Category Archives: Calgary SFH

Market update July 2015

Still no big crash in prices. When will it happen?

Inventory vs sales and price2

Market Update May 2015

Inventory vs sales and price2

So far, despite the panic around crashing oil prices, the only crash in the real estate market is with new listings. The new listings are down 23% compared to the 3-year average, and down 28% compared to last year.

The drop in sales at 16% is to be expected when there is uncertainty around the economy, and when there are so few homes coming on the market.

More detailed statistics can be found at Single Family Stats

New statistics criteria starting in March 2015

Welcome back! Ski season is over and I’m looking forward to getting back to the real estate business, and helping you with your house search. There are some amazing new tools which have been made available to Calgary realtors which I’m really excited about.

The new “Matrix” system software which went into effect on March 1 enables us to help clients in ways that were not previously available to us. For example, If you are looking for a house in Tuscany but do not want to be within a half-kilometre of Stoney Trail(because of the noise), I can enter a search with that criteria.

If you have a specific criteria for the home you’re looking for, send me the information and I’ll set up a search for you. You can also use this form Home Search

The Calgary Real Estate Board has changed the criteria for reporting their monthly statistics. Rather than single family home, condo, and townhouses, it has morphed into detached, attached and apartment.

Going forward, I will continue to compile the Single Family Home stats and the Detached stats only. I expect my website will be the only place where you can find the current Single Family Home stats.

The Detached stats go back to 2005, but you’ll notice there’s nothing in the “Active Listings” column yet, but I’m working on that.

Dramatic change in the market to start 2015

Inventory vs sales and price2

Some welcome changes are occurring in the Calgary housing market. It’s been a long time since buyers had the upper hand, and it’s also been a long time since buyers had a good selection of homes from which to choose.

Bidding wars are almost a thing of the past with only 9% of homes selling for list price or higher in January. It takes about six months for the realities of the market to hit home with most sellers and that’s why you haven’t yet seen a corresponding drop in prices yet.

You can see historical and more detailed statistics at CREB has changed their reporting criteria, but my stats criteria have remained consistent since I started reporting them 11 years ago.

If you’re buying or selling and want to be represented by someone who will give you the straight talk, give me a call or send an email.

Market update Oct 2014

“Two consecutive years of relatively strong employment and population growth, combined with rising wages and low lending rates, have supported demand growth in our housing sector,” said CREB® chief economist Ann-Marie Lurie.

Inventory vs sales and price2

“All citywide resale segments have recorded a moderate easing of supply constraints, which should help stabilize prices as we approach the end of the calendar year,” said Lurie. “Nonetheless, consumers should be aware that market conditions can vary significantly depending on the location and property type.”

In Oct, 16% of homes sold for list price or higher.

Market update Sep 2014

More home owners have been motivated to list their homes and reap the rewards of the recent price increase. As a result, new listings are up slightly for the sixth consecutive month.

Inventory vs sales and price2

For September, 17% of sales were for list price or higher. If you bought an average house 12 months ago, it has increased in value by $38,750.

Market update Aug 2014

Calgary continues to experience a shortage of inventory with 17% fewer listings than normal for this time of year. There is only a 60-day supply of single family homes on the market. In the lower price ranges, it’s even more severe. For homes priced under $500,000, there is only a 42-day supply.

Inventory vs sales and price2

Despite the shortage of listings, it was the third-best August ever for SFH sales(second-best for overall sales due to strong condo sales).

If you had any doubts about the lack of inventory, bidding wars are still going strong with 18% of sales for list price or higher.

If you bought an average home in Calgary in Aug 2013, the price has increased $29,100 in the past year.

Market update July 2014

Inventory vs sales and price2
As always in the summer, the price dropped slightly in July. Sales activity is still strong, and more homes are being listed compared to historical averages. Inventory is still low. 19% of homes sold for list price or higher.

If you bought an average home in Calgary in July 2013, the price has increased $29,000 in the past year.

Market update June 30, 2014

Inventory vs sales and price2
Slightly better conditions for buyers in June

  • More homes are being listed
  • Bidding wars have eased, but are still commonplace.
  • 26% of homes sold for list price or higher in June.
  • The average amount paid over list price was $6,417.
  • The median price did not increase
  • Average DOM(days-on-market) increased by 2 days
  • Inventory is almost up to last year’s level
  • The trend is your friend: The sales-to-new-listings trend is decreasing. Last year it was increasing.

If you bought an average home in Calgary in June 2013, the price has increased $40,000 in the past year.

Calgary prices post-flood

It’s enlightening to look back and see what the experts were predicting about Calgary real estate immediately after last June’s flooding. One got it right, one got it wrong. Mike has the details on his blog