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CREB® Statistics – Inventory rises, but sellers’ market conditions persist
The Calgary Real Estate Board (CREB®) has released their statistic report for May 2021. A couple of quick statistics to take away from the article:
- The unadjusted benchmark price in May reached $455,200. This is one per cent higher than last month and nearly 11 per cent higher than prices recorded last year.
- Year-to-date condominium sales totaled 1,659 units. This is the highest number of sales seen since 2014.
- Sales have been rising across all product types, but homes priced above $600,000 represent a larger-than-usual share of all sales.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
With 2,989 sales, housing market activity hit a new May record.
Despite strong levels of sales, they did trend down relative to last month. Additionally, there were 4,562 new listings, causing seasonally adjusted inventory levels to increase over last month.
“The recent gains in prices have encouraged more homeowners to list their homes and take advantage of the current market situation,” said CREB® chief economist Ann-Marie Lurie.
“However, the inventory gains are still not enough to offset the demand growth and the market continues to favour the seller. Prices are rising, but they are still recovering in our market from previous highs in 2014. Only detached and semi-detached home prices in certain districts and communities have recovered to the level of previous monthly highs.”
The months of supply did trend up slightly this month to just over two months, but it was not enough to halt the upward pressure on prices. The unadjusted benchmark price in May reached $455,200. This is one per cent higher than last month and nearly 11 per cent higher than prices recorded last year.
Sales have been rising across all product types, but homes priced above $600,000 represent a larger-than-usual share of all sales. The upper end of the market only reflected 16 per cent of city sales last May, compared with this year where it now reflects nearly 26 per cent of all sales.
HOUSING MARKET FACTS
Detached
Seasonally adjusted figures show detached home sales trending down slightly from last month, but levels remained the best recorded for May.
Due to relatively strong new listings, inventories are trending up relative to both the previous month and the previous year. This caused the months of supply to increase to 1.7 months and reflects some easing of the extremely tight market conditions seen over the past several months. However, the detached market continues to favour the seller and prices continue to rise.
Detached home prices rose across each district, with the largest year-over-year gains occurring in the North, North West and South East districts.
The gains in prices have been supporting price recovery for detached homes. As of May, only the City Centre and North East districts have seen prices remain below previous highs.
Semi-Detached
Year-to-date sales totalled 1,169 units, which is the strongest five-month total on record for this product type. Despite some adjustments in new listings, the sales-to-new-listings ratio rose to nearly 75 per cent.
Overall, the months of supply remained below two months for semi-detached housing, supporting further price gains on a monthly and year-over-year basis.
Benchmark prices have seen double-digit price gains compared to last year’s levels in all districts except the City Centre.
The highest gains have occurred in the South East, South and North districts. While the city total is showing a recovery in price based on monthly levels, there are several districts where prices continue to remain below their previous highs.
Row
Inventory levels trended up compared to last month and levels seen last year. This is due to further gains in new listings relative to sales and caused the months of supply to rise to 2.5 months.
However, conditions continue to favour the seller, which is causing further price gains this month. The unadjusted benchmark citywide price totalled $296,400. This is a one per cent increase over last month and nearly eight per cent higher than last year.
Prices continue to improve across most districts, but they remain well below previous highs. Depending on the location, prices remain anywhere from five to 20 per cent below previous highs.
Apartment Condominium
Year-to-date condominium sales totaled 1,659 units.
This is highest number of sales seen since 2014. Despite the improvements, seasonally adjusted sales did trend down relative to last month.
Recent price increases are likely supporting some of the strength in new listings. While levels have been trending down compared to a few months ago, they do remain elevated based on what we typically see in May. As the sales-to-new-listings ratio eased to 48 per cent, we saw inventories trend up this month, pushing the months of supply to over five months.
Slightly higher supply levels compared to sales did impact the pace of monthly gains in the benchmark price. However, May prices remain nearly five per cent higher than last year’s levels. Price movements also varied depending on location, but no district has seen prices recover to previous highs.
Currently, the citywide price remains nearly 16 per cent below 2014 levels.
REGIONAL MARKET FACTS
Airdrie
Sales activity in Airdrie continues to increase, trending up over last month and hitting a new May record high. Meanwhile, new listings have not kept pace and trended down from last month.
This has caused the sales-to-new-listings ratio to rise to 95 per cent this month, the highest level seen since the end of last year. This caused inventory levels to trend down to the lowest levels seen in May since 2014.
Unlike Calgary, there has been no lull in the Airdrie market and the months of supply fell to just over one month, causing further price gains.
