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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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Calgary Real Estate Market Snapshot for Jan 1, 2023

Tuesday, January 3rd, 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.

Calgary Real Estate Market Trend

Graph shows the months of inventory for all sectors in the Calgary Real Estate Market. Also show for each sector it that sector is in a Buyers, Sellers or Balanced Market position.

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

December 2022 Highlights

The Calgary Market continues to stay strong!

  • Our Inventory continues to decline, and we are well below normal levels of listings
  • Sales declined but not as much as Inventory
  • Months of Inventory declined again

 

2022 Summary at a Glance

The first half of the year sales were sky high and tapered off in the last half of the year.

  • Sales reached a record high in 2022 with 29,672 sales
  • As of January 1, there were 2214 listings on the market – the lowest level of Inventory for December in over a decade.
  • Calgary continues to report activity that is better than levels seen before the pandemic and higher than long term trends.
  • Benchmark Prices eased to $518,000 in December down 5% from the peak in May but are still almost 8% higher than December last year.

 

Calgary Listing Inventory

Listing Inventory declined again this month. In all sectors combined we are down 28.79% in listings from December 1st. While declining numbers of listings are normal for this time of year this is a steeper decline than what I would like to see. Although this is good for sellers, I think this could be another tough year for buyers.

 

Calgary Sales:

All sectors saw a decrease of sales in December, overall sectors the decline was 26.94% putting the decline of sales less than the decline of inventory (listings).

 

Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. Sales for December were down 30.61% when compared to last December of 2021. 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. Overall sales in December were still 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 1735
2022 2136 1901 1857 1648 1204
Change -10 -256 -327 -460 -531
% Change -.5% -11.9% -17.6% -21.8% 30.61%

  

Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined declined by $1,400 in December. All sectors saw a decline except the Semi-Detached Sector that increased by $200.

 

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

Year to date the Calgary Benchmark Price increased by 7.81% in 2022. All the increases were between 7.8% to 9.8% except the Attached Row Sector which increased by 14.36%. See stats below for sector breakdowns.

 

Current Months of Inventory (Absorption Rate): 

The Detached and Attached Row houses both saw a small decline in the months of inventory.

The apartment condo market saw a slight increase of .11 while the Semi-Detached market saw a significant increase of .58 months of Inventory.

 

What might the first quarter of 2023 bring: (again just my opinion)

Based on what I am seeing, I believe that for the first half of the year we will continue to see a low inventory of listings. This is going to push sales numbers down as buyers are just not finding what they are looking for so are waiting. Depending what the Federal bank does with interest rates, but I speculate that we will see another 1 or 2 increases in the interest rate which will put more downward pressure on demand.

 

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.

Stats from the Calgary Real Estate Board

Shows the number of listings, sales, Benchmark Price and Months of Inventory for all sectors of the Calgary Real Estate Market for the last 2 months along with the change. Numbers are taken from the Calgary Real Estate Board Realtors Stats package.

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Calgary Real Estate Market Snapshot – October 1, 2022

Monday, October 3rd, 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 Trendline

Months of Inventory Trendline

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

August 2022 Highlights

I find it extremely interesting that while the numbers say we are clearly in a Sellers Market, on the street buyers are acting like we are in a Buyers market.

  • Inventory and sales declined a little
  • Benchmark price declined slightly
  • Months of Inventory increased but by very little.

Calgary Listing Inventory

Listing Inventory in all sectors declined this month by 6.8% overall. The largest decline was in the detached sector (-171) followed by the Apartment Condo Sector (-123). The other sectors were almost flat. It is very normal for sales to decline in Oct and will 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 11% and was spread equally between sectors. When I read the full Calgary Real Estate Boards Statistics package, they are saying that activity is still far stronger than levels achieved prior to the pandemic and is well above long term trends for September. My sense is most of the decrease is due to seasonal trends and the rising interest rates may have started to have a slight impact.

 

 Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. Sales for September were down 11.9% when compared to last September. This is the first time in months that we have seen a decrease from last years sales. When I read the full Calgary Real Estate Boards Statistics package they are saying that activity is still far stronger than levels achieved prior to the pandemic and is well above long term trends for September.

 

  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      
2022 2136 1901      
Change -10 -256      
% Change -.5% 11.9%      

 

 Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined decreased by $4,400 for the month. Detached and Semi-Detached homes lost $5,000 and $6,900 respectively. Attached row homes increased by $800 while apartment condos increased by $200 in September.

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

Year to date the Calgary market has increased by 9.6%.

