Trying to make sense of the Calgary Real Estate market?
Below I have reported key indicators on what is really happening in the Calgary Real Estate market. All numbers are taken from the Monthly Stats report for Realtors prepared by the Calgary Real Estate Board.
Here is October’s summary.
Calgary Listing Inventory: Inventory levels for Both Single Family homes and Condo’s decreased this month. Inventory levels have moved both up and down so it is not showing a definite direction.
| Inventory | September 2011 | October | Change |
| Single Family Home | 4753 | 4486 | (267) |
| Condo’s | 2008 | 1935 | (73) |
| Total | 6761 | 6421 | (340) |
Calgary Sales:
Calgary Single Family home sales for the month of October showed a slight decrease. Sales for Condos, however decreased by about 15% from September. Sales numbers dropping is very normal at this time of year as the peak selling season is typically April through June. Interestingly, sales for single family homes and condos beat sales levels for October 2010 and we are on track to have higher sales in 2011 than in 2010.
| Sales | September 2011 | October | Change |
| Single Family Home | 1036 | 988 | (48) |
| Condo’s | 429 | 368 | (61) |
| Total | 1465 | 1356 | (109) |
Calgary Real Estate Sales Prices: For October Median prices for Single Family homes decreased by $5.000 while condo’s increased by $2,625.00 over September. We seem to be bouncing up and down every month but overall prices are remaining fairly stable.
| Sales Prices | September Median Prices | October | Change |
| Single Family Homes | $400,000 | $395,000 | (5,000) |
| Condo’s | $260,000 | 262,625 | +2,625 |
The median sales price of Single Family homes in January was 390,000 so we are up $5,000 for the year.
The Median sales price of Condos in January was $255,000 so we are up $7250 for the year.
Overall we are still in a buyer’s market where buyers have lots of selection and buyers although buying are looking for value.
If you have any questions about this summary please contact us.
Gord Piper, Brent Wilcox & Eric Dennis