Calgary Home Sales See A Bump

Calgary Home Sales See A Bump 

 

City of Calgary, March 2, 2020 –

This month saw a double-digit gain in sales, but last February was one of the slowest levels of activity since the late ’90s.

With the extra day this February, monthly sales totaled 1,197 units.  A combination of these two factors resulted in a 23 per cent improvement over last year, but sales remain well below longer-term trends and consistent with the lower levels reported over the past five years.

“However, this should not diminish the fact that conditions are still improving,” said CREB® chief economist Ann-Marie Lurie.

“Calgary is continuing to see slow reductions in the amount of oversupply in the market, from modest changes in demand and reductions in supply. This needs to occur before we can see more stability in prices.”

The overall unadjusted benchmark price was $416,900 in February. This is similar to last month, but nearly one per cent below last year’s levels. Overall, prices remain nearly 11 per cent below the monthly high recorded in 2014.

 

Calgary All Residential Housing Market Update

There were 1202 sales and 2533 new listings in January 2020.

The median sold price was $414,250 and the average sold price was $449,878.

The average days on market were 57.

Calgary All Residential Sale Price & Number of New Listings - Last 12 months Update

 
No. of Sales
No. of New Listings
Sale Price to List Price Ratio
Median Sale Price
Average Sale Price
Avg. Days On Market
Feb 2020
1202
2533
97%
$414,250
$449,878
57
Jan 2020
862
2367
96%
$401,000
$453,083
65
Dec 2019
859
1066
96%
$401,000
$450,964
65
Nov 2019
1139
1860
96%
$400,000
$442,497
61
Oct 2019
1437
2384
96%
$398,250
$452,417
55
Sep 2019
1352
2722
97%
$405,000
$460,461
56
Aug 2019
1551
2786
97%
$407,500
$452,332
55
Jul 2019
1601
2733
97%
$417,500
$454,154
51
Jun 2019
1708
3147
97%
$420,000
$464,512
47
May 2019
1799
3426
97%
$420,000
$475,287
44
Apr 2019
1363
3137
97%
$410,000
$459,996
38
Mar 2019
1007
2990
97%
$420,000
$466,440
33


Source Calgary Real Estate Board Provided by Ray Riley.com

 

HOUSING MARKET FACTS

Detached

  • After the first two months of the year, detached sales improved by nearly 12 per cent. Improvement did not occur across all districts, as sales continued to ease in the City Centre, North East and North West districts.
  • Driven by pullbacks mostly in the south and west districts, new listings declined by one per cent in the city so far this year.
  • Improving sales and easing new listings helped reduce inventory levels and reduced months of supply to just below four months in February. This is a significant improvement over the more than five months recorded last February.
  • The benchmark price continued to trend down this month for detached homes, but the pace of decline is easing. Citywide detached prices remain less than one per cent lower than last year’s levels, but price movements vary significantly by district, ranging from a three per cent decline in the City Centre to a two per cent increase in the South district.

Calgary Detached Housing Market Update

There were 685 sales and 1344 new listings in February 2020.

The median sold price was $465,000 and the average sold price was $528,623.

The average days on market were 53.

Calgary Detached Sale Price & Number of New Listings - Last 12 months Update

 
No. of Sales
No. of New Listings
Sale Price to List Price Ratio
Median Sale Price
Average Sale Price
Avg. Days on Market
Feb 2020
685
1344
97%
$465,000
$528,623
53
Jan 2020
515
1211
96%
$459,900
$539,147
59
Dec 2019
503
555
96%
$460,000
$528,946
64
Nov 2019
701
947
97%
$462,135
$520,491
59
Oct 2019
844
1327
97%
$457,250
$526,650
50
Sep 2019
816
1516
97%
$457,500
$540,141
52
Aug 2019
922
1587
97%
$470,000
$532,802
50
Jul 2019
980
1605
97%
$469,000
$524,690
46
Jun 2019
1060
1789
97%
$469,900
$534,488
42
May 2019
1115
2015
97%
$480,000
$557,537
40
Apr 2019
836
1789
97%
$469,000
$538,535
35
Mar 2019
639
1700
97%
$460,000
$531,077
31

Source Calgary Real Estate Board Provided by Ray Riley.com

Apartment

  • For the second month in a row, improving sales were met with gains in new listings. This is causing inventory gains.
  • Sales levels were high enough to cause the months of supply to ease, but the persistent oversupply in the market continues to weigh on prices.
  • February benchmark prices eased compared to the previous month and is over two per cent lower than last year’s levels. The overall benchmark apartment price of $244,700 in February is nearly 19 per cent lower than 2014 monthly highs.