After 11 consecutive months of increasing prices, the May benchmark price totalled $379,000, nearly 12 per cent higher than last year’s levels. While prices have not recovered across all product types, detached home prices have hit a new high at $425,100.
Cochrane
Sales this month are at record levels for the month, but they did trend down compared to last month. However, this could be related to the low levels of new listings in contrast to high market demand. The sales-to-new-listings ratio dropped when compared with last month, but at 82 per cent it did little to change the inventory situation in the market. There were only 180 units in inventory and the months of supply was 1.5 months. This is well below levels typically seen this time of year.
Persistent sellers’ market conditions are causing further price gains in the market. The unadjusted benchmark price rose to $451,700 in May. This is nearly three per cent higher than last month and over nine per cent higher than last year’s levels. This also reflects a full recovery in prices, fueled by the detached and semi-detached property types.
Okotoks
Year-to-date sales in Okotoks are at record levels. New listings have also been generally on the rise, but this has not been enough to push the market out of sellers’ market conditions, which continue to push prices upwards.
The unadjusted benchmark price rose to $483,400 in May. This is a significant gain over last month’s price and is nearly 14 per cent higher than last year’s levels.
With 12 consecutive months of prices increases month over month, prices in this market have recovered relative to previous highs.
However, this is primarily driven by the detached properties in the market.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
Just Listed – 39 Auburn Shores Crescent SE
Welcome to Auburn Bay!
Quick Details:
– Listed at $719,900
– 2714 Above Grade Square Feet
– 5 Bedrooms
– 3.5 Bathrooms
– Double Attached Garage
– Pie Lot
View the full listing details for 39 Auburn Shores Crescent SE.
Walk to the lake this summer! Built by Cardel Homes in the sought-after community of Auburn Bay, with 5 beds, 3.5 baths and almost 3,800 square feet of developed living space.
There is plenty of room to accommodate a large family and the ability to work from home in the private main floor office.
The chef’s kitchen has a large center island, tile backsplash, stainless steel appliances, and walk-through pantry into the mudroom. The dining room showcases coffered ceilings while the gas fireplace is the focal point of the living room. Enjoy peering out into the large pie-shaped yard through the large picture windows that line the rear of the home.
A private retreat awaits in the primary bedroom with a seating area, large walk-in closet and 5pc spa-like ensuite. The laundry room offers a smart use of space with storage cabinets and laundry sink. A bonus room with vaulted ceilings, three additional bedrooms and 4pc bathroom complete this floor.
Professionally completed by the builder, the basement is partially developed with a 5th bedroom and 4pc bath. Additional storage and rec room await your personal touch.
Enjoy summer evenings in the SW backyard with rear deck, pergola, storage shed and plenty of room to play. The oversized double garage has built-in storage to keep all of your gear organized.
Minutes to the lake entrance, this is truly one of the best locations in Auburn Bay!
View the full listing details for 39 Auburn Shores Crescent SE.
Contact today to book your private viewing!
Sarah Paranych, REALTOR®
Redline Real Estate Group
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
CREB® Statistics – Demand for homes remains high with record sales in April
The Calgary Real Estate Board (CREB®) has released their statistic report for April 2021. A couple of quick statistics to take away from the article:
- There were 3,209 sales in April, a new record high for the month.
- With 4,670 new listings coming onto the market in April, inventory levels trended up relative to last month and last year. With the elevated sales, the months of supply remains below two months.
- As of April, the benchmark price for a detached home rose to $529,100. This is nearly 11 per cent higher than last year and more than $30,000 higher than levels recorded at the start of 2021.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
There were 3,209 sales in April, a new record high for the month, as Calgary’s housing market continues to bounce back from the pandemic lows recorded in 2020.
“Despite entering the third wave of COVID-19, there is more optimism of economic recovery when the economy re-opens,” said CREB® chief economist Ann-Marie Lurie.
“However, the recent surge in home sales could be a result of potential buyers wanting to enter the market before any further changes occur in prices, interest rates and lending policy. This could erode some of their purchasing power.”
Recent price gains and tight market conditions have also encouraged many sellers to list their home this month. However, demand was strong enough to absorb the additional supply, ensuring the market continues to favour the seller.
With 4,670 new listings coming onto the market in April, inventory levels trended up relative to last month and last year. With the elevated sales, the months of supply remains below two months.
Persistently tight market conditions are causing significant upward pressure on prices. For the second consecutive month, the unadjusted benchmark price rose by more than two per cent compared with the previous month and more than nine per cent compared with last year’s levels.
