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Calgary Real Estate Market Snapshot – October 1, 2024

Tuesday, October 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. As you can see our months of inventory is heading upwards.

Oct 1, 2024 Months of Inventory

Graph showing Months of Inventory for Calgary Real Estate Market

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

Sept 2024 Highlights

Change is here:

  • When we have such a long period of price increases it is only natural for them to come down and bounce around until they settle where they need to land.
  • Our Months of Inventory continues to rise (see graph above. We are now in a Buyer’s market position for Apartment Condos, and a balanced position for Detached Homes.
  • Inventory continues to rise a little each week.
  • Overall Benchmark Prices Decreased a little (a total for all sectors of $4,900 in the month of September.

Calgary Listing Inventory

The Calgary listing Inventory increased again in September in all sectors. Detached homes saw the largest increase of 15.77%. The lowest increase was in the Apartment Condo Sector – 9.96%

Calgary Sales:

Sales in September slowed again. Sales were down by 183 for all sectors from August Sales.  Sales were also down 17.6% from last September.  It is important to note although sales are down, they are still higher than our long-term average.

 Sales Compared to 2023: 

Sales in September compared to 2023 were down by 427 or (17.6%) This tells me the slowdown is not just seasonal, but that market is slowing.

 

  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
2022 2644 2716 2430      
2023 2380 2186 2003      
Change -264 -530 -427      
% Change <10% 19.6% 17.6%      

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price declined by a total of $4,900. Or .81%. The largest declines were in the Detached sector, the Semi-Detached sector and the Attached Row sector.  The lowest decline was in the Apartment Condo sector, and it was only $1500.

 

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

Year to date the entire market has increased by $26,800 or 4.7% which is substantial.

Current Months of Inventory (Absorption Rate):  Our Months of Inventory increased in all sectors. The increases were between .10 to .79 with the lowest increase in the Semi-Detached Sector and the largest increase of .79 was in the Apartment Condo Sector.

My Prediction for what is ahead: 

In the next few months, I predict more of the same, Inventory rising, Sales dropping and prices to drop a little.

In the longer term, we are now also seeing decreases in the Interest Rates and there is still huge migration which leads me to speculate that either late this year or early next year we may see another decrease in inventory and rising 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.

 

Calgary Real Estate Board Stats Summary

Calgary Real Estate Board Stats Summary

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September : Calgary Real Estate Market Snapshot

Tuesday, September 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. As you can see our months of inventory is heading upwards.

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).

August 2024 Highlights

Change is here:

  • Our Months of Inventory continues to rise (see graph above) however we are still in a Seller’s Market Position.
  • We are trending quickly towards a more balanced market.
  • Inventory continues to rise a little each week.
  • Overall Benchmark Prices Decreased a little in the month of August.

 

Calgary Listing Inventory

The Calgary listing Inventory increased again in August to 2.05 months of Inventory, a number that has not been seen since 2022. Although the Inventory increased again, we are still 17% lower than the long-term average for the month of August. One week does not make a trend nut last week say a decrease in inventory for the first time in 8 weeks.

 

Calgary Sales:

Sales in August slowed again and were 194 (8.15%) lower than the month of July. I see this as more of a seasonal decrease.

 

Sales Compared to 2023: 

Sales in August compared to 2023 were down by 530 or (19.6%) This tells me the slowdown is not just seasonal, but that market is slowing.

 

  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
2022 2644 2716        
2023 2380 2186        
Change -264 -530        
% Change <10% 19.6%        

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price declined by a total of $4,900. Or .81%. The largest declines were in the Detached sector and the Semi-Detached sector.

 

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

Year to date the entire market has increased by $31,700 or 5.56% which is substantial.

 

Current Months of Inventory (Absorption Rate):  Our Months of Inventory increased in all sectors. The increases were between .18 to .51 with the lowest increase in the Detached Sector and the largest increase of .51 was in the Semi-detached sector.

 

My Prediction for what is ahead: 

Based on what the current numbers are telling me, I believe for the next few months the market will level off if not slow a little more.

In the longer term, we are now also seeing decreases in the Interest Rates and there is still huge migration which leads me to speculate that either late this year or early next year we may see another decrease in inventory and rising 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.

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Calgary Real Estate Market Snapshot for July 1, 2024

Tuesday, July 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. As you can see the months of Inventory started increasing for the first time in recent history in June.

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).

June 2024 Highlights

Change is on the way.

