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Calgary Real Estate Market Snapshot – June 1, 2024

Monday, June 3rd, 2024

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.

Graph showing Months of Inventory for Calgary Real Estate Market

Graph showing Months of Inventory for Calgary Real Estate Market

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

May 2024 Highlights

Change is on the way.

  • Inventory is starting to increase (not substantially but consistently over last 3 weeks.
  • Every Sector remains in a deep Seller’s Market
  • Overall Benchmark Prices continue to rise.

 

Calgary Listing Inventory

Our listing inventory increased in May by 691 Listings or by 25.49% which in my opinion is substantial.  This is likely a sign that the market is starting to settle down.  The increase was in all sectors with Detached homes leading the pack.

 

Calgary Sales:

Sales increased again in May by 7.3% over April. This increase was evenly spread across all sectors except the Semi-Detached sector where it increased by only 4.

 

Sales Compared to 2023: 

Sales in May were down 25 sales (or .8%) from May of Last year.  This again is another indication that the market is starting to settle down a bit.

 

  Jan Feb Mar Apr May June
2023 1198 1738 2135 2686 3117  
2024 1650 2135 2664 2881 3092  
Change +452 +397 +529 +195 -25  
% Change 37.7% 22.8% 24.8% 7.3% – .8%  

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by another $1,600 0r .27% in May. Increases per sector were as follows: detached $11,900, Semi-Detached $9,600, Attached Row $4,400 and Apartment Condos decreased by $5,700.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Year to date the entire market has increased by $35,200 or 6.17% which is substantial. Assuming that our inventory continues to increase then the sharp increases in prices should slow down.

 

 Current Months of Inventory (Absorption Rate):  Our Months of increased in all sectors by a little. Detached homes and Semi-detached increased the most at .23.

 

My Prediction for what is ahead: 

Based on what I am seeing I believe we will see our Inventory grow over the next several months. We have to keep in mind that what is driving the market is immigration and until the immigration settles down, we may see an increase in inventory but we I believe it will be small and we will stay in a seller’s market for some time to come.

 

*Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

*All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

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Calgary Real Estate Market Snapshot – March 1, 2024

Friday, March 1st, 2024

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.

Graph showing Months of Inventory for Calgary Real Estate Market

Graph showing Months of Inventory for Calgary Real Estate Market

 

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

February 2024 Highlights

A booming start to 2024!

  • Inventory increased but only marginally.
  • Sales Increased
  • Prices increased!
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory increased in February but only by 205 listings of which half of the increase is in the Apartment sector.

 

Calgary Sales:

Sales increased by 485 sales (or 29.4%).  This number is not surprising as the end of the year is always the low point and sales will normally increase from here until May or June.

 

Sales Compared to 2023: 

It is also important to look at sales compared to the Previous year. Sales for February beat sales from February 2023 by 397 or 22.8%.

 

  Jan Feb Mar Apr May June
2023 1198 1738
2024 1650 2135
Change +452 +397
% Change 37.7% 22.8%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by $12,700 or 2.22%. Increases were seen in all market sectors with Detached homes leading (2.72%) followed by Attached Row (2.37%), then Semi-detached homes at (2.26%) and finally Apartment Condos at 1.73%

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Year to date the entire market has increases by 2.61% with 2.22% of that being in February only.

Again, all sectors are up year to date.

 

Current Months of Inventory (Absorption Rate): 

Our Months of Inventory declined again by .20 putting us into an even deeper Sellers Market. The only sector that increased was the Attached Row sector and it increased by .01%

Keep in mind that anything below 2.5 is in a seller’s market position so we are deep in Seller’s market territory and prices will continue to rise.

 

My Prediction for what is ahead:  Anything below 2.5 months of Inventory is in a seller’s market position so at 1.1 month of inventory we are deep in Seller’s market and prices will continue to rise.

 

*Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

***All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

 

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Calgary Real Estate Market Snapshot for Jan 1, 2024

Tuesday, January 2nd, 2024

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.

Graph of Months of Inventory

Graph of Months of Inventory

 

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

December 2023 Highlights

The Calgary Market remains tight – exceptionally low in supply.

