Calgary Real Estate Market Snapshot Oct 1, 2018

6 years ago | TSW Real Estate Group
6 years ago | TSW Real Estate Group

Months of Inventory for 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

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Current Months of Inventory:  If we did not list any more homes this is how many months it would take to deplete inventory.  In September we saw every category increase quite substantially in the number of months of inventory putting the entire Calgary market into a buyer’s market position.

End of Aug 2018    Sept 2018    Change
Detached 4.78 5.49 0.71
Semi Detached 6.45 7.09 0.64
Attached – Row 6.22 7.58 1.36
Apartment 6.86 7.68 0.82
Total City 5.45 6.25 0.80

 

 Calgary Listing Inventory

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

***One interesting note is that in the last 2 days of September the inventory decreased by almost 500 listings. I believe this is listings expiring and some of these will get re-listed as this is exactly what happened last month.

Inventory Aug 2018    Sept 2018    Change
 Detached 4433 4348 -85
Semi Detached 909 872 -37
Attached – Row 1113 1107 -6
Apartment 1666 1620 -46
Total Calgary 8121 7947 -174

 

Calgary Sales:

Sales were down in all categories. This is normal for September as we will now tread down every month until the new year.

Calgary Sales  Aug 2018    Sept 2018    Change % Change
Detached 927 792 -135 -14.56%
Semi Detached 141 123 -18 -12.77%
Attached – Row 179 146 -33 -18.44%
Apartment 243 211 -32 -13.17%
Total City 1490 1272 -218 -14.63%

 

Sales Compared to last year:  Thought this is a number that deserves a look as the trend is changing. This 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% 85.9      

 

Calgary Real Estate Sales Prices:

September saw prices decrease in all sectors which is expected with the high number of months of inventory on the market.  Unless something changes we can expect to see this trend for a few more months.

  Sales Prices Aug 2018     Benchmark Price   Sept 2018   Benchmark Price Change
Detached 497,000 493,100 -3,900
Semi Detached 411,300 407,400 -3,900
Attached – Row 296,700 294,200 -2,500
Apartment 258,100 257,200 -900
Total City 432,000 428,700 -3,300

 

Sales Prices “Year to Date”  

Same as monthly number

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

$

% Change
Detached 499,600 493,100 -6,500 -1.30%
Semi Detached 416,600 407,400 -9,200 -2.21%
Attached – Row 299,500 294,200 -5,300 -1.77%
Apartment 257,700 257,200 -500 -0.19%
Total City 433,200 428,700 -4,500 -1.04%

 **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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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