  • Inventory continues to rise a little each week.
  • The Market is slowing.
  • Every Sector remains in a deep Seller’s Market
  • Overall Benchmark Prices continue to rise but the increases are getting smaller.

 

Calgary Listing Inventory

Our listing inventory increased slowly but steady in June. Increases ranged between sectors at 10 % – 12% except the Attached Row Sector which increased by 15.8%.

Calgary Sales:

Sales in June decreased by 11.2% with the smallest decrease in the Detached sector at 7.73% and the largest decrease in the Attached Row sector at 19.26% Sales decreasing in June is a normal trend but its also a big change compared to what we have been seeing the last year. Yes, the market is slowing.

Sales Compared to 2023: 

Sales in June compared to 2023 were down 402 sales or 12.8%. This is another indication to me that the market is finally starting to slow.

 

  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%

  

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by a total of $2,700 or .45% which is a much smaller increase than what we have been seeing. Sectors increases were consistent from .45% to 1.19%.

 

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

Year to date the entire market has increased by $37,900 or 6.65% which is substantial. Increases for sectors range from Detached Homes (10.07%), Semi-Detached Homes (9.41%), Attached-Row (9.29%), Apartment Condos (7.25%).

 

Current Months of Inventory (Absorption Rate):  Our Months of Inventory increased in all sectors by a little. All sectors were similar with increases between .24 and .34. All Sectors are between 1.13 months to 1.54 month putting every sector still in a Sellers Market Position.

 

My Prediction for what is ahead: 

Based on what I am seeing I believe we will continue to see our Inventory grow over the next several months. If the same trend continues then we would hit a balanced market withing 3 to 4 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 – May 1, 2024

Wednesday, May 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).

April 2024 Highlights

2024 Continues to Roar!

  • Inventory increased but only marginally.
  • Sales Increased 7.3% over last year and are much higher than long term trends.
  • Prices increased again!
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory increased in April, only by 179 listings so our inventory is still critically low especially in the lower price brackets.

Calgary Sales:

Sales increased again in April but only by 8.15% compared to a 24.8% increase from February to March.

As I have said before if we had more inventory the sales would be substantially higher.

 

Sales Compared to 2023: 

Sales in April were 195 (or 7.3%) over April of last year. Yes, this number has dropped compared to last month, so I point out that from march to April last year we saw a significant increase as I believe we were showing an increase due to the season.  This year we started off booming and it has stayed flatter.

  Jan Feb Mar Apr May June
2023 1198 1738 2135 2686    
2024 1650 2135 2664 2881    
Change +452 +397 +529 +195    
% Change 37.7% 22.8% 24.8% 7.3%    

 

  July Aug Sept Oct Nov Dec
2022 2249 2133 1893 1855 1642 1200
2023 2647 2729 2441 2171 1787 1366
Change +398 +596 +548 316 +145 +166
% Change +17.7% 27.9% +28.9% +17.1% 8.8% 15.5%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by another $6,100 or 1.02% in April. Increases were fairly consistent across all sectors.

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

Year to date the entire market has increases by $33,600 or 5.89% which is substantial. As long as we are inventory challenged these increases will continue.

 

Current Months of Inventory (Absorption Rate):  Our Months of Inventory remained flat this month with the largest change being an increase in Apartment Condos of .10 and a decrease in Attached Row Homes of .9. 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 .94 months of inventory we are deep in Seller’s market and prices will continue to rise. On the street I am seeing more offers on listings and the amount over list price appears to be rising.

If you are following Real Estate listings you will also notice that some listings, come on the market at what looks like an incredible deal! Some sellers are listing well below market value trying to create multiple offers and then those listings sell for substantially higher than list price.

 *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 Calgary Real Estate Stats Below

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, December 1, 2022

Thursday, December 1st, 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

Chart shows the months of Inventory for all sectors of the Calgary Real Estate Market for the last year. 

 

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

November 2022 Highlights

The Calgary Market continues to stay strong!

  • Inventory continues to decline
  • Sales declined but not as much as Inventory
  • Months of Inventory declined again

 

Calgary Listing Inventory

Listing Inventory in all sectors declined this month by 20.02% overall. The largest % decline was in the Apartment condo sector followed by the detached home sector. It is very normal to see our Inventory decline at this time of year as many people do not want to sell their homes over the holiday season.

 

 Calgary Sales:

All sectors saw a decrease of sales in November except the Apartment Condo sector which saw a slight increase of 2.52% over October. Again, a decline in sales is normal at this time of year with Christmas coming (yes, already).

