What’s 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.
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.
Data from Calgary Real Estate Board’s Monthly Calgary Stats package.
Gord’s commentary for the month (just my opinion).
Current Months of Inventory (Absorption Rate):
In February our absorption rate dropped quite substantially. If you look at the graph above Last year (2019) after Jan the absorption rate dropped slowly every month till June. February dropped significantly is down to the equivalent to May last year. The highest decrease was in Detached homes which are now in a balanced market at 3.85 months of Inventory.
Calgary Listing Inventory
Inventory increased in every sector in February. The largest increase was in Attached Row Homes at 10.28%. Inventory increasing at this time of year is expected. Total Increase was 8.7%.
Calgary Sales:
Sales in all sectors increased substantially in February. Lowest % increase was 32.5% of detached homes and the highest increase was Semi-Detached at 65.88%. Total Sales increase was 38.7%
Obviously, the sales increase is much larger than the inventory increases thus the months of inventory decrease.
Sales Compared to 2019:
Sales in all sectors for January 2020 were 7.6% higher than in January 2019.
Sales in all sectors for February 2020 were 23% higher than in February 2019.
Calgary Real Estate Sales Prices:
Prices in all sectors declined a little this month. The lowest decrease was in the Detached home sector at a decrease of .1% and the largest decline was in the Attached-Row Sector with a decrease of .67%
It’s also important to note that these numbers vary by community, and also by price range. If you would like numbers for your community contact us.