While sales improved across most price ranges, product priced above $600,000 represented 25 per cent of the sales that occurred this month. This is a significant increase from last year when they only represented 12 per cent of sales. The shift in distribution is causing both the average and median prices to record double-digit year-over-year price gains.
HOUSING MARKET FACTS
Detached
Detached homes hit a new record high for the month with 2,046 sales in April.
Gains in new listings helped support stronger sales, but they did little to ease the persistent sellers’ market conditions. The months of supply remained well below two months in this segment, which is contributing to a steady climb in prices.
As of April, the benchmark price rose to $529,100. This is nearly 11 per cent higher than last year and more than $30,000 higher than levels recorded at the start of 2021. The recent gains were enough to push the benchmark price to a new high, reflecting full price recovery from 2014 levels.
Strong price gains occurred across most districts in the city thanks to persistently tight conditions. However, the pace of price adjustments did vary depending on location. The City Centre district has seen the slowest rebound and prices remain nearly seven per cent below previous highs.
Semi-Detached
Following several months of strong sales, year-to-date sales reached record highs in April with 888 sales.
This is the only property type to reach record highs based on year-to-date figures. Gains occurred across every district and price range. Like the other sectors, gains in new listings were not enough to move the market out of sellers’ conditions, as the months of supply remained below two months.
The tight market conditions supported price growth across all districts, with the strongest year-over-year gains occurring in the North, North West, and South East districts. In April, year-over-year price gains in these districts were above 12 per cent, which was enough to support new monthly record-high prices.
Row
After the first four months of the year, row sales totalled 1,217 units. This the best start to the year since 2007, and well above long-term averages.
New listings in this sector have also been on the rise, causing inventories to trend up. Supply has risen above levels recorded last April, but strong sales compared to inventory levels have caused the months of supply to remain just above two months. This is significantly lower than the longer-term average, which is closer to four months.
While these conditions have only persisted over the past three months, prices have been slower to climb. As of April, row benchmark prices climbed to $293,400. Prices have been trending up across all districts of the city, but they remain well below previous highs.
Apartment Condominium
Further improvements in April resulted in 1,280 year-to-date sales in this sector, which is the strongest sales seen over the past six years.
New listings also remained high compared to typical levels and inventories continued to rise. There was more inventory in the market, but the improvement in sales did cause further reductions in the months of supply.
In April, the months of supply was just over four months. This is fairly consistent with longer-term trends and reflects the most balanced conditions seen for some time. With less oversupply in the market, prices have been trending up and in April the benchmark price was $251,900. This is more than three per cent higher than last year.
Price improvements did vary by location and it will take some time for prices to recover to previous highs.
For example, there was a two per cent year-over-year increase in the City Centre, where most of the condo sales occur, but prices remain nearly 17 per cent lower than previous highs.
REGIONAL MARKET FACTS
Airdrie
Sales activity remained strong in April, as purchasers took advantage of the gains in new listings this month. The recent rise in new listings has caused inventories to increase relative to the past several months, but it did little to ease the sellers’ market conditions that have existed since last year.
Persistent sellers’ market conditions placed upward pressure on prices, which as of April sit nearly 10 per cent higher than last year.
Prices started improving last year, but over the past several months the months of supply have been just over one month, contributing to the faster pace of price growth this month.
As of April, the benchmark price was $365,100. This is only slightly lower than record highs, due to lower price figures from the apartment and row sectors. Both the detached and semi-detached sectors have seen prices fully recover to previous highs.
Cochrane
April sales rose again compared with last month’s record highs.
New listings also remained elevated, but it was not enough to meet the demand, as the 178 sales outpaced the 161 new listings. Inventory fell to 172 units, which is the lowest April level recorded since 2007.
The months of supply dropped below one month in April, which is causing steep price gains. The unadjusted benchmark price in April hit a new record high at $439,300. This is nearly four per cent higher than last month and eight per cent higher than last year’s levels.
Okotoks
Improvements in new listings this month were nearly matched by sales activity, keeping inventory low.
In April there were 108 units in inventory, which is over 50 per cent lower than typical levels for this month. The low inventory levels and strong sales caused the months of supply to fall to one month.
Like other areas, Okotoks is experiencing strong price growth. In April, the unadjusted benchmark price reached a new record high at $463,000. This is nearly three per cent higher than last month and over 11 per cent higher than prices recorded last year.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
Just Listed – 20 Aspen Hills Green SW
Welcome to Aspen Woods!
