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 entrenched is a Sellers Market with limited supply and strong sales.
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 except townhouses decreased again throughout August.
| Inventory |
July 2013 |
August 2013 |
Change |
| Single Family Home |
2917 |
2791 |
-126 |
| Condo Townhouse |
407 |
417 |
10 |
| Condo Apartment |
768 |
690 |
-78 |
| Total |
4092 |
3898 |
-194 |
Calgary Sales:
Sales decreased marginally in all categories this month. This is very normal as many people are focused on summer vacations, back to school etc. The other reason for this is that listings are so low that good homes are challenging to find.
| Sales |
July 2013 |
August 2013 |
Change |
% Change |
| Single Family Home |
1575 |
1517 |
-59 |
-3.6% |
| Condo Townhouse |
295 |
282 |
-13 |
-.44% |
| Condo Apartment |
398 |
397 |
-1 |
– |
| Total |
2268 |
2196 |
-72 |
-3.2% |
Calgary Real Estate Sales Prices:
In August, the benchmark price increased slightly for all categories. This is simply a reflection of demand outpacing supply Mens andre nettsider hovedsakelig fokuserer pa norske spilleautomater pa nett, onsker vi ogsa a servere deg informasjon om de ekte maskinene. and this trend will continue until the inventory starts to increase faster than sales.
| Sales Prices |
July 2013 Benchmark Price |
August 2013 Benchmark Price |
Change |
| Single Family Homes |
461,600 |
464,700 |
3,100 |
| Condo Townhouse |
294,500 |
298,500 |
4,000 |
| Condo Apartment |
267,600 |
270,600 |
3,000 |
Sales Prices “Year to Date”
Year to date prices have increased in all categories.
| Sales Prices | Dec 31 2012 Benchmark Price |
August 2013 Benchmark Price |
Change |
% Change |
| Single Family Homes |
434,800 |
464,700 |
29,900 |
6.9% |
| Condo Townhouse |
284,100 |
298,500 |
14,400 |
5.1% |
| Condo Apartment |
248,700 |
270,600 |
21,900 |
8.8% |
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 August our absorption rate decreased in all categories except townhouses. With inventory shrinking faster than sales are slowing it is now pushing us into a stronger “Sellers market position”.
| Absorption Rate |
July 2013 |
August 2013 |
Change |
| Single Family Homes |
1.85 |
1.84 |
-.01 |
| Condo Townhouse |
1.37 |
1.47 |
.1 |
| Condo Apartment |
1.93 |
1.74 |
-.19 |
| Total Calgary |
1.80 |
1.78 |
-.02 |
**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.
In Other News:
Rumor on the street is that CMHC has hit their annual $ limit for mortgage insurance so getting this product might be a little more difficult.
Interest Rates are on the rise – if you are even considering making a move talk to your bank or mortgage broker and get a mortgage commitment locked in at today’s rates.
Sign up for your personalized Market Report for your Community : http://www.calgaryareasolds.com/
Gord Piper