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.
Calgary Real Estate Board Summary of Key Stats
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.
Key Stats for the Calgary Real Estate Market
Gord’s commentary for the month (just my opinion).
Current Months of Inventory (Absorption Rate):
Through January our Absorption rate increased for all housing sectors. The smallest increase was in the detached sector at +.25 and the largest was in the Attached Row Sector at +1.34
This means the listing increase is outpacing the sales increase and it is putting us in a stronger buyers market for all sectors.
Calgary Listing Inventory
Inventory increased in every sector in January. Most sectors increased somewhat equally except the Apartment condo sector that increased by 16.1% compared to the total increase of 11.6%
Increasing inventory is normal as many people wait till the holidays are over to list. This is a trend that we expect to see for the next several months.
Calgary Sales:
Sales in Detached homes and Apartment Condos increased marginally over December which is a normal trend. Sales in the Semi-Detached and Attached Row homes declined ever so slightly. We also had about 10 Days of bitter weather which keeps buyers indoors.
Sales Compared to 2018:
Sales in all sectors increased over 2018 for a total increase of 8% over 2019.
Calgary Real Estate Sales Prices:
Prices in all sectors declined a little this month. The lowest decrease was in the Detached home sector and the largest decline was in the Apartment Condo Sector
Calgary Real Estate Benchmark Prices Year to Date – Same as for the month.
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.