Calgary Market Update February 2021

January sales signal strong start to 2021

City of Calgary, February 1, 2021

January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.

Sales activity improved across all product types and across all price ranges.

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

 
No. of New Sales
No. of New Listing
Sale Price to List Price Ratio
Median Price
Average Price
Avg. Days on Market
Jan-21
1206
2253
97%
$418,000
$471,228
57
Dec-20
1199
1173
97%
$404,000
$449,259
59
Nov-20
1440
1733
97%
$414,750
$455,596
55
Oct-20
1765
2471
97%
$420,000
$474,952
53
Sep-20
1718
2749
97%
$418,000
$466,549
54
Aug-20
1582
2599
97%
$415,150
$468,527
52
Jul-20
1833
3038
97%
$420,000
$466,155
53
Jun-20
1763
3347
97%
$410,000
$460,099
55
May-20
1077
2421
96%
$401,000
$439,470
60
Apr-20
570
1425
96%
$393,750
$423,506
55
Mar-20
1174
2420
97%
$410,000
$448,130
52
Feb-20
1190
2517
97%
$412,250
$446,690
56

Source Calgary Real Estate Board Provided by Ray Riley.com

“Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB® chief economist Ann-Marie Lurie.

“New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.”

January’s new listings were 2,246 relative to the 1,208 sales in the market, causing inventories to edge up over December levels. These types of movements are typical for January, but 2021 is starting the year with 4,035 units in inventory. This is far lower than the past six years.

Benchmark prices remained at levels relatively consistent with prices recorded at the end of 2020, but they reflect a year-over-year gain just below two per cent.

Average and median prices recorded higher year-over-year gains, likely due to larger gains in sales in the higher end of the market. Those segments do not have the same inventory constraints as  lower-priced product.

HOUSING MARKET FACTS

Detached

January sales activity improved across most prices ranges. However, limited inventories for homes priced below $500,000 ensured conditions in those segments remained firmly in sellers’ market territory. This likely prevented stronger sales improvements in this portion of the market.

However, with better supply options at the upper end of the market, sales activity improved.

The citywide months of supply was just over two months, a significant drop from last January where levels were nearly five months. The tighter conditions in this segment supported further gains in prices, which currently sit nearly three per cent above last year’s levels.

Year-over-year price gains range significantly throughout the districts of the city. The largest gains occurred in the North and South East districts. Prices remained relatively unchanged over the previous year in the City Centre and West districts.

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

 
No. of New Sales
No. of New Listing
Sale Price to List Price Ratio
Median Price
Average Price
Avg. Days on Market
Jan-21
728
1114
97%
$482,158
$558,912
53
Dec-20
715
600
97%
$458,500
$532,645
54
Nov-20
882
893
97%
$476,250
$536,590
51
Oct-20
1135
1327
97%
$478,500
$554,315
47
Sep-20
1050
1479
97%
$477,750
$546,429
50
Aug-20
989
1480
97%
$474,500
$549,815
46
Jul-20
1171
1665
97%
$480,000
$543,999
49
Jun-20
1106
1901
97%
$472,124
$538,569
51
May-20
675
1364
96%
$460,000
$513,289
54
Apr-20
339
784
96%
$450,000
$499,026
49
Mar-20
693
1348
97%
$470,000
$534,141
47
Feb-20
684
1346
97%
$465,000
$523,007
53

Source Calgary Real Estate Board Provided by Ray Riley.com

Semi-Detached

January sales activity rose over last year’s levels due to gains across most districts. The West end district continues to see slower activity than the previous year.

New listings improved from December levels. This is causing some monthly gains in inventories, but inventory remains well below levels seen last year and the months of supply remained below three months.

Price activity did vary depending on location. Year over year, prices remain over one per cent higher than last year’s levels thanks to strong gains in the North and South East districts. However, persistently high levels of inventory compared to sales contributed to the significant price decline occurring in the West district.

