In an effort to keep you informed about what is really happening in the Calgary Real Estate Market you will find a summary of some key areas with a few short comments. In summary the Calgary housing market is starting off 2013 on a positive note. All numbers below are from the Calgary Real Estate Board’s Monthly Stats package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories increased throughout January. Seeing our inventory increase is very normal at this time of year as many people wait until the New Year instead of listing over the holidays. This trend of increasing inventory should continue for the next few months.
|
Inventory |
December 2012 |
January 2013 |
Change |
|
Single Family Home |
1859 |
2075 |
+216 |
|
Condo Townhouse |
310 |
369 |
+41 |
|
Condo Apartment |
553 |
640 |
+87 |
|
Total |
2722 |
3084 |
+362 |
Calgary Sales: Sales increased in all categories this month with except apartment condos. This is a very normal trend as people were focused on Christmas in December and put off their home buying until the New Year. The key here is that although sales increased 13.6% the number of listings on the market also increased by 13.3% leaving us in roughly the same market position.
|
Sales |
Dec 2012 |
Jan 2013 |
Change |
% Change |
|
Single Family Home |
745 |
879 |
+134 |
+18.0% |
|
Condo Townhouse |
119 |
147 |
+28 |
+23.5% |
|
Condo Apartment |
219 |
204 |
-15 |
-6.9% |
|
Total |
1083 |
1230 |
+147 |
+13.6 |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison. As the chart below demonstrates the benchmark price increased slightly for single family homes and apartment condos and decreased slightly for townhouses.
|
Sales Prices |
Dec 2012 Benchmark Price |
Jan 2013 Benchmark Price |
Change |
|
Single Family Homes |
434,800 |
436,900 |
+2,100 |
|
Condo Townhouse |
284,100 |
283,400 |
(700) |
|
Condo Apartment |
248,700 |
251,300 |
+2,600 |
Absorption Rate (Months of Inventory) (the inventory divided by the number of sales in the last month). What does this mean you might ask?
Below 3.0 indicates a Seller’s Market
Between 3.0 to 4.0 indicates a Balanced Market
Above 4.0 indicates a Buyer’s Market.
|
Absorption Rate |
Dec 2012 |
Jan 2013 |
Change |
|
Single Family Homes |
2.50 |
2.36 |
(.14) |
|
Condo Townhouse |
2.61 |
2.51 |
(.1) |
|
Condo Apartment |
2.53 |
3.14 |
+.61 |
|
Total Calgary |
2.51 |
2.51 |
= |
As you can see above we are in a Seller’s market for all categories except apartment condos. 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 please contact me. If you are thinking of Selling the first half of the year might be best as I expect our inventory to substantially increase by mid-year.
If you have any questions about this summary or any Real Estate questions please feel free to contact us.
If you know anyone else who might enjoy seeing our monthly summary please pass it on.
Gord