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Mid-March Update for Calgary Real Estate

Posted by Jim Sparrow on Monday, March 17th, 2014 at 6:47pm.

Calgary Real Estate: Mid-March Update

Calgary real estate stats: Mid-March 2014

 Calgary's real estate market continued to fire on all cylinders through the first 15 days of March, with sale numbers & prices up in both the home and condo segments. BMO Capital Markets released a report Friday which suggested Alberta was bound for another housing boom, but not at the frenzied pace seen in 2006/2007.

The pace of growth in Alberta's economy today, while "clearly superior" and "head and shoulders above the rest of the country", does not match that seen in 2006. 

Demand for property continues to be stronger than anything seen since 2007, and while inventory levels are lower than at anytime since then, they are still higher than they were during the peak.

Globe & Mail Video: Demand for Calgary homes far greater than supply

March 1-15 Calgary Home & Condo Sales

 Calgary HomesMarch 1-15 2014 March 1-15 2013 Change 
 Calgary Home Sales  791  736  + 7% 
 Calgary Home Median Sale Price  $485,000  $448,800  + 8% 
 Calgary Home Average Sale Price  $550,184  $517,980  + 6% 
 SF Home Days on Market (DOM)  27 days  34 days  -21% 
 SF Home Listings (Inventory)  2,058  2,727  -25% 
 SF Home Listing Inventory (Months)  1.4 months  2.0 months  -0.6 mths 
 Calgary Condos      
 Condo Sales  362  316  +15% 
 Condo Median Sale Price  $308,500  $280,500  +10% 
 Condo Average Sale Price  $327,462  $314,949  + 4% 
 Condo Days on Market (DOM)  29 days  39 days  -26% 
 Condo Listings (Inventory)  1,130  1,280  -12% 
 Condo Listing Inventory (Months)  1.6 months  2.2 months  -0.6 mths 
 Combined Metro Calgary      
 Total Calgary Sales  1,153  1,052  +10% 
 Total Calgary Listings (Inventory)  3,188  4,007  -20% 
 Total Calgary Listings Inventory (Months)  1.4 months  2.0 months  -0.6 mths 

Market Highlights

Combined sales for homes and condominiums in metro Calgary were 10% higher than in 2013, while the listing inventory was down 20% (down 37% from March 2012). The absorption rate, otherwise know as MOI *months of inventory* was 1.4 months, a drop of over half a month from last year.

Calgary Home Sales March 1-15 2014

  • Calgary home sales were 7% higher over the period (Yr/Yr)
  • The median sale price of Calgary homes rose 8% while average sale price rose 6%
  • Days on market for Calgary homes was 27 days, 21% shorter than last year
  • Listing inventory for Calgary homes was 25% lower than last year
  • Listing inventory for Calgary homes was only 1.4 months, 0.6 months lower than last year

Calgary Condo Sales March 1-15 2014

  • Calgary condo sales were 15% higher over the period (Yr/Yr)
  • The median sale price of Calgary condos rose 10% while average sale price rose 4%
  • Days on market for Calgary condos was 29 day, 26% shorter than last year
  • Listing inventory for Calgary condos was 12% lower than last year
  • Listing inventory for Calgary condos was 1.6 months, 0.6 months lower than last year

Calgary Sales By Price: March 1-15 2014

Interested in buying or selling a home or condo in Calgary? Take a look at the sales and listing inventories for various price brackets in the city. Combined listing inventory for both property segments is 1.4 months, but it varies significantly depending on the property price range you're looking to buy or sell.

Calgary Home Sales Past 30 days:

PriceActive Listings% Total Listings  Sales% Total SalesMonths of Listings
Under $400K  283  14%  389  26%  0.7 Months
 $400K - $500K  338  16%  412  28%  0.8 Months
 $500K - $600K  350  17%  268  18%  1.3 Months
 $600K - $700K  258  13%  167  11%  1.5 Months
 $700K - $800K  221  11%  95   6%  2.3 Months
 $800K - $1 Mil  226  11%  92   6%  2.5 Months
 $1.0 Mil - $1.5 Mil  197  10%  48   3%  4.1 Months
 $1.5 Mil - $ 2.0 Mil  85  4%  6 0.4%  14.2 Months
 Over $2.0 Million  100  5%  6 0.4%  16.7 Months
 Totals  2,058  100%  1,483  100%  1.4 Months

The supply of listings is smallest for Calgary homes up to $600,000, which accounts for 72% of all sales in the city, whereas homes in the over $1,000,000 range have inventory levels ranging from 4 months to over 1 year.

Calgary Condo Sales Past 30 days

PriceActive Listings% Total ListingsSales% Total SalesMonths of Listings
Under $200K   45  4%   46  6%  1.0 Months
 $200K - $300K  425  38%  287  39%  1.5 Months
 $300K - $400K  295  26%  245  34%  1.2 Months
 $400K - $500K  139  12%   93  13%  1.5 Months
 $500K - $600K   66  6%   30  4%  2.2 Months
 $600K - $700K   43  4%   11  2%  3.9 Months
 $700K - $1.0 Mil   70  6%   11  2%  6.4 Months
 Over $1.0 Million   47  4%   6  1%  7.8 Months
 Totals  1,130  100%  729  100%  1.6 Months

Condos in Calgary listed for $400,000, which account for 92% of all sales, are in the shortest supply with a combined inventory level of only 1.3 months, while condos in the over $700,000 price level (3% of sales) have an inventory of 6.9 months.

If you're looking to sell or buy, do not hesitate to contact us.

We are prepared to work hard ensuring that your needs are met and that the result is more than you were hoping for. Nothing gives us more pleasure than your success and being with you through major life changes.

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