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

 
No. of New Sales
No. of New Listing
Sale Price to List Price Ratio
Median Price
Average Price
Avg. Days on Market
Jan-21
141
209
97%
$387,500
$477,497
59
Dec-20
127
118
97%
$370,000
$454,540
61
Nov-20
153
165
97%
$390,000
$468,346
61
Oct-20
174
236
97%
$373,938
$459,896
56
Sep-20
152
279
97%
$405,000
$477,593
54
Aug-20
142
241
97%
$416,750
$495,667
65
Jul-20
201
288
97%
$365,086
$438,631
61
Jun-20
185
300
97%
$365,000
$433,494
60
May-20
127
249
96%
$349,900
$426,824
71
Apr-20
60
167
96%
$354,950
$435,818
59
Mar-20
115
248
96%
$408,000
$466,904
64
Feb-20
139
254
96%
$360,965
$464,719
63

Source Calgary Real Estate Board Provided by Ray Riley.com

Row

Thanks to gains across nearly every district, sales activity improved compared to the previous year. Unlike the detached and semi-detached sectors, row new listings trended up relative to last month and levels recorded last year.

The rise did result in some monthly gains in inventory levels and caused the months of supply to rise to nearly five months. This is not entirely unusual activity for January. The months of supply remains well below last year’s levels at nearly seven months.

Citywide row pricing remained relatively stable compared to last year and last month. However, there was significant variation depending on location. Year-over-year price gains exceeded four per cent in the City Centre, West and East districts.  Meanwhile, prices eased by over three per cent in the North and South East districts.

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

 
No. of New Sales
No. of New Listing
Sale Price to List Price Ratio
Median Price
Average Price
Avg. Days on Market
Jan-21
150
373
97%
$290,000
$302,394
67
Dec-20
169
167
102%
$272,350
$315,402
67
Nov-20
191
262
97%
$287,500
$312,655
60
Oct-20
216
337
97%
$283,500
$316,214
64
Sep-20
256
399
97%
$290,000
$329,129
61
Aug-20
217
370
97%
$288,500
$307,542
60
Jul-20
201
429
96%
$290,000
$305,885
49
Jun-20
243
476
96%
$282,000
$305,710
58
May-20
144
360
96%
$273,000
$283,752
70
Apr-20
78
218
95%
$284,500
$301,417
67
Mar-20
153
353
96%
$295,000
$307,924
56
Feb-20
167
367
97%
$294,000
$331,278
58

Source Calgary Real Estate Board Provided by Ray Riley.com

Apartment Condominium

For the third month in a row, apartment condominium sales rose above levels recorded in the previous year. January levels are the best we have seen since 2014. While new listings have eased compared to last year, they recorded a significant jump over December levels, keeping inventories elevated relative to sales activity.

While prices remain well below previous highs, there were some districts that recorded year-over-year gains. The strongest gains occurred in the North East, East and South districts. However, prices continue to fall in the City Centre, West and South East districts.

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

 
No. of New Sales
No. of New Listing
Sale Price to List Price Ratio
Median Price
Average Price
Avg. Days on Market
Jan-21
187
552
96%
$220,000
$268,423
65
Dec-20
185
288
95%
$212,500
$245,449
73
Nov-20
211
409
95%
$215,000
$235,030
66
Oct-20
233
562
95%
$224,210
$241,970
67
Sep-20
242
586
95%
$229,000
$258,779
67
Aug-20
223
497
96%
$228,000
$251,339
62
Jul-20
263
650
95%
$238,600
$261,609
70
Jun-20
232
672
95%
$219,250
$264,352
73
May-20
135
449
94%
$213,000
$237,921
67
Apr-20
95
258
95%
$228,000
$245,013
64
Mar-20
218
476
96%
$230,000
$258,286
58
Feb-20
209
559
96%
$242,500
$272,642
62

Source Calgary Real Estate Board Provided by Ray Riley.com

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