Stay ahead of the curve by following our Monthly Market Snapshot of the Calgary Real Estate Market. This shows what’s really happening in the Calgary Real Estate Market. The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate. A simple way to keep up to date and ahead of most!
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
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An interesting month in the Calgary Real Estate Market. Yes, Sales numbers for December dropped but the real question should be “Is this an annual trend or is it due to the price of oil? Keep reading to find out. Attached please find a copy of the stats package from the Calgary Real Estate Board for the month of December 2014. Below is a summary of some key areas with a few short comments.
Calgary Listing Inventory: As I would expect, all Inventory levels decreased this last month. Inventories typically decrease at this time of year as many people wait until the New Year to list. Of interest for the first 6 months of the year our inventory hovered about 600 listings lower than 2013 and for the last half of the year our inventory hovered about 600 listings online casino higher than last year.
| Inventory | Nov 2014 | Dec 2014 | Change |
| Single Family Home | 2373 | 1985 | -388 |
| Condo Townhouse | 511 | 434 | -77 |
| Condo Apartment | 985 | 823 | -162 |
| Total | 3869 | 3242 | -627 |
Calgary Sales:
Typically at this time of year we also see sales numbers decreasing. Sales in December decreased in all categories. Yes, this drop looks drastic but wait…… This year the drop from November to December was 39.2% and for 2013 the drop was 32.1% Still a drop but not as drastic as it appears.
| Sales | Nov 2014 | Dec 2014 | Change | % Change |
| Single Family Home | 1181 | 708 | -473 | -40.0 |
| Condo Townhouse | 277 | 157 | -120 | -43.3 |
| Condo Apartment | 324 | 218 | -106 | -32.7 |
| Total | 1782 | 1083 | -699 | -39.2 |
Calgary Real Estate Sales Prices:
In December the benchmark price decreased very slightly for all categories. The change is so small it’s really insignificant. Now that we have moved to a balanced market position pricing should remain stable.
| Sales Prices | Nov 2014 Benchmark Price | Dec 2014 Benchmark Price | Change |
| Single Family Homes | 511,300 | 510,900 | -$400 |
| Condo Townhouse | 338,600 | 337,300 | -$1300 |
| Condo Apartment | 300,700 | 300,300 | -$400 |
Sales Prices “Year to Date”
Year to date prices – Prices have increased in all categories and exceeded most predictions for what would happen in 2014. Good news if you are a homeowner.
| Sales Prices | Dec 31 2013 Benchmark Price | Dec 2014 Benchmark Price | Change$ | % Change |
| Single Family Homes | 472,200 | 510,900 | 37,800 | 8.0 |
| Condo Townhouse | 307,100 | 337,300 | 30,200 | 9.8 |
| Condo Apartment | 278,600 | 300,300 | 21,700 | 7.8 |
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 |
| Balanced Market | Between 2.8 to 4.0 |
| Seller’s Market | <2.8 |
*** Absorption Rate:
This month the absorption rate increased for all categories. If you have been following my stats this is the largest change that we have seen in some time. Townhouses remain in a sellers market position but both Condos and Single Family homes have moved into a balanced market position.
| Absorption Rate | Nov 2014 | Dec 2014 | Change |
| Single Family Homes | 2.01 | 2.80 | .79 |
| Condo Townhouse | 1.84 | 2.76 | .92 |
| Condo Apartment | 3.04 | 3.78 | .74 |
| Total Calgary | 2.17 | 2.99 | .82 |
**Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community just let me know. If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us.