 

 Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. Sales for November were down 21.8% when compared to last November. Although this looks like an exceptionally substantial number, we also need to consider that Last November is when things in the Calgary Real Estate Market started getting heated so not meeting last years sales does not concern me at all. Sales in November were still 12% above the long-term average.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981 2914 2314
2022 2009 3305 4107 3401 3071 2842 2254
Change + 802 1474 +1204 +197 90 -72 -60
% Change + 66.4% +180.5% +141.5% +1.06 +1.03% 2.5% 2.7%

 

 

  Aug Sept Oct Nov Dec
2021 2146 2157 2184 2108  
2022 2136 1901 1857 1648  
Change -10 -256 -327 -460  
% Change -.5% -11.9% -17.6% -21.8%  

 

 Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all Detached homes, Attached Row homes and Apartment Condos declined by $4,200, $2,300, and $800, respectively. The benchmark price for Semi-Detached homes increased by $5,100 I believe the reason for this is some buyers are no longer able to buy detached homes with the price and interest rate increases pushing them towards the Semi-Detached sector.

 

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

Year to date the Calgary market has increased by 8.1%. See stats below for sector breakdowns.

 

Current Months of Inventory (Absorption Rate): 

The months of inventory for all sectors decreased again this month in all sectors except Attached Row Homes which increased by .63 The total month of inventory is at 1.89 putting us clearly in a seller’s market position again. If the month of Inventory continues to decrease, then we could end up with another wild and crazy Jan – Feb – March.

 

What might the last quarter of 2022 bring: (again just my opinion)

Based on what I am seeing with the Inventory, my prediction is that we are going to be in a tight market for the next few months. I personally have several buyers who are just waiting for something to come on the market that fits their criteria. I see this trend continuing and therefore prices are likely to increase again in the first quarter of next year.

 

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

Calgary Real Estate Board Stats

Key Stats from the Calgary Real Estate Boards Stats Package.

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

 

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Calgary Real Estate Market Snapshot Nov 1, 2022

Wednesday, November 2nd, 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

Chart shows the months of Inventory for all sectors of the Calgary Real Estate Market for the last year.

 

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

October 2022 Highlights

The Calgary Market continues to stay strong!

  • Inventory Declined substantially
  • Sales declined
  • Benchmark price declined slightly
  • Months of Inventory decreased a little.
  • Overall, still a great market, especially for sellers.

 

Calgary Listing Inventory

Listing Inventory in all sectors declined this month by 12.7% overall. The largest decline was in the detached sector (-272) followed by the Apartment Condo Sector (-133) and Attached- Row-Homes  (-117). It is very normal for sales to decline in Oct and will likely continue to do so until the new year.

 

Calgary Sales:

All sectors saw a decrease of sales in September. The total decrease in sales was only 2.31% and was spread equally between sectors. My sense is most of the decrease is due to seasonal trends and a shortage of inventory on the market.

  

Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. Sales for October were down 17.6% when compared to last October. Sales compared to long term trends are still on the high side.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981 2914 2314
2022 2009 3305 4107 3401 3071 2842 2254
Change + 802 1474 +1204 +197 90 -72 -60
% Change + 66.4% +180.5% +141.5% +1.06 +1.03% 2.5% 2.7%

 

 

  Aug Sept Oct Nov Dec
2021 2146 2157 2184    
2022 2136 1901 1857    
Change -10 -256 -327    
% Change -.5% -11.9% -17.6%    

  

Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined decreased by $3,500 for the month. Detached and Semi-Detached homes lost $4,100 and $3,700, respectively. Attached Row Homes decreased by $1,100, and Apartment condos decreased by $100

 

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

Year to date the Calgary market has increased by 8.87%. See stats below for sector breakdowns.

 

Current Months of Inventory (Absorption Rate): 

The months of inventory took a turn this month and, in all Sectors, decreased marginally. When a market goes up like it has in Calgary it then typically goes down and then will go up and down until it settles, I believe we have now had the down cycle and we are going up to find the new normal.

 

What might the last quarter of 2022 bring: (again just my opinion)

Based on what I am seeing with the Inventory, my prediction is that we are going to be in a tight market for the next few months. I personally have several buyers who are just waiting for something to come on the market that fits their criteria. I see this trend continuing and therefore prices are likely to increase again.

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

Calgary Real Estate Board Stats

Key Stats from the Calgary Real Estate Boards Stats Package.