  • Sales declined by 11.06%
  • Sales are up from last December.
  • Prices declined marginally.
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory remains extremely low with a total of 2164 listings on the market. This number decreased by 27.6% from November. It’s important to note that this number is only 55 listings lower than on Dec 31, 2022.  It is quite normal that the number of new listings declines at this time of year and I’m confident we will start seeing this number increase.

Calgary Sales:

Sales in December were down by 421 or 23.5% from November. The decreases were somewhat consistent in all sectors. This decline is very normal in December as Holiday celebrations trump Real Estate for many people.

As I have said many times what is keeping our sales down is our Inventory if there were more listings we would certainly sell more. It is interesting to note that Row Houses only decreased by 5.2%

 Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for December were up by 13.8% from last year. The demand is still extraordinarily strong so the more we can list the more we sell.

 

  Jan Feb Mar Apr May June
2022 2004 3305 4091 3401 3071 2837
2023 1199 1740 2432 2690 3120 3146
Change -805 -1565 -1659 -711 +57 +309
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9%

 

  July Aug Sept Oct Nov Dec
2022 2249 2133 1893 1855 1642 1200
2023 2647 2729 2441 2171 1785 1366
Change +398 +596 +548 316 143 166
% Change +17.7% 27.9% +28.9% +17.1% 8.7% 13.8%

 

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price decreased by $2,600 this month. The largest decreases were in the Attached-Row sector followed by Detached and then Semi-Detached. Price of Apartment condos increased by $1,300.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary in 2023, we saw an increase in all sectors of 9.89% or $51,300.

The lowest dollar increase was apartment condos at $46,600 followed by Attached Row at $66,800 then Semi-Detached at $64,100, and the highest sector is Detached homes at $77,800. It is important to note that this is a Calgary number and each community within Calgary will be different – some higher and some lower.

 

Current Months of Inventory (Absorption Rate): 

All sectors except Apartment Condos saw a small decrease in the Months of Inventory. Apartment Condos increased by .12. All sectors remain fairly deep in a seller’s market position.

 

My Prediction for what is ahead:  In 2024, I believe we are going to see more of the same. I know the demand is outpacing the supply by quite a but. What this means if we list more homes then it will increase our Sales not our inventory so we can expect a low inventory throughout 2024. Sales will either stay on pace or increase, and the months of inventory will remain low keeping us in a seller’s market ultimately increasing prices again.

 

**Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

*All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

 

See Stats from the Calgary Real Estate Market Below

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

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Sept 1, 2023 Calgary Real Estate Market Snapshot

Saturday, September 2nd, 2023

What is really happening in the Calgary Real Estate Market?

 

Months of Inventory

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

August 2023 Highlights

The Calgary Market is maintaining its strength, with no substantial change.

  • August sales reached a record high with 2729 sales.
  • August inventory dropped to a record low of 3254 units, well below the 6000 units typically available.
  • Prices continue to increase.
  • Seller’s market continues.

Calgary Listing Inventory

Our listing inventory remains very low with a total of 3254 listings on the market, a decrease of 234 units since August 1st.   Its important to note that new listings are up, but they are being absorbed so the inventory is not increasing. Typically, in August we would see inventory rising but that is just not happening.

Calgary Sales:

Sales in August were up by 82 or 3.1% over July.  The largest sales increase was in the Apartment condo sector at 13.47%.

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for August were up by 27.9% from last year.  I attribute this to an increase in listings.  The demand is certainly still large so the more we can list the more we sell.

 

  Jan Feb Mar Apr May June
2022 2004 3305 4091 3401 3071 2837
2023 1199 1740 2432 2690 3120 3146
Change -805 -1565 -1659 -711 +57 +309
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9%

 

  July Aug Sept Oct Nov Dec
2022 2249 2133        
2023 2647 2729        
Change +398 +596        
% Change +17.7% 27.9%        

 

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price continues to increase. The overall benchmark price increased by$3000 or .53%.   The increase in Benchmark was consistent across all Sectors.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary we have so far seen an increase in all sectors of 10% or $51,900.

The lowest dollar increases so far has been apartment condos at $34,300 and the highest is Detached homes at $77,100.  It is important to note that this is a Calgary number and each community within Calgary will be different – some higher and some lower.

