Posts Tagged ‘Calgary Real Estate Market Update’

Calgary Real Estate Market as of Jan 1, 2025

Thursday, January 2nd, 2025

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 for Calgary Real Estate Market

Graph showing Months of Inventory for Calgary Real Estate Market

 

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

December 2024 Highlights

  • In December we saw a substantial decrease in our Inventory (decrease of 31.32% )
  • In December we saw a substantial decrease in sales (down by 26.43%)
  • With the decrease in Inventory outpacing the decrease in Sales our total months of inventory dropped again leaving us starting the new year with a lack of Inventory.

 Calgary Listing Inventory

The Calgary listing Inventory decreased in December by 1363 listings or 31.32%. A decrease in inventory in December is normal but this decrease is larger than what I would call a seasonal trend.

Calgary Sales:

Sales across all sectors except decreased in December.  This is what I would call a seasonal drop as during the holidays a lot of people move their focus from Real Estate to family.

 Sales Compared to 2023: 

Sales in December compared to December 2024 were up down by only 3% which tells me that this is just a typical seasonal trend.

  Jan Feb Mar Apr May June
2023 1198 1738 2135 2686 3117 3140
2024 1650 2135 2664 2881 3092 2738
Change +452 +397 +529 +195 -25 -402
% Change 37.7% 22.8% 24.8% 7.3% – .8% -12.8%

 

  July Aug Sept Oct Nov Dec
2023 2644 2716 2430 2169 1783 1362
2024 2380 2186 2003 2174 1797 1322
Change -264 -530 -427 5 14 40
% Change <10% 19.6% 17.6% .2% .8% 3.0%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price in December declined by $4,600. Or .78% This decline was fairly even across all sectors except Semi-Detached homes which saw an increase of $2500.

 

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

For 2024 the entire market has increased by $13,200 or 2.32%.  The amount of increase varied depending what sector you look at:

Sector                  Jan 1, 2024         Jan 1, 2025           Increasee         % Increase

Detached 697,400 747,500 50,100 7.18%
Semi Detached 627,100 677,600 50,500 8.05%
Attached – Row 425,100 447,400 22,300 5.25%
Apartment 321,400 332,400 11,000 3.42%
Total City 570,100 583,300 13,200 2.32%

 

Current Months of Inventory (Absorption Rate):  With our Inventory decreasing by more than our sales decreased Our Months of Inventory stayed declined by .16  This puts all sectors in a Seller’s Market with the exception of Apartment Condos which currently sit in a balanced market position.

My Prediction for what is ahead: 

First, I will say that anything could happen with the change in the US government and how the Canadian government will react with new laws – today this is anyone’s guess.

Putting that aside here is what it looks like to me. We are already in a tight (Seller’s market) to start off the new year.  This combined with lower interest (more to come) which increases demand.  In my opinion this indicates that we should have another busy year in Real Estate unless the Trump factor kicks in then it’s anyone’s guess.  By the end of February we should have a lot more certainty in what’s going to happen in 2025.

*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 for July 2020

Tuesday, August 4th, 2020

Amazingly the Calgary Real Estate Market has recovered from Covid.

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 Inventory – Graph shows the 2 year trend of Months of Inventory for all housing categories in the Calgary Real Estate Market.

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.

Calgary Real Estate Stats

 

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

Well, we seem to have returned to a more normal market.  July’s sales outpaced 2019 July Sales by 6.56% and that was after a slower start in July.

Calgary Listing Inventory

Inventory in all sectors except Semi-Attached increased this month. The largest increases were in the Detached and Apartment Sectors which each grew by 170 listing.  Listings in the Semi-Detached sector declined by 30 listings.

Calgary Sales:

July’s sales increased in all sectors except Attached Row homes where sales were 40 less.

Overall sales increased by 88 listings or 5.04%.  In my opinion this is very good as sales in the first few weeks were slower.