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Calgary Real Estate Market Snapshot, Aug 1, 2022

Tuesday, August 2nd, 2022

What is really happening in the Calgary Real Estate Market?

PS: The sky is not falling!

 

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 Trendline

Months of Inventory Trendline

 

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

July 2022 Highlights

  • The sky is not falling
  • We are seeing a decrease in Inventory and a slight decrease in sales.
  • Overall market is still in a Sellers Market position
  • Overall, we saw a marginal decrease in prices.

 

Calgary Listing Inventory

Listing inventory increased in all Semi-detached and Apartment sectors while Detached homes and Row homes saw a decrease in inventory.  Overall inventory is 67 listings less than last month. Typically in July we see inventories start to rise.

 

Calgary Sales:

All sectors saw a decrease in Sales in July.  Overall sales in July were 2254 down from 2842 in June.  Seeing sales decrease in July is what we would typically expect for July.  People are focused on summer and vacations.  We will likely see this trend until the end of the year.

  

Sales Compared to 2021: 

Calgary home sales for July were just slightly lower than July of 2021. July sales this year were down by 60 over 2021 or 2.7%.  This is telling me that our reduced sales are more seasonal and less to do with higher interest rates.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981 2914 2314
2022 2009 3305 4107 3401 3071 2842 2254
Change + 802 1474 +1204 +197 90 -72 -60
% Change + 66.4% +180.5% +141.5% +1.06 +1.03% 2.5% 2.7%

 

 

  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 $3900 for the month.

It is interesting that even though we are technically in a seller’s market we are seeing price decreases.  In my opinion this is being driven by the national media stating housing is falling and therefore buyers are acting cautiously and acting like it is a buyer’s market.

 

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 inventory continues to increase at a slow rate. Over all sectors, the months of Inventory increased by .47 so twice as fast as in June. We are still in a sellers market position in the Detached, Semi-detached and the Attached Row sectors while the Apartment Condo sector has now moved into balanced market territory.

 

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, we will move into an overall balanced market by mid September.  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.

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

Calgary Real Estate

Key Stats from the Calgary Real Estate Boards Stats Package.

If you would like to find out how the Market is fairing in your community please contact us.

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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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August 1, 2021 Calgary Real Estate Market Snapshot

Tuesday, August 3rd, 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.

The graph shows the 2-year trend of months of inventory for all sectors of the Calgary Real Estate Market.

 

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

Another record: Sales in July were 2319, the highest July on record!

Sales declined from last month but so did the number of listings on the market. The sales decline was slightly greater than the listings decline, pushing up the months of inventory on the market.

 

Calgary Listing Inventory

While inventory typically starts rising in July, our inventory declined by 240 listings. The decrease in inventory was consistent across all sectors.  I believe there is still a pent-up demand, if listings are priced right then they are selling very quickly.  Some listings I am seeing are substantially overpriced and these are sitting on the market.

 

Calgary Sales:

Another record: Sales in July were 2319, the highest July on record!

Compared to June sales dropped by 20.3% This is very typical as once we hit July people are focused on summer vacations and such.  The decrease in sales was consistent across all sectors.

 

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 slower market due to Covid.  As you can see sales in July were 126.4% above last July’s sales.  As you can also see every month the sales over last years are declining.

 

  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          
Change +484          
% Change 126.4%          

 

 Calgary Real Estate Benchmark Sales Prices:

Overall, the benchmark price in Calgary increased again in June by $1,800

All Sectors showed price gains in July. The highest gains were in Detached homes at +$2,700 and the lowest gain was $300 in the Attached-Row sector which makes total sense based on Months of Inventory.  I am a little surprised that the Apartment sector increased by $1,100 even though that sector is still showing 5.54 months of Inventory (indicating a buyer’s market).

 

Calgary Real Estate Benchmark Sales Price:  See chart below.

 

Current Months of Inventory (Absorption Rate): 

Once again, our months of inventory gained slightly in all sectors.  The highest gain is in the Apartment Condo sector at 1.1   Every other sector was in the .4 to .5 increase range.

Detached homes are still sitting in a seller’s market.

Semi-Detached, Attached-Row homes are sitting in a balanced market position.

Apartment Condos are sitting in a buyer’s market position.

 

It is also important to note that these numbers vary by community, and by price range.  This month I sold an apartment condo in the SW and the months of inventory for that community was only 1.55 compared to a 5.54 in Calgary.

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.

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