 

Current Months of Inventory (Absorption Rate): 

Months of Inventory has decreased in all but the Semi-Detached sector which saw a very small increase. This decrease is a change from last month when months of inventory rose.

My Prediction for what is ahead:  Based on what is driving demand (immigration) and I do not see that changing any time soon, I predict sales are going to remain strong and prices are going to continue to trend upwards although based on trends I see us slowly climbing out of the seller’s market, but it will likely take months.

**Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

*All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

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Calgary Real Estate Market Snapshot – June 1, 2023

Thursday, June 1st, 2023

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).

May 2023 Highlights

The Calgary Market is continuing at a blistering pace!

  • Months of Inventory declines again
  • Prices continue the upward trend.
  • New listings increased resulting in a sale increase.

 

Calgary Listing Inventory

There were only small changes in the listing inventory for the month resulting in 31 less listings as of today compared to May 1, 2023

 

Calgary Sales:

Sales increased in all sectors this month.  The overall increase was 15.99% The different sectors ranged from 13.78% for detached homes to 19.47% for Attached-Row.  In my opinion the cause of the increase in sales is because we had substantially more new listings hit the market this month. New listings went from 3132 in April to 3652 in May.  Sales should continue to be strong as the demand seems to be much higher than the supply.

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for April were 711 less than last year. Again, in my opinion this is simply due to not having enough Inventory on the market.

  Jan Feb Mar Apr May June July
2022 2004 3305 4091 3401 3071 2842 2254
2023 1199 1740 2432 2690 3120
Change -805 -1565 -1659 -711 +57
% Change -40.1% -47.4% -40.55% -20.9% +1.9%

 

 Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price increased by $6,200 in May.  The largest increase was in the detached sector at $12,100 and the smallest increase was in the Apartment Condo sector at $4,500.  My predictions are that this trend will continue as the months of inventory is still very low putting us in deep seller’s market territory.

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary we have so far seen an overall increase of 7.36% or $38,200. The lowest dollar increases so far has been apartment condos at $23,800 and the highest is Detached homes at $54,400.

 

Current Months of Inventory (Absorption Rate): 

Months of Inventory decreased again in all sectors making things even tighter.

My Prediction for what is ahead:  Being that we are in a deep Sellers Market, we will continue to see prices increasing. As we have seen all new inventory get sold right away and no net gain, I still have to say this trend is going to continue for the next several months.

 

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

 

 

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Calgary Real Estate Market Snapshot Feb 1, 2023

Thursday, February 2nd, 2023

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 Calgary Real Estate

 

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

December 2022 Highlights

The Calgary Market is exploding again, as an agent I feel like I am reliving 2022!

  • Our inventory edged up slightly.
  • Demand for homes under the $600,000 price range has exploded, as long as listings are priced reasonably I am seeing between 5-15 offers on most listings, and of course they are selling well above list price.
  • Sales increased marginally over December.
  • Months of Inventory increased slightly.

 

Calgary Listing Inventory

Listing inventory increase an overall of 10.7% this month.  Keep in mind that December is typically the lowest inventory months and the next several months you will see increases. The economist for the Calgary Real Estate Board indicated that the level of new listings in January fell to the lowest level seen since the late 90s.

 

Calgary Sales:

Total Sale in January were 5 less than in December or down .42% It is critical to understand this is in no way a lack of demand, but a lack of supply (inventory).

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for December were down 40.1% when compared to last December of 2022. Although this looks like a substantial number, we also need to consider that last December is when things in the Calgary Real Estate Market started getting heated so not meeting last years sales does not concern me at all. As noted above if we had more inventory sales would have been higher – it is supply not demand causing lower sales.

 

  Jan Feb Mar Apr May June July
2022 2004 3305 4107 3401 3071 2842 2254
2023 1199            
Change -805            
% Change -40.1%            

   

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price increased by $2,100 for January.  Increases were in all sectors except for Semi-Detached homes which saw a decrease of $3,800.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Same as above.

 

Current Months of Inventory (Absorption Rate): 

The months of inventory increased a total of .21.  This increase was in all sectors except Semi-Detached homes which decreased by .59   Even with the slight increase every sector is currently in a seller’s market position.

