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. A simple way to keep up to date on the Market. The Calgary housing market is deeply entrenched is a Sellers Market with very little supply and strong demand. This month sales increased by 38% and our inventory only increased by 12.0%.
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
Below is a summary of some key areas with a few short comments.
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Calgary Listing Inventory: Inventory levels increased this month in all categories. This is very normal for this time of year however the increase is not enough to keep pace with the increase in sales. There is still a shortage of homes on the market and the good ones are selling very fast, usually in the first day with competing offers.
| Inventory |
February 2014 |
March 2014 |
Change |
| Single Family Home |
1894 |
2052 |
+158 |
| Condo Townhouse |
324 |
389 |
+223 |
| Condo Apartment |
677 |
791 |
+114 |
| Total |
2895 |
3232 |
+337 |
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Calgary Sales:
Sales in March increased in every category over last month which is to be expected at this time of year. Last year the increase in sales was 24% so this year it is substantially higher.
| Sales |
February 2014 |
March 2014 |
Change |
% Change |
| Single Family Home |
1230 |
1699 |
+479 |
+38% |
| Condo Townhouse |
265 |
341 |
+76 |
+29% |
| Condo Apartment |
359 |
445 |
+86 |
+24% |
| Total |
1854 |
2485 |
+631 |
+34% |
Calgary Real Estate Sales Prices:
In March, the benchmark price increased for all categories. Watch prices continue to rise until the inventory starts to rise.
| Sales Prices |
February 2014 Benchmark Price |
March 2014 Benchmark Price |
Change |
| Single Family Homes |
482,800 |
490,600 |
+7,800 |
| Condo Townhouse |
309,700 |
313,100 |
+3,400 |
| Condo Apartment |
283,400 |
287,200 |
+3,800 |
Sales Prices “Year to Date”
Year to date prices – same as above, Prices have increased in all categories. Good news if you are a homeowner and not so good news for those wanting to get into the market.
| Sales Prices | Dec 31 2013 Benchmark Price |
March 2014 Benchmark Price |
Change $ |
% Change |
| Single Family Homes |
472,200 |
490,600 |
+18,400 |
+4.0% |
| Condo Townhouse |
307,100 |
313,100 |
+6,000 |
+2.0% |
| Condo Apartment |
278,600 |
287,200 |
+$8,600 |
+3.0% |
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: The numbers are still going down which is putting us in more of a seller’s market position and I don’t see that changing anytime soon. In March our inventory increased by 12.0% and our sales increased by 34.0% making it even a stronger market for sellers. As mentioned above competing offers are happening all over.
| Absorption Rate |
February 2014 |
March 2014 |
Change |
| Single Family Homes |
1.54 |
1.21 |
-.33 |
| Condo Townhouse |
1.22 |
1.14 |
-.08 |
| Condo Apartment |
1.88 |
1.78 |
-.10 |
| Total Calgary |
1.56 |
1.30 |
-.26 |
**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.
If you know anyone else who might enjoy seeing our monthly summary please feel free to pass this on. Gord, Eric & Brent