Sales Compared to 2019:

It is critical to note that in all my other numbers I look at month over month.  This shows us the numbers this year compared too last year.  As you can see July’s sales beat last year by 194 sales or 11.82%.  As a Realtor, it almost feels like July was the start of our Spring market even seeing lots of multiple offers. I will not predict how long this trend will last.

 

  Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
2019 801 973 1327 1544 1915 1775 1642 1574 1365 1440 1146 858
2020 861 1195 1175 573 1080 1747 1835
Change +60 +222 -152 -971 -835 -28 +194
% change +7.49 +22.8 -11.4 -62.8 -45.5 -1.6 +11.82%

  

Calgary Real Estate Benchmark Sales Prices: Some increases are nice to see.

Detached homes increased by $11,000

Semi-Detached Increased by $5,700

Attached Row decreased by $3,700

Apartment Condos Increased by $2,500

Total Market increased by $6,700

 Calgary Real Estate Sales Prices Year to Date

For the year Semi-Detached have now seen an increase of $3300.

All other sectors are still in negative territory with Attached Row homes seeing the largest decrease at $12,200.

Current Months of Inventory (Absorption Rate): 

Detached, Semi-Detached are both sitting in a balanced market position while Attached-Row and Apartment condos are both sitting in a buyer’s market position.

 

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.   For example, many communities if I look at listings under $500,000, they are showing being in a Sellers Market position.

 

 

 

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Calgary Real Estate Market Snapshot for June 2020

Thursday, July 2nd, 2020

What is really happening in the Calgary Real Estate Market?  Everything you need to know at a glance.

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 Sector.  Looking at a 2-year trendline gives you and indication of where things are really heading.

2 year Market Trend

 

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.

A quick look at key numbers in the Calgary Real Estate Market.

 

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

Much to everyone’s surprise the Calgary Real Estate market has come back as quickly as it declined with Covid-19.

Calgary Listing Inventory

Our listing inventory increased in all sectors.  The good news is that inventory increase less than sales.  Keeping our inventory in check is important in keeping balance in the market.

Calgary Sales:

June’s sales increased by a whopping 61.76% over may sales.  Again, this increase was in all sectors.  All sectors increases were in the 60% range except Semi Detached where the increase was less at 47.24%

Sales Compared to 2019:

It is critical to note that in all my other numbers I look at month over month.  This shows us the numbers this year compared too last year.  In June, our sales ended at 1.6% less than last year.   It is important to note that total sales in the first week of June were only at 301.  By the last full week of June we 492 sales so if all weeks were as strong as the last week we would have blown out last years sales.  Another interesting note is 492 is the highest number of sales in a week since June 2017.

One last mote on sales:  CMHC ( the government’s mortgage insurance company) changed the qualifying rules and the change came into effect as of July 1, 2020 so some people may have jumped into the market before this change came in.

  Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
2019 801 973 1327 1544 1915 1775 1642 1574 1365 1440 1146 858
2020 861 1195 1175 573 1080 1747
Change +60 +222 -152 -971 -835 -28
% change +7.49 +22.8 -11.4 -62.8 -45.5 -1.6

  

Calgary Real Estate Sales Prices:  In my opinion fairly good considering Covid.

Detached homes increased by $500.

Semi-Detached decreased by $1,800

Attached Row increased by $100

Apartment Condos Decreased by $1,700

Total Market decreased by $300

  

Calgary Real Estate Sales Prices Year to Date

Sorry to report that all sectors have declined in year to date pricing. The lowest decline is in Semi-Detached at .62%  The largest decrease was in Apartment Condos and they lost 3.18%

 Current Months of Inventory (Absorption Rate): 

At the end of June all sectors except apartment condo are less than 4.0 months of Inventory so all are in a balanced market. Apartment condos were a 6.79 which is a good improvement from 10.13 at the end of May.

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.

 

 

 

 

 

 

 

 

 

 

 

 

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