Current Months of Inventory (Absorption Rate): 

The month of inventory is still trending upwards but by much smaller numbers than we have seen in past months. Detached, Semi-Detached and Row homes are still sitting in a Sellers market position while Apartment condos are in a balanced market position.

 

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

Based on what I am seeing we are still trending towards a more balanced market however the move is getting slower. I believe after the surge we had in the early part of the year the market is just trying to figure out our new normal and since the amount the market is changing is decreasing, we might be at our new normal.

 

 

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 Stats

Key Stats from the Calgary Real Estate Boards Stats Package.

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November 1, 2021 Calgary Real Estate Market Snapshot.

Monday, November 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.

Stats from the Calgary Real Estate Board

Months of Inventory

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

October continued with very strong sales and a declining inventory level pushing the market into a stronger seller’s market position.

 

Calgary Listing Inventory

Listing inventory in all sectors declined again this month. This is a normal trend where we see the number of new listings decline between now and the new year.

  

Calgary Sales:

Another strong month in Calgary Real Estate.  Sales in October increased (by 24) over sales from September. Typically, we see sales decline at this time of year, so an increase is a little unusual. Sales in attached Row and Apartment did show decreases while Detached and Semi-Detached homes increased from September.

 

 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 1437 1199
2021 2319 2151 2162 2186    
Change +484 +577 +456 + 423    
% Change 126.4% 136.6% 126.7% 123.9%    

 

 

Calgary Real Estate Benchmark Sales Prices:

Overall, the benchmark price changed very little this month. The total change for all sectors was an increase of $2200. Semi-Detached Homes and Apartment Condos saw a small decline while Detached homes and Attached Row homes saw a small increase.

 

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

 

Current Months of Inventory (Absorption Rate): 

The Months of inventory decreased in all sectors except Attached Rowhomes. This is due to the declining inventory and increased sales. This puts Detached homes, Semi-Detached Homes, and the overall market into a seller’s market position. Attached Row homes stayed in a balanced position while Apartment Condos stayed in a Buyers 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, 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

Key Numbers to Understanding the Calgary Real Estate Market

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What is really happening in the Calgary Real Estate Market?

Friday, November 1st, 2019

Calgary Real Estate Market Snapshot at a glance!

This graph shows the 2 year trend of months of Inventory for all sectors in the Calgary Real Estate Market.

Notice this month how everything trended downwards making it a stronger market.

Current Report: November 1, 2019

 A slightly new format this month and moving forward due to technology challenges with reading the graphs on a cell phone.  This should help.

Below see all the stats (Info taken from the Calgary Real Estate Boards Monthly Stats Package.

 

Just a few comments on this month – These are my comments and my opinions. 

 It’s interesting how we are bucking the trend and October saw a stronger market in all Sectors.

 Current Months of Inventory (Absorption Rate): 

The good news is that we reversed what we lost in momentum last month. This month every sector saw a decline in the months of inventory (Absorption Rate) with the lowest decrease being Detached homes at -.39 and the largest with Attached Row homes at -.95.

Once again Detached homes moved into a balanced Market Position.

Calgary Listing Inventory

Calgary listing Inventory decreased in all sectors this month for a total of 396 listings less than one months ago. Typically, this is the trend we will see until the end of the year.

 Calgary Sales:

Sales for October increased over September sales.  Every sector increased a little for an increase of 76 sales over September.  While this in not a big number it is substantial as typically October sees less sales than September.

Sales Compared to 2018: 

October Sales compared to last year were 9.6% higher.

Last month we were 8.2% higher so this is a very good trend and hope it continues.

 Calgary Real Estate Sales Prices:

Prices for Detached homes, Attached Row Homes declined by $3,200 and $2,700 respectively.

Prices for Semi- detached remained flat while Apartment Condos increased by $2,600

Months of Inventory/Absorption Rate: What does this mean you might ask?

The inventory divided by the number of sales in the last month).

 **Please note that these numbers include only Calgary and do change on a community basis, and more so for towns.  This report does not include rural properties and does not consider differences in different price ranges.  If you would like to find stats on your community just let me know.  If you have any questions about this summary or about Real Estate in general, please feel free to contact us.

 

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Just Listed: 6 Chisholm Cres NW Calg, T2L 0Z1

Thursday, October 17th, 2019

Price Reduced – Just listed this Bright and Beautiful 4 level split with 4 bedrooms in sought after Charleswood.

