Here is a summary of Calgary’s Real Estate market from the Calgary Real Estate Board (CREB) data.
Detached home summary:
- Inventory levels remain high which is slowing progress to a balanced market.
- The “tale of two markets” remains for detached housing. There is increased sales activity for lower price points, particularly the $350,000 – $399,000 price range.
Apartment home summary:
- Apartment sales dropped overall, but sales were up in the North, West and South East districts.
- New apartment inventory has been entering the market resulting in gains but overall inventory levels are lower year over year.
Detached House Charts:
Sales To New Listings Ratio: positive movement higher indicating less near term inventory. This is about average for this time of year.
Absorption Rate: is higher than prior years but much lower year-over-year. An absorption rate of 2-4 months is a “balanced” market.
Average Price: is lower month over month and year over year. This number seems about flat year to date in 2019. As mentioned, appetite for lower price points is pulling total market average lower.
Apartment Unit Charts:
Sales To New Listings: significantly lower than 2018 which indicates more inventory. Relative to prior years, this data point is close to seasonal average.
Absorption Rate: is clustered very closely together relative to prior years.
Median Price: dropped significantly month over month, but is about flat year to date for context.
Conclusion:
I’m seeing buyers continue to be patient, driven by intrinsic urgency and timing to motivate their purchase.
Some buyers have a growing family and want more space. Some buyers finally find a property that checks all the boxes of their search. Some relocate for work. Some hate their land lord and want more control of their space. Etc, etc.
In November, I received a very nice Google review from buyers I was originally in touch with close to 24 months ago. They were very patient, found a property they liked, and made a successful offer to purchase.
I think a good Realtor will help you understand the market by drilling down on area, neighbourhood, property type, price range specifics and more.
It could turn out, what you are specifically looking for does in fact have a higher demand than the overall market?
I hope this is helpful for you …
If you know of anyone recently married, expecting new children, started working with you, or received a promotion …AND you discover they are planning to purchase a home, connect us. I’m happy to help them 24 months from now :-).
Talk soon,
Chad Moore
P.S
Christmas shopping. Who else will I see at the malls on the 21st or 22nd :-). Common, fess up.