Calgary Apartment Housing Market Update

There were 209 sales and 557 new listings in February 2020.

The median sold price was $242,500 and the average sold price was $272,642.

The average days on market were 62.

Calgary Apartment Sale Price & Number of New Listings - Last 12 months Update

 
No. of Sales
No. of New Listings
Sale Price to List Price Ratio
Median Sale Price
Average Sale Price
Avg. Days on Market
Feb 2020
209
557
96%
$242,500
$272,642
62
Jan 2020
146
569
95%
$210,000
$235,140
74
Dec 2019
134
241
96%
$248,500
$284,776
71
Nov 2019
185
444
95%
$225,000
$252,103
69
Oct 2019
246
445
96%
$248,500
$297,545
71
Sep 2019
241
502
96%
$247,500
$284,077
66
Aug 2019
276
564
96%
$235,000
$269,459
65
Jul 2019
277
493
96%
$249,999
$282,343
63
Jun 2019
244
668
96%
$232,750
$257,047
56
May 2019
287
624
96%
$240,000
$267,520
53
Apr 2019
205
563
96%
$230,000
$260,252
43
Mar 2019
129
578
96%
$249,000
$293,417
39

Source Calgary Real Estate Board Provided by Ray Riley.com

 

Attached

  • After the first two months of the year, rising attached sales and easing new listings caused inventories to decline.
  • February months of supply is now below five months, an improvement compared to the past two years.
  • Conditions continue to favour the buyer, but improvements have helped reduce the downward pressure on prices. However, divergent activity continues based on location, as prices declined across most districts, but improved in the West, South East and East districts of the city.

Calgary Attached Housing Market Update

There were 308 sales and 632 new listings in February 2020.

The median sold price was $335,000 and the average sold price was $395,014.

The average days on market were 61.

Calgary Attached Sale Price & Number of New Listings - Last 12 months Update

 
No. of Sales
No. of New Listings
Sale Price to List Price Ratio
Median Sale Price
Average Sale Price
Avg. Days on Market
Feb 2020
308
632
97%
$335,000
$395,014
61
Jan 2020
201
587
96%
$340,000
$390,879
73
Dec 2019
222
270
97%
$330,000
$374,588
65
Nov 2019
253
469
97%
$313,000
$365,615
62
Oct 2019
347
612
97%
$321,500
$381,658
56
Sep 2019
295
704
97%
$330,000
$384,154
58
Aug 2019
353
635
97%
$333,000
$385,138
61
Jul 2019
344
635
97%
$328,100
$391,556
57
Jun 2019
404
690
97%
$331,000
$406,214
54
May 2019
397
787
97%
$325,000
$394,481
48
Apr 2019
322
785
97%
$325,000
$383,250
44
Mar 2019
239
712
97%
$328,000
$387,013
36

Source Calgary Real Estate Board Provided by Ray Riley.com

 

REGIONAL MARKET FACTS

Airdrie

  • After the first two months of the year rising sales were met with gains in new listings.  However, the improvements in sales outpaced the new listings gain resulting in further inventory declines.  Months of supply have still eased over last year’s levels, but not enough to cause a significant change in price movements.
  • After the first two months of the year, the benchmark price has remained relatively stable compared to last year.

 

Cochrane

  • Trends in the town remain generally consistent with regional trends. Improving sales were met with some reductions in listings, inventory and the amount of oversupply in the market.
  • The market is showing signs of improvement, but prices continue to remain over two per cent lower than last year.

 

Okotoks

  • Improving sales in the town were strong enough to offset recent gains in new listings, causing further reductions in inventories and the months of supply.
  • The elevated levels of supply compared to sales continue to cause prices to trend down. However, at a benchmark price of $409,150 so far this year, prices are just above levels recorded over the first two months of 2019. 

 

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