Want to know 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. In summary the Calgary housing market is still very strong and we are moving even deeper into a Sellers Market.
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories decreased again throughout July. If you have been following my reports the Inventory levels had been increasing a little every month until last month. This may very well be due to the flooding disaster in Calgary where some listings were taken off the market.
| Inventory |
June 2013 |
July 2013 |
Change |
| Single Family Home |
3199 |
2917 |
-282 |
| Condo Townhouse |
489 |
407 |
-82 |
| Condo Apartment |
896 |
768 |
-128 |
| Total |
4584 |
4092 |
-492 |
Calgary Sales:
Sales decreased in all categories except apartment condos this month. Following the trends of the last few years we are getting into summer vacations when people take holidays and therefore the sales numbers drop a little. A very normal change.
| Sales |
June 2013 |
July 2013 |
Change |
% Change |
| Single Family Home |
1638 |
1575 |
-63 |
-3.8% |
| Condo Townhouse |
317 |
295 |
-22 |
-.7% |
| Condo Apartment |
362 |
398 |
36 |
1.0% |
| Total |
2317 |
2268 |
-49 |
-2.1% |
Calgary Real Estate We used another online defensive driving school school for our other son. Sales Prices: Please note that we are now using the Benchmark price for this comparison.
In July, the benchmark price increased slightly for all categories except townhouses which saw a small drop. This is simply a reflection demand outpacing supply and will continue until the inventory starts to increase faster than sales.
| Sales Prices |
June 2013 Benchmark Price |
July 2013 Benchmark Price |
Change |
| Single Family Homes |
459,700 |
461,600 |
1900 |
| Condo Townhouse |
295,000 |
294,500 |
(500) |
| Condo Apartment |
264,000 |
267,600 |
3600 |
Sales Prices “Year to Date”
Year to date prices have increased in all categories.
| Sales Prices | Dec 31 2012 Benchmark Price |
July 2013 Benchmark Price |
Change |
% Change |
| Single Family Homes |
434,800 |
461,600 |
26,800 |
6.1% |
| Condo Townhouse |
284,100 |
294,500 |
10,400 |
3.66 |
| Condo Apartment |
248,700 |
267,600 |
18,900 |
7.6% |
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: Throughout July our absorption rate decreased in all categories. With inventory shrinking faster than sales are slowing it is now pushing us into a stronger “Sellers market position”.
| Absorption Rate |
June 2013 |
July 2013 |
Change |
| Single Family Homes |
1.95 |
1.85 |
-.1 |
| Condo Townhouse |
1.54 |
1.37 |
-.17 |
| Condo Apartment |
2.48 |
1.93 |
-.55 |
| Total Calgary |
1.98 |
1.80 |
-.18 |
**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.