Quick Details:
– Listed at $399,999
– 1106 Above Grade Square Feet
– 2 Bedrooms
– 2.5 Bathrooms
– Double Attached Garage
View the full listing details for 20 Aspen Hills Green SW.
Seeking more space with a sunny South facing patio, only 45 minutes from the Rocky Mountains? The Mosaics are the go-to location if you are looking to get into a bit more space in Aspen Woods but maybe aren’t quite ready for the work of owning a detached home.
Soaring 14-foot ceilings welcome you into this picturesque 2 bedroom, 2.5 bathroom home – complete with double attached garage. Gleaming hardwood floors and designer wallpaper in the living room make a statement. That statement, look how pretty I am!
The open to below concept from the dining room and kitchen adds to the grandeur and airiness of this stunning townhome. Upgraded stainless steel appliances including gas range, extra storage, ungraded lighting and quartz countertops set this home apart from others. Built in the last phases of the development, this dual master suite layout (both with en-suites and walk-in closets) offers convenient upper laundry and upgraded finishes that the other phases do not. There is also extra storage below in the unfinished partial basement.
Steps to transit and shopping, you can keep the car in the garage and breathe the crisp West air. Whether you like to sip lattes at Lady Bug, twirl pasta at Allora, or cheers with a Blonde at OJs – you are in the midst of it all; and can be out of the city within 5 minutes.
Schedule a time to experience this home today, oohs and ahhhs will be provided upon entry!
View the full listing details for 20 Aspen Hills Green SW.
Contact today to book your private viewing!
Sarah Paranych, REALTOR®
Redline Real Estate Group
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
CREB® Statistics – Calgary housing market sees best March sales in over a decade
The Calgary Real Estate Board (CREB®) has released their statistic report for March 2021. A couple of quick statistics to take away from the article:
- At 2,903 sales, this was the highest March total since 2007.
- The benchmark price trended up over last month to $441,900, over six per cent higher than last year’s levels. The price gains have moved the market closer to recovery, but prices remain over five per cent lower than 2014 highs.
- In apartment condominiums, sales have been far better than levels seen over the past six years and the months of supply did trend down to the lowest March levels since 2014.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
Persistent sellers’ market conditions contribute to price gains
The initial impact of COVID-19 on the housing market began last March.
One year later, it is not a surprise that March sales in 2021 were higher than in 2020. However, at 2,903 sales, this was the highest March total since 2007.
“Low lending rates and improved savings have supported sales activity,” said CREB® chief economist Ann-Marie Lurie.
“However, sales have been somewhat restricted by the lack of listings. This month there was a jump in new listings, contributing to the strong monthly sales.”
Inventory levels pushed above 5,400 units, but citywide months of supply fell below two months. This reflects the lowest months of supply for March since 2014 and these tight conditions have contributed to price gains.
In March, the benchmark price trended up over last month to $441,900, over six per cent higher than last year’s levels. The price gains have moved the market closer to recovery, but prices remain over five per cent lower than 2014 highs.
“Improving prices will likely support further gains in new listings, as sellers try to capitalize on the recent shift toward rising prices,” said Lurie.
“Eventually, this will help support more balanced conditions, but it could take time before we see this shift in the market.”
HOUSING MARKET FACTS
Detached
Like last month, detached sales activity improved across most price ranges and all districts in the city. While new listings did improve, inventory levels remained relatively low at 2,409 units, causing the months of supply to drop to just over one month.
The citywide detached benchmark price rose by nearly eight per cent compared to last year. Year-over-year gains ranged from a low of nearly three per cent in the City Centre to a high of nearly 11 per cent in the North and South East districts.
Prices in most districts remain below previous monthly highs, but recent gains in both the North and South East have supported full price recovery in those areas.
Product priced under $400,000 recorded the lowest sales growth, as limited inventory weighed on that segment of the market. However, rising sales and easing inventory resulted in tighter market conditions across all price ranges. This is likely supporting price gains, not only in the mid and lower price ranges, but also the upper price ranges in the market.
Semi-Detached
Steady gains in sales caused first quarter sales totals to reach nearly record highs for this property type. Improving new listings were not enough to offset the sales and the months of supply fell below two months for the first time since 2014. Low supply levels relative to sales contributed to further gains in prices, which, as of March, were nearly six per cent higher than last year’s levels.
Benchmark prices trended up across all districts and prices remained higher than last year’s levels across most districts. The largest year-over-year price gains occurred in the North district, with an increase of nearly 10 per cent.
