately again this month except for Semi-Detached homes which dropped by 5 sales and detached homes which increased by 65 or 5.34%. This is very typical for a spring market and we will most likely start seeing a slight drop in sales numbers with summer holidays approaching. It is important to note that Sales are still down from normal levels but the trend shows increases.
| Calgary Sales | May 2016 | June 2016 | Change | % Change |
| Detached | 1217 | 1282 | 65 | 5.34% |
| Semi Detached | 190 | 185 | -5 | -2.63% |
| Attached – Row | 241 | 250 | 9 | 3.73% |
| Apartment | 275 | 311 | 36 | 13.09% |
| Total City | 1923 | 2028 | 105 | 5.46% |
Calgary Real Estate Sales Prices:
Pricing changes in June were minimal with Detached and Semi Detached increasing slightly and Attached- Row and Apartment decreasing slightly. This is very consistent with what the overall Absorption rate is telling us. Expect further price declines in the Apartment condo sector.
| Sales Prices | May 2016
Benchmark Price |
June 2016
Benchmark Price |
Change |
| Detached | 500500 | 502,400 | 1,900 |
| Semi Detached | 383100 | 385,600 | 2,500 |
| Attached – Row | 313200 | 310,800 | -2,400 |
| Apartment | 278500 | 278,200 | -300 |
| Total City | 439700 | 440,400 | 700 |
Sales Prices “Year to Date”
Year to date prices
| Sales Prices | Dec 31, 2015 Benchmark Price | June 2016
Benchmark Price |
Change
$ |
% Change |
| Detached | 514100 | 502,400 | -11,700 | -2.28% |
| Semi Detached | 393100 | 385,600 | -7,500 | -1.91% |
| Attached – Row | 318500 | 310,800 | -7,700 | -2.42% |
| Apartment | 288,000 | 278,200 | -9,800 | -3.40% |
| Total City | 452800 | 440,400 | -12,400 | -2.74% |
Point of Interest
Just my personal opinion but it is important to note that buyers are still acting as if it is a buyer’s market. What I mean here is they are shopping carefully looking for value and taking their time to make decisions.
Price Sensitivity
It is also important to note that homes in the lower price ranges are still moving much quicker than homes in the higher price ranges.
**Please note that these numbers 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 Real Estate questions please feel free to contact us.