Here is an update on Calgary’s Real Estate data for March 2020.
Honestly, the first 2.5 months of the year were humming right along with a great deal of positivity. Then we hit a brick wall #covid.
Let’s look at March data, with the understanding half the month was good, and the other half … [well, you enter your own adjective here].
I find these three stats helpful for context in Calgary’s Real Estate market:
1. Sales to new listing ratio. Net new homes for sale.
2. Absorption rate. Indicator of inventory and sales combined.
3. Average price. General market direction.
This data, with your other reading, might be helpful in answering the question, “how’s the Real Estate market”?.
Detached Home Data:
Sales To New Listings:
Absorption Rate:
Average Price:
Apartment Home Data:
Sales To New Listings:
Absorption Rate:
Median Price:
Conclusion:
I think considering what is happening in Alberta right now, March Real Estate data is about what I would expect.
The Real Estate market is considered an essential service which means there are still buyers and sellers taking action.
Here’s a look at some numbers for the first seven days of April. Is this at all surprising? I’m curious to see how the simultaneous erosion of listing inventory AND buyer demand translate into price change?
Really, I think the leading indicators to keep an eye on are what is happening with our health, economic and oil shocks. The Real Estate market will lag behind.
Stay safe my friends.
Thanks to those sharing my content with others who might find it helpful.
Talk soon,
Chad Moore