Row
Echoing the results of other property types, sales activity for row properties has risen far above long-term averages. However, it is the first time since 2014 that the months of supply has fallen below three months. The row-property market has taken longer to see tighter conditions, but the recent tightening is starting to have a more significant impact on price.
As of March, row benchmark prices rose to $288,800, nearly three per cent higher than last year. However, activity was not consistent across all districts. The largest price gains occurred in the City Centre and West districts. Despite recent gains, prices remain well below previous highs.
Apartment Condominium
For the third month in a row, sales activity was stronger than the previous year. New listings also rose and is causing some inventory gains. Despite the inventory gains, sales have been far better than levels seen over the past six years and the months of supply did trend down to the lowest March levels since 2014.
Tightening conditions did support some year-over-year price gains in this segment. After experiencing falling prices for the better part of five years, this change is a welcome shift for most sellers. However, prices remain nearly 17 per cent below the 2014 highs.
REGIONAL MARKET FACTS
Airdrie
Strong sales activity continued into March. New listings also rose, but it was not enough to cause any significant shift in inventory and the months of supply fell to just over one month.
The low levels of supply relative to demand have been persistent in this market since the second half of 2020, causing steady gains in prices. As of March, the benchmark price was $355,800, an increase from last month and nearly eight per cent higher than last year’s levels.
Cochrane
Cochrane reached a record high level of sales and new listings in March. The increase in new listings likely contributed to some of the sales gains and was high enough to support some monthly gains in inventory. However, inventories remained low relative to what we traditionally see at this time of year and the months of supply dropped to levels not seen since 2006.
Persistent sellers’ market conditions supported further price gains in March, as the benchmark price rose to $423,800, nearly five per cent higher than last year’s levels.
Okotoks
New listings in this market continue to trend up from the lower levels recorded at the end of last year. However, the gains this month were accompanied by strong sales growth, pushing the sales-to-new-listings ratio back over 90 per cent.
Inventories remain exceptionally low for March and the months of supply eased to just over one month. These exceptionally tight conditions have supported further price gains this month. The benchmark price trended up over last month and currently sits over seven per cent higher than March 2020 figures.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
Just Listed – 64 Douglas Woods Dr. SE
Welcome to Douglasdale!
Quick Details:
– Listed at $485,000
– 1606 Above Grade Square Feet
– 4 Bedrooms
– 2.5 Bathrooms
– Double Attached Garage
– Backyard Paradise!
View the full listing details for 64 Douglas Woods Drive SE.
This great family home is located only minutes to the Bow River pathway system. Upon entering your new home, you are welcomed into a large and inviting living space with vaulted ceilings.
The kitchen features granite countertops with plenty of workspace looking down into your family living room with a corner fireplace.
There are two entrances out to your large, private backyard, which is built for enjoying the outdoors! Exterior of home has been upgraded with Hardie Board siding. There is a two-tiered deck, one portion covered, a built-in BBQ area, a large gazebo, shed, and still heaps of space to enjoy the sunshine.
Upstairs, you’ll find a large primary bedroom with an en-suite bathroom. Two more bedrooms and a 4-piece bathroom round off the upper floor.
The basement is finished with a rec room, flex room, and a 4th bedroom. The attached double garage is oversized with over 22’ length to fit a large truck.
All amenities close by with a gas station, restaurants, pharmacy, and a golf course only steps away!
View the full listing details for 64 Douglas Woods Drive SE.
Contact today to book your private viewing!
Sarah Paranych, REALTOR®
Redline Real Estate Group
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
Just Listed – 1406, 280 Williamstown Close NW, Airdrie
Welcome to Williamstown in Airdrie!
Quick Details:
– Listed at $249,900
– 1323 Above Grade Square Feet
– 2 Bedrooms
– 2.5 Bathrooms
– Tandem Double Attached Garage
View the full listing details for 1406, 280 Williamstown Close.
Designed for entertaining and gathering with family, this floor plan is sure to check all of the boxes! This well appointed home offers 2 bedrooms, 2.5 baths and a huge tandem garage.
With the 9’ ceilings, tons of natural light is able to flow through this open concept main level. Durable laminate floors span from the cozy living room, with modern electric fireplace, through to the rear dining room and patio doors.
The heart of the home is found in the spacious kitchen, offering a large centre island with quartz counters, tile backsplash, stainless appliances, under mount sink and ample cabinet space. Gather in the dining room, which is large enough for a farmhouse style table and your closest friends or family.