MLS # C4282754

Virtual Tour:  https://youtu.be/7z5LTzfDOU8


Bright and Beautiful 4 level split with 4 bedrooms in sought after Charleswood.  Has seen substantial upgrades over the years including exterior Stucco, soffits & shingles. Interior has been freshly painted, and has an updated kitchen, baths, most windows & furnace. In 2015 sellers spent $68K on landscaping including a pad for a 24 x 24 garage.  This home offers a unique open floor plan with Vaulted ceilings on main.  Living room features an electric fireplace, gleaming hardwood and large windows bringing lots of natural light.  Kitchen offers plenty of cabinets & a large breakfast bar. Upper offers 2 bedrooms and a full bath.  3rd level offers a Walk Out, 2 more bedrooms and a 1/2 bath.  Basement if fully developed with Rec room and 3-piece bath.  Front carport, Huge yard was custom designed with a Paving stone patio, a 24 x 24 garage pad, rundle stone boulders, trees, shrubs and a sprinkler system.  All of this in the desirable community of Charleswood. Close to schools, public transportation.

For more information or a viewing contact me

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Oct 1, 2016 Calgary Real Estate Market Snapshot

Tuesday, October 4th, 2016

Stay ahead of everyone else by following our Monthly Market Snapshot of the Calgary Real Estate Market This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and most importantly the relationship between the two and how it affects the price of Calgary Real Estate.  All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors.  I have also included some general comments which are simply my opinion. This is must have information for Calgary Home Buyers and Calgary Home Sellers.

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 Drives prices down
Balanced Market Between 2.4 to 4.0 Prices typically remain stable
Seller’s Market <2.4 Drives prices up

 

*** Absorption Rate***  

In my opinion this is the most critical number to look at.   Attached homes deceased by .30 this month.  Detached homes & Row Homes showed a small increase while apartment condos increased the most substantially adding 2.37 months of inventory.

 

July 2016 August  2016 Change
Detached 2.78 2.99 0.21
Semi Detached 3.60 3.30 -0.30
Attached – Row 4.77 4.88 0.11
Apartment 5.88 8.26 +2.37
Total City 3.61 3.95 0.34

 

Calgary Listing Inventory

September Inventory levels increased in all categories this month.   **** The increase was mostly in detached homes and I believe the reason is because the Real Estate Board merged commercial into the residential system and so it was simply a data change and not that true market.

Inventory July 2016 August  2016 Change
Detached 2720 2823 103
Semi Detached 497 515 18
Attached – Row 868 888 20
Apartment 1571 1651 80
Total City 5656 5877 221

 

Calgary Sales:

Sales in all categories except apartment condos stayed steady this month.  Apartment condos showed a 25% decrease from last month.   Of interest this is the first month where year over year sales showed an increase which is very positive news.

Calgary Sales   July 2016 August  2016 Change % Change
Detached 980 945 -35 -3.57%
Semi Detached 138 156 18 13.04%
Attached – Row 182 182 0 0.00%
Apartment 267 200 –67 -25.09%
Total City 1567 1488 -79 -5.04%

 

Calgary Real Estate Sales Prices: 

As you can see below there was not much movement in prices this month.

 

  Sales Prices July 2016 Benchmark Price    August  2016

Benchmark Price

 Change
Detached 503,200 503,400 +200
Semi Detached 387,100 386,500 -600
Attached – Row 310,000 311,100 +1,100
Apartment 274,900 274,700 -200
Total City 440,200 440,400 +200

 

Sales Prices “Year to Date”   

Year to date prices

Sales Prices Dec 31, 2015   Benchmark Price  August 2016 Benchmark Price Change

$

% Change
Detached 514100 503,400 -10,700 -2.08%
Semi Detached 393100 386,500 -6,600 -1.68%
Attached – Row 318500 311,100 -7,400 -2.32%
Apartment 288,000 274,700 -13,300 -4.62%
Total City 452800 440,400 -12,400 -2.74%

 

 Price Sensitivity

**Please note that these numbers do change on a community basis and more so for towns.  This report does not include rural properties.  If you would like to find stats on your community just let me know.  If you have any questions about this summary or Real Estate questions please feel free to contact us.

 

TSW Real Estate Group

 

 

 

 

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June 1, 2016 Calgary Real Estate Market Snapshot

Thursday, June 2nd, 2016

Stay ahead of everyone else by following our Monthly Market Snapshot of the Calgary Real Estate Market. This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and most importantly the relationship between the two and how it affects the price of Calgary Real Estate.  A simple way to keep up to date and ahead of most! All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. I have also included some general comments which are simply my opinion.

