Posts Tagged ‘YYC Real Estate’

Calgary Real Estate Market Snapshot – March 1, 2024

Friday, March 1st, 2024

What is really happening in the Calgary Real Estate Market?

 

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Graph showing Months of Inventory for Calgary Real Estate Market

Graph showing Months of Inventory for Calgary Real Estate Market

 

Gord’s commentary for the month (just my opinion).

February 2024 Highlights

A booming start to 2024!

  • Inventory increased but only marginally.
  • Sales Increased
  • Prices increased!
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory increased in February but only by 205 listings of which half of the increase is in the Apartment sector.

 

Calgary Sales:

Sales increased by 485 sales (or 29.4%).  This number is not surprising as the end of the year is always the low point and sales will normally increase from here until May or June.

 

Sales Compared to 2023: 

It is also important to look at sales compared to the Previous year. Sales for February beat sales from February 2023 by 397 or 22.8%.

 

  Jan Feb Mar Apr May June
2023 1198 1738
2024 1650 2135
Change +452 +397
% Change 37.7% 22.8%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by $12,700 or 2.22%. Increases were seen in all market sectors with Detached homes leading (2.72%) followed by Attached Row (2.37%), then Semi-detached homes at (2.26%) and finally Apartment Condos at 1.73%

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Year to date the entire market has increases by 2.61% with 2.22% of that being in February only.

Again, all sectors are up year to date.

 

Current Months of Inventory (Absorption Rate): 

Our Months of Inventory declined again by .20 putting us into an even deeper Sellers Market. The only sector that increased was the Attached Row sector and it increased by .01%

Keep in mind that anything below 2.5 is in a seller’s market position so we are deep in Seller’s market territory and prices will continue to rise.

 

My Prediction for what is ahead:  Anything below 2.5 months of Inventory is in a seller’s market position so at 1.1 month of inventory we are deep in Seller’s market and prices will continue to rise.

 

*Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

***All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

 

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Calgary Real Estate Market Snapshot for Nov 1, 2023

Wednesday, November 1st, 2023

What is really happening in the Calgary Real Estate Market?

 Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Graph of Months of Inventory

Months of Inventory

 

Gord’s commentary for the month (just my opinion).

October 2023 Highlights

The Calgary Market appears to be slowing a bit, but is it?

  • New listing in October were down 15.9% from September.
  • Sales declined by 11.06%
  • Listing Inventory declined by 5.51%
  • Prices increased moderately.
  • Seller’s market continues….

Calgary Listing Inventory

Our listing inventory remains very low with a total of 3190 listings on the market. This number decreased by 5.31% since September.  It is quite normal that the number of new listings declines at this time of year.

Calgary Sales:

Sales in October were down by 179 or 5.31% from September.  The sectors that saw the largest decreases were Apartment Condos at -76 and Detached Homes at -80.  As I have said many times what is keeping our sales down is our Inventory if there were more listings we would certainly sell more.

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for October were up by 17.1% from last year.  The demand is still very strong so the more we can list the more we sell.

 

  Jan Feb Mar Apr May June
2022 2004 3305 4091 3401 3071 2837
2023 1199 1740 2432 2690 3120 3146
Change -805 -1565 -1659 -711 +57 +309
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9%

 

  July Aug Sept Oct Nov Dec
2022 2249 2133 1893 1855    
2023 2647 2729 2441 2171    
Change +398 +596 +548 316    
% Change +17.7% 27.9% +28.9% +17.1%    

 

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price saw a slight increase in all sectors this month. The highest increase was $7400 in the Semi-Detached sector followed by $5,800 in the Attached-Row sector.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary we have so far seen an increase in all sectors of 10.18% or $52,800.

The lowest dollar increases so far has been apartment condos at $41,800 and the highest is Detached homes at $78,000.  It is important to note that this is a Calgary number and each community within Calgary will be different – some higher and some lower.

 

Current Months of Inventory (Absorption Rate): 

Sales numbers decreased more than our listing inventory decreased moving our months of inventory slightly higher for the second month in a row.  All sectors remain in a seller’s market position.

 

My Prediction for what is ahead:  Based on what I am seeing, I believe we are going to see more of the same – so a little less intense competition for the next 2 months.  I predict that once January hits we will increase the number of sales and move into a deeper seller’s market.  This prediction is largely based on what is driving demand (immigration) and I do not see that changing any time soon, I predict sales are going to remain strong and prices are going to continue to trend upwards.