 

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

All numbers vary by community and price ranges, if you would like stat specifically for your neighborhood, please contact us.

 

Calgary Real Estate Stats for 2023 – Information from the Calgary Real Estate Board

Calgary Real Estate Stats

Calgary Real Estate Stats

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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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Dec 1, 2021 Calgary Real Estate Market Snapshot

Thursday, December 2nd, 2021

What is really happening in the Calgary Real Estate Market?

The market is 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 an indication of where things are really heading.

Months of Inventory

Months of Inventory for the Calgary Real Estate Board

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

Typically, we see a steady decline in sales from October through December, and then once we hit mid-January sales start to increase again and peak around June. This year is far from typical.  Sales are booming and our Inventory is decreasing pushing us into an even stronger Seller’s Market. It has to the point (in the detached home sector) where if a new listing is priced at market value there will be competing offers and it will sell in the same day, typically above list price.  It is common to see 6-10 offers on homes.

Calgary Listing Inventory

Listing inventory in all sectors declined again this month. Detached homes showed the largest decline of 537 listings with a total decline in inventory of 948 listings in all sectors. This works out to a decrease in inventory of 19.47%. Seeing a decline in inventory is quite typical of this time of year but the decline this year is higher. Last year our decline was 733 in November.

Calgary Sales:

Sales in all sectors (except Attached Row Homes) were down slightly from last month by a total of seventy-six sales less.  Attached Row homes sales increased by fifty sales.  To put this in perspective sales in November were 146.7% of sales from last November so a large increase.  What makes this interesting is that if we had more inventory our sales would be higher as there are many buyers out there who are trying but have not successfully bought a home due to the lack of supply.

Sales Compared to 2020:

As you can see below October 2021 Sales were higher than October 2020. As noted above this is due to pent up demand and a lack of supply making people search longer to find their home. The other factor here is people taking advantage of the low-interest rates.

 

  Jan Feb Mar Apr May June
2020 861 1190 1175 573 1080 1763
2021 1208 1836 2903 3209 2989 2915
Change +347 +646 +1729 +2639 1,911 1,152
% Change +7.49 +54.4 247% +562% 277.3% 165.3%

 

  July Aug Sept Oct Nov Dec
2020 1835 1574 1702 1763 1438 1199
2021 2319 2151 2162 2186 2110  
Change +484 +577 +456 + 423 +672  
% Change 126.4% 136.6% 126.7% 123.9% 146.7%  

  

Calgary Real Estate Benchmark Sales Prices:

Overall, the benchmark price increased for the Detached and Semi-Detached Sectors while the Townhouse and Apartment Condo sectors saw a small decline this month ((see chartbelow).  With the Months of Inventory where it is I anticipate further price increases in the coming months.

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Year to date every sector has seen an increase in the Benchmark price.  Overall we are at a 9.16% increase so far and I anticipate further gains this month.

 

Current Months of Inventory (Absorption Rate): 

The Months of inventory decreased in all sectors this month. As of today, here is where we sit:

Sellers Market: Detached, Semi-Detached, and Attached- Rowhomes

Buyers Market: Apartment Condos

Overall, we are in a Sellers’s Market.

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 photo shows Key Numbers from the Calgary Real Estate Board including sales, inventory, and Benchmark Price for each sector of the market.

 

 

 

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September 1st Calgary Real Estate Market Snapshot

Thursday, September 2nd, 2021

What is really happening in the Calgary Real Estate Market?

The market is 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 an indication of where things are really heading.

Graph shows 2 years of Months of Inventory for every sector in the Calgary housing market.

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

August saw a decline in inventory of 9.36%, and a decline in sales of 7.24% causing our months of inventory to decline very slightly.  Prices were mostly stable this month.

 

Calgary Listing Inventory

Typically, at this time of year, we see our inventory start to climb. This year that is not the case as our overall inventory declined by 625 listings.  The majority of the decline (339) were in the Detached home sector.  I believe the reason for this is there is still a pent-up demand and there are many people still shopping for that perfect home.

