Calgary Real Estate Market Snapshot – April 1, 2019

5 years ago | TSW Real Estate Group
5 years ago | TSW Real Estate Group

What is really happening in the Calgary Real Estate Market?

2 year trend of months of inventory for the Calgary Real estate Market.

If you are new to our Monthly Snapshot please scroll down for my explanation.

 Current Report : April 1, 2019

Current Months of Inventory: 

Good news for the Calgary Real Estate Market.  Two months in a row we have a trend of the months of inventory decreasing. March saw all sectors decrease with the largest decrease in Semi-Detached and Attached-Row houses.  Noteworthy is that Detached homes are nearing a balanced market again.

End of Jan 2019 Feb 2019 Change
Detached 5.04 4.15 -0.89
Semi Detached 6.63 5.32 -1.31
Attached – Row 6.98 5.44 -1.54
Apartment 8.73 7.87 -0.86
Total City 6.03 4.96 -1.07

Calgary Listing Inventory

In March, our inventory increased in all categories.  This increase is totally expected as we starting to enter the spring market.  As long as the increase is balanced with an increase in sales the market will continue to get healthier.

Inventory (End of) Jan 2019 Feb 2019 Change
 Detached 2987 3393 406
Semi Detached 689 787 98
Attached – Row 908 947 39
Apartment 1301 1488 187
Total Calgary 5885 6595 710

 

Calgary Sales:

Sales for March increased in all sectors compared to February.   Sales increasing is again an expected change as we move into the spring market. In my opinion the % increase is quite substantial with an overall increase over February of 36.2%.

Calgary Sales  Jan 2019 Feb 2019 Change % Change
Detached 593 818 225 37.94%
Semi Detached 104 148 44 42.31%
Attached – Row 130 174 44 33.85%
Apartment 149 189 40 26.85%
Total City 976 1329 353 36.17%

 

***Sales Compared to last year***

In March our sales were 97.1% of last years sales so a decrease of 2.9%.  I am also starting to see and hear from clients who are getting ready to take advantage of the low prices which may kickstart things a little.  Of interest we are also starting to see competing offers again.

  Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
2018 102% 82% 72% 80% 82% 89% 95% 93% 85.9% 89.9% 83.0 78.6
2019 83.8% 89.6% 97.1%                  

 

Calgary Real Estate Sales Prices:

March saw a small decrease in prices in Semi-Detached and Apartments while Detached and Attached Row houses showed slight increases in prices.

  Sales Prices Jan 2018     Benchmark Price  Feb 2019   Benchmark Price Change
Detached 475,600 475,800 200
Semi Detached 392,500 391,000 -1,500
Attached – Row 284,600 284,900 300
Apartment 252,300 250,600 -1,700
Total City 414,400 413,900 -500

 

 Sales Prices “Year to Date”  

Sales Prices Jan 2019    Benchmark Price  Feb 1, 2019    Benchmark Price Change

$

% Change
Detached 481,400 475,800 -5,600 -1.16%
Semi Detached 397,500 391,000 -6,500 -1.64%
Attached – Row 288,400 284,900 -3,500 -1.21%
Apartment 251,500 250,600 -900 -0.36%
Total City 418,500 413,900 -4,600 -1.10%

 

 Explanation of our Calgary Real Estate Market Snapshot.

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

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

  

**Please note that these numbers include only Calgary and do change on a community basis and more so for towns. This report does not include rural properties and does not take into account differences in different price ranges.  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.

Courtesy of TSW Real Estate Group

Gord Piper & Brent Wilcox

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