What is really happening in the Calgary Real Estate Market?
The market is simply 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 and indication of where things are really heading.
Months of Listing Inventory
Following is a summary of what I deem to be the most important numbers. Again, we look at Total Inventory, Sales for the past 30 days, Months of Inventory and of course the benchmark price. All numbers are taken from the Calgary Real Estate boards monthly stats package.
Show Listing inventory, Sales, and Benchmark prices for all sectors of the Calgary Real Estate Market.
Gord’s commentary for the month (just my opinion).
Listing inventory decreased by 27% in all Sectors combined while sales also decreased but by only 16.5% from November lowering our months of Inventory and putting Detached and Semi-Detached homes into a seller’s market position.
Covid: Even though we are in a similar lockdown situation as we were in March there does not seem to be the same result in the market falling. I believe that the public is now aware of the many protocols Realtor’s have put in place to keep both Buyers and Sellers safe. On top of that I believe people are seeing that there is a light at the end of the tunnel with the recent Vaccine announcements.
Calgary Listing Inventory
Listing inventory decreased by 27% in all Sectors combined which is a normal trend for this time of year. How many people really want their home listed during the holiday season. by which is 100% normal for the Holiday Season.
Calgary Sales:
Sales in all sectors dropped in December compared to November – again 100 % normal for December as peoples focus turns on Christmas and away from Real Estate. It is worth noting that compared to last December sales are up by over 40%.
Sales Compared to 2019:
It is critical to note that in all my other numbers I look at month over month. This chart below shows us the numbers this year compared to last year. Although December sales slowed, we were still 343 sales higher than last year or 40.7% higher.
| Jan | Feb | Mar | Apr | May | June | July | Aug | Sept | Oct | Nov | Dec | |
| 2019 | 801 | 973 | 1327 | 1544 | 1915 | 1775 | 1642 | 1580 | 1365 | 1438 | 1146 | 858 |
| 2020 | 861 | 1195 | 1175 | 573 | 1080 | 1747 | 1835 | 80 | 1702 | 1764 | 1437 | 1199 |
| Change | +60 | +222 | -152 | -971 | -835 | -28 | +194 | -7 | 337 | +326 | +327 | +343 |
| % change | +7.49 | +22.8 | -11.4 | -62.8 | -45.5 | -1.6 | +11.82% | N/A | 24.87% | +22.67% | +25.4% | =40.7 |
Calgary Year to Date Sales
2019: 16,344 Sales
2020: 16,152 Sales
Therefore, at the end of the Year sales are down only 1.17% from 2019.
Calgary Real Estate Benchmark Sales Prices:
All sectors decreased slightly from last month. Decreases were from $1,300 to $1,800 so very marginal.
Calgary Real Estate Sales Prices Year to Date: 2020
Detached homes increased by $10,400
Semi-Detached homes decreased by $800
Attached Row houses decreased by $2,500
Apartment Condos decreased by $4,800
Current Months of Inventory (Absorption Rate):
The months of Inventory decreased in all Sectors. December saw a large decrease in listings and saw a small decrease in sales. We are moving into Sellers Market territory in the Detached and Semi-Detached sectors. Attached Row and Apartment Condo are still in strong Buyers Market Conditions.
It is also important to note that these numbers vary by community, and by price range. If you would like numbers for your community contact us.