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 Drives prices down
Balanced Market Between 2.8 to 4.0 Prices typically remain stable
Seller’s Market <2.8 Drives prices up

 

*** Absorption Rate***  

In my opinion this is the most critical number to look at.  Detached homes & Semi – detached homes are now back in a seller’s market. The only category not to decrease in absorption rate was apartment condos and they stayed flat.

April  2016 May  2016 Change
Detached 2.76 2.48 -0.28
Semi Detached 3.42 2.88 -0.54
Attached – Row 5.05 4.04 -1.01
Apartment 5.85 5.85 0.00
Total City 3.54 3.20 -0.34

 

Calgary Listing Inventory

May saw a slight decrease in Detached and Semi – Detached while Attached – Row and Apartment condos increased slightly.

Inventory April  2016 May  2016 Change
Detached 3127 3018 -109
Semi Detached 595 548 -47
Attached – Row 930 974 44
Apartment 1590 1608 18
Total City 6242 6148 -94

 

Calgary Sales:

Sales in all categories increased moderately again this month.  This is very typical for a spring market.  It is important to note that Sales are still down from normal levels but are increasing.  The big jump in sales this month was in the Attached – Row homes which increased by 31%.

Calgary Sales   April  2016 May  2016 Change % Change
Detached 1134 1217 83 7.32%
Semi Detached 174 190 16 9.20%
Attached – Row 184 241 57 30.98%
Apartment 272 275 3 1.10%
Total City 1764 1923 159 9.01%

 

Calgary Real Estate Sales Prices: 

Interesting that all categories decreased in prices.  In my opinion, I believe it is simply because of what is happening in the general Calgary economy and Buyers and Sellers are not aware of how the market has shifted direction and everyone is still acting like it’s a buyer’s market.  Buyers are bringing low offers, and sellers are happy just to get an offer and are willing to settle a little lower.

  Sales Prices April  2016

Benchmark Price 

   May   2016

Benchmark Price

 Change
Detached 501500 500500 -1000
Semi Detached 383600 383100 -500
Attached – Row 314800 313200 -1600
Apartment 280400 278500 -1900
Total City 441000 439700 -1300

 

Sales Prices “Year to Date”   

Year to date prices

Sales Prices Dec 31, 2015   Benchmark Price  May  2016

Benchmark Price

 Change

$

% Change
Detached 514100 501500 -12600 -2.45%
Semi Detached 393100 383600 -9500 -2.42%
Attached – Row 318500 314800 -3700 -1.16%
Apartment 288000 280,400 -7,600 -2.64%
Total City 452800 441000 -11800 -2.61%

 

 Price Sensitivity

It is also important to note that homes in the lower price ranges are still moving much quicker than homes in the higher price ranges.

**Please note that these numbers do change on a community basis and more so for towns.  This report does not include rural properties.  If you would like to find stats on your community just let me know.  If you have any questions about this summary or Real Estate questions please contact us.

 

TSW Real Estate Group

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79 Riverglen Way SE Calgary Ab. T2C 3H9

Wednesday, April 27th, 2016

Check out our new listing in Riverbend.  Don’t let the outside fool you as this home has been totally renovated.

Stunning, bright open concept renovated home in a great location.  Upon entry you will enjoy the open feeling, proceed into the living room with bay window and beautiful engineered hardwood flooring.  Kitchen built for entertaining with custom cabinets, granite countertops and SS appliances.  Features a large island with breakfast bar and a separate dining area that can accommodate a large family.  Master walks out to deck where you can enjoy your coffee and low maintenance fenced mature yard. Main bath features dual sinks, claw tub and circular glass shower.  Lower level is soundproof, bright with large windows and would be paradise for a mother in law, nanny.  Features a bright rec room, a large bedroom with a walk in closet with custom shelving. Ensuite bathroom is spa like with marble tile, dual sinks, and a walk in steam room/shower.  Walking distance to schools, shopping, transit and a park. Google say only a 4 min drive to Quarry Park and 17 minutes to downtown.  This home is a must see!

MLS Number is C4061432

For more information please contact Gord Piper at 403-861-2256

Check out our Video

 

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Jan. 2015 Calgary Real Estate Market Snapshot

Friday, January 2nd, 2015

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.

Want to see stats specific to your Community? Register for our Market Report at http://www.calgaryareasolds.com/

Find out what your Neighbor’s home sold for – Register for our Market Report at http://www.calgaryareasolds.com/

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.

 

 

 

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