 

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

 

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Calgary Real Estate Market Snapshot – April 1, 2023

Monday, April 3rd, 2023

What is really happening in the Calgary Real Estate Market?

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Months of Inventory

 

Gord’s commentary for the month (just my opinion).

April 2023 Highlights

The Calgary Market is continuing at a blistering pace!

  • We have a supply problem. Our inventory increased by only 483 listings in March however the total number of listings is only 73.6% of last year so we are very low on listings.
  • Multiple offers are being seen in all sectors with huge numbers of offers for Detached, Attached and Townhomes. Of course, they are selling well above list price.
  • Sales increased over February however if we had inventory sales would be much higher.

 

Calgary Listing Inventory

Listing inventory increased an overall of 17.56% in March with the highest increase in the Attached – Row sector (23.24%).  The lowest increase is in the Semi – Detached sector at 11.76.

 

Calgary Sales:

Total Sale in March increased by 692 or 39.77% over February, far outpacing the increase in inventory.  All sectors were above 23% with the highest increase in the Semi – Detached Sector at 55. %

  

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for March were down 40.55% when compared to last March of 2022. Although this looks like a substantial number, if we had more inventory sales would have been higher – it is a supply problem not low demand causing lower sales.

 

  Jan Feb Mar Apr May June July
2022 2004 3305 4091 3401 3071 2842 2254
2023 1199 1740 2432        
Change -805 -1565 -1659        
% Change -40.1% -47.4% 40.55%        

 

  

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price increased by $10,900 or 2.05% in March. The highest increase was in detached homes at $13,900 up and the lowest increase is in the Apartment Condo Sector which was $7500.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary we have so far seen an increase of 4.43% or a $23,000 Increase

 

Current Months of Inventory (Absorption Rate): 

Once again our months of Inventory decreased by .25  This number is not going to change until we start seeing more listings hit the market.

 

My Prediction for what’s ahead:  Being that we are in a deep Sellers Market we will continue to see prices increasing.  My gut feeling is we will start to see an increase in inventory in April and will work towards a more balanced market over the next 6 months.  

 

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

CREB Stats

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Calgary Real Estate Market Snapshot Feb 1, 2023

Thursday, February 2nd, 2023

What is really happening in the Calgary Real Estate Market?

 

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Months of Inventory Calgary Real Estate

 

Gord’s commentary for the month (just my opinion).

December 2022 Highlights

The Calgary Market is exploding again, as an agent I feel like I am reliving 2022!

  • Our inventory edged up slightly.
  • Demand for homes under the $600,000 price range has exploded, as long as listings are priced reasonably I am seeing between 5-15 offers on most listings, and of course they are selling well above list price.
  • Sales increased marginally over December.
  • Months of Inventory increased slightly.

 

Calgary Listing Inventory

Listing inventory increase an overall of 10.7% this month.  Keep in mind that December is typically the lowest inventory months and the next several months you will see increases. The economist for the Calgary Real Estate Board indicated that the level of new listings in January fell to the lowest level seen since the late 90s.

 

Calgary Sales:

Total Sale in January were 5 less than in December or down .42% It is critical to understand this is in no way a lack of demand, but a lack of supply (inventory).

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for December were down 40.1% when compared to last December of 2022. Although this looks like a substantial number, we also need to consider that last December is when things in the Calgary Real Estate Market started getting heated so not meeting last years sales does not concern me at all. As noted above if we had more inventory sales would have been higher – it is supply not demand causing lower sales.

 

  Jan Feb Mar Apr May June July
2022 2004 3305 4107 3401 3071 2842 2254
2023 1199            
Change -805            
% Change -40.1%            

   

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price increased by $2,100 for January.  Increases were in all sectors except for Semi-Detached homes which saw a decrease of $3,800.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Same as above.

 

Current Months of Inventory (Absorption Rate): 

The months of inventory increased a total of .21.  This increase was in all sectors except Semi-Detached homes which decreased by .59   Even with the slight increase every sector is currently in a seller’s market position.

 

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

 

All numbers vary by community and price ranges, if you would like stat specifically for your neighborhood, please contact us.

 

Calgary Real Estate Stats for 2023 – Information from the Calgary Real Estate Board

Calgary Real Estate Stats

Calgary Real Estate Stats

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