Calgary Real Estate Market Snapshot Sept 1, 2018

What is really Happening in the Calgary Real Estate Market?

What is really Happening in the Calgary Real Estate Market?

 

What is really happening in the Calgary Real Estate Market?

Stay ahead of everyone else by following our Monthly Market Snapshot of the Calgary Real Estate Market. This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and most importantly the relationship between the two and how it affects the price of Calgary Real Estate.  A simple way to keep up to date with how the market is trending and to stay ahead of most! All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. I have also included some general comments which are simply my opinion.

Months of Inventory/Absorption Rate – the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0 Drives prices down
Balanced Market Between 2.4 to 4.0 Prices typically remain stable
Seller’s Market <2.4 Drives prices up

 

Current Months of Inventory:  If we did not list any more homes this is how many months it would take to deplete inventory.

In August the months of inventory remained fairly flat with the exception of Attached-Row homes which decreased by .56  I see this as a correction as last month this number went up by over 1.0

 

End of July 2018    Aug 2018    Change
Detached 4.72 4.78 0.06
Semi Detached 6.07 6.45 0.37
Attached – Row 6.78 6.22 -0.56
Apartment 7.01 6.86 -0.16
Total City 5.46 5.45 -0.01

 

 Calgary Listing Inventory

In August, our inventory decreased in all sectors and overall, the highest decrease was in the Detached home sector. This is totally normal at this time of year and we should expect this trend to continue for the rest of the year.

 

Inventory July 2018    Aug 2018    Change
 Detached 4578 4433 -145
Semi Detached 911 909 -2
Attached – Row 1187 1113 -74
Apartment 1774 1666 -108
Total Calgary 8450 8121 -329

 

Calgary Sales:

Sales were down in all categories (except Attached-Row which increased by 4) , This is normal for August as we are moving out of our busy season and people are focused on vacations and outdoor activities and now back to school.

 

Calgary Sales  July 2018    Aug 2018    Change % Change
Detached 969 927 -42 -4.33%
Semi Detached 150 141 -9 -6.00%
Attached – Row 175 179 4 2.29%
Apartment 253 243 -10 -3.95%
Total City 1547 1490 -57 -3.68%

 

Sales Compared to last year:  Thought this is a number that deserves a look as the trend is changing. Chart shows this year’s sales as a percentage of last years so yes sales are down but they are down less than at the beginning of the year.

Jan Feb Mar Apr May June July Aug Sept Oct Nov  Dec
102% 82% 72% 80% 82% 89% 95% 93%

 

 Calgary Real Estate Sales Prices:

As you can see prices in all sectors decreased in August.  As we are now in a buyer’s market we should expect prices to decline slightly which is what happened.

 

  Sales Prices July 2018   Benchmark Price   Aug 2018   Benchmark Price Change
Detached 501,300 497,000 -4,300
Semi Detached 416,200 411,300 -4,900
Attached – Row 300,300 296,700 -3,600
Apartment 259,700 258,100 -1,600
Total City 435,200 432,000 -3,200

  

Sales Prices “Year to Date”  

Same as monthly number

Sales Prices Jan 1, 2018    Benchmark Price  Aug 2018   Benchmark Price Change

$

% Change
Detached 499,600 497,000 -2,600 -0.52%
Semi Detached 416,600 411,300 -5,300 -1.27%
Attached – Row 299,500 296,700 -2,800 -0.93%
Apartment 257,700 258,100 400 0.16%
Total City 433,200 432,000 -1,200 -0.28%

  

**Please note that these numbers include only Calgary homes and do change on a community basis and more so for towns.  This report does not include rural properties.  If you would like to find stats on your community just let me know.  If you have any questions about this summary or about Real Estate in general, please feel free to contact us.