 

Calgary Sales:

Sales declined from July by a total of 168 fewer sales or 7.24%.  The majority of this is in the Detached home sector losing 113.  It is worth noting that typically sales show a decline from July to August so this is very normal.

 

Sales Compared to 2020:

Total sales were up by 36.6% over last year.  It is important to note that August sales did not break a record like in July however sales were 25% higher than long-term trends.  Normally this is a good category to watch however we are still comparing sales this year to when we were in a slower market due to Covid.  As you can also see every month the sales over last years are declining and this is a normal trend.

 

  Jan Feb Mar Apr May June
2020 861 1190 1175 573 1080 1763
2021 1208 1836 2903 3209 2989 2915
Change +347 +646 +1729 +2639 1,911 1,152
% Change +7.49 +54.4 247% +562% 277.3% 165.3%

 

  July Aug Sept Oct Nov Dec
2020 1835 1574 1702 1764 1437 1199
2021 2319 2151        
Change +484 +577        
% Change 126.4% 136.6%        

 

 

Calgary Real Estate Benchmark Sales Prices:

Overall, the benchmark price in Calgary decreased in July by $500

Declines were seen in the Detached Home sector (-$1200) and the Apartment Condo sector (-$800)

Increases were in the Semi-Detached sector (+$1600) and in the Attached Row sector (+$1000)

You may wonder why prices decreased in the detached home sector when the Months of Inventory is still at 2.13 which is very much a seller’s market.  I believe it’s because we have seen large increases in the last few months and things are slowing a little and settling down.

 

Calgary Real Estate Benchmark Sales Price:  See chart below.

 

Current Months of Inventory (Absorption Rate): 

The Months of inventory increased in the Semi-Detached sector and decreased marginally in all other sectors.  For all sectors, combined Months of Inventory decreased by .07

 

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.

Key Market Stats taken from the Calgary Real Estate Boards monthly stats package for Realtors.

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June 1, 2021 Calgary Real Estate Market Snapshot

Tuesday, June 1st, 2021

What is really happening in the Calgary Real Estate Market?

The market is 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 an indication of where things are really heading.

2 year trend – Months of Inventory

 

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

Another huge month for Calgary Real Estate although Change is on the way again.

“Buyers Beware” The booming market has already brought out sellers who are fishing for huge dollars, yes there are more than a normal number of homes listed substantially above what the market will bear.

 

Calgary Listing Inventory

Listing inventory in Calgary increased in every sector with the largest increase in the Detached Sector at 15%.  The lowest increase was in Semi-Detached homes at 3.92. The overall market increased by 11.73%

Calgary Sales:

Sales in all sectors are booming although we are seeing signs of a slight slowdown across all sectors. The largest decrease was in Apartment condos at 13.86% decline, the lowest decline in sales was Attached-Row homes at 1.42% Overall decline in sales was 6.86% from April highs.

I do not for a minute believe the demand has gone down, what I believe is causing the decline is the availability of homes.

 Sales Compared to 2020:

Normally this is a good category to watch however we are now comparing sales this year to when we were

in a collapsed market due to Covid and the First Shutdown.

 

  Jan Feb Mar Apr May June
2020 861 1190 1175 573 1080
2021 1208 1836 2903 3209 2989
Change +347 +646 +1729 +2639 1,911
% Change +7.49 +54.4 247% +562% 277.3%

 

  July Aug Sept Oct Nov Dec
2020 1835 80 1702 1764 1437 1199
2021            
Change            
% Change            

 

 Calgary Real Estate Benchmark Sales Prices:

Overall, the benchmark price in Calgary increased again in May by $3,800.

The largest gain was in Semi-Detached at $5,700 Detached homes at $4,200, Attached Row at $3,000, and Apartment Condos at $700.

 

Current Months of Inventory (Absorption Rate): 

With the increases in inventory and the reduction in sales our Months of Inventory is starting to rise again.  Still positioned in a Seller’s market are Detached and Semi-Detached homes.  Attached Row homes just came out of the seller’s market to a balanced market position.  Apartment condos are still sitting at 5.18 Months of inventory so very much in a buyer’s market.

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.

 

Data taken from the Calgary Real Estate Boards Monthly Stats Package.

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