Through the patio doors, you will find a large sunny balcony with natural gas bbq hookup. On the top level, you will find the owners retreat with walk-in closet and ensuite bath, featuring dual sinks and large stand-up glass shower.
The second bedroom is also quite large, privately located down the hall, separated by the main 4 piece bath. Enjoy the perks upper floor laundry with the stackable washer and dryer just steps from both bedrooms.
Two separate entrances allow access from both the front door off the courtyard or through the back entrance where the garage door is located. The tandem garage allows parking for 2 vehicles inside, as well as a third on the driveway.
Amazing location, walking distance to schools, pathways and playgrounds.
View the full listing details for 1406, 280 Williamstown Close.
Contact today to book your private viewing!
Sarah Paranych, REALTOR®
Redline Real Estate Group
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
CREB® Statistics – Sellers’ market in February leads to rising prices
The Calgary Real Estate Board (CREB®) has released their statistic report for February 2021. A couple of quick statistics to take away from the article:
- The market has faced relatively low inventory levels compared to sales for the past several months and prices continue to trend up. In February, the residential benchmark price rose over the previous month and currently sits four per cent above last years’ levels.
- Semi-detached sales in February recorded significant gains, pushing sales activity to the highest February levels seen in nearly 13 years.
- Driven by product priced mostly under $300,000, apartment condominium sales improved to best February levels recorded over the past six years.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
With gains in every price range, residential sales activity in February totalled 1,836.
This reflects the best February since 2014.
“Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates,” said CREB® chief economist Ann-Marie Lurie.
“Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices.”
New listings also improved in February, but the gap between new listings and sales narrowed. This is causing the sales-to-new-listings ratio to rise to 65 per cent, keeping the months of supply well below three months.
Conditions are far tighter in the detached sector of the market, especially for product priced below $600,000, where strong sellers’ market conditions are present with less than two months of supply.
The market has faced relatively low inventory levels compared to sales for the past several months and prices continue to trend up. In February, the residential benchmark price rose over the previous month and currently sits four per cent above last years’ levels.
Detached product has the lowest months of supply and is also exhibiting the most significant gains in prices. On the opposite end of the spectrum, the apartment condominium segment still has a relatively high level of inventory compared to sales, which is impacting price recovery for this property type.
HOUSING MARKET FACTS
Detached
Detached sales improved across every price range this month, but the lack of choice in the lower price ranges likely placed limits on the gains in sales.
New listings did rise, but it was not enough to prevent further tightening in the market, as the sales-to-new-listings ratio rose to 71 per cent and the months of supply fell to under two months. This is the lowest months of supply recorded in February since 2007.
Tighter market conditions occurred across all price ranges, but properties priced below $600,000 saw the months of supply fall to just above one month. These conditions are supporting significant price gains in the detached sector, which recorded a February benchmark price of $502,500. This is nearly two per cent higher than last month and five per cent higher than last year. It is also the first time since 2018 detached prices have risen above $500,000, and currently sits under five per cent below previous highs recorded in 2014.
Prices increased compared to last month and last year in every district of the city. However, the magnitude of those increases varied, with the largest year-over-year gains occurring in the South East district at nine per cent, and the lowest gains occurring in the City Centre at under two per cent.
Semi-Detached
Semi-detached sales in February recorded significant gains, pushing sales activity to the highest February levels seen in nearly 13 years. However, like the detached sector, the improvements in new listings were not enough to offset sales, ensuring this sector continues to favour the seller.
With lower levels of supply relative to sales, benchmark prices improved over both last year and last month. However, this was not consistent across all districts. The West district continues to see prices that remain over two per cent lower than last year’s levels. The strongest year-over-year price gains were reported in the South East and North districts.
Row
Despite a significant increase in new listings, improving sales offset the gains and the months of supply fell to three months.
Conditions for row properties are not as tight as what we have seen in both the detached and semi-detached sectors. However, they do reflect an improvement relative to the oversupplied conditions recorded last year. However, when considering activity by price range, pockets of oversupply persist in this market.
Citywide reductions in inventory relative to sales supported some price improvements in this segment. The benchmark price trended up from last month and currently sits just over one per cent higher than last year’s levels. Year-over-year gains did not occur across all districts, as prices remain lower than last year’s levels in the North, North West, South and South East districts.
Apartment Condominium
Driven by product priced mostly under $300,000, apartment condominium sales improved to best February levels recorded over the past six years.
However, the gain in sales was not enough to cause any significant changes in inventory levels. February inventory remained elevated compared to levels we typically see at this time of year.
While the months of supply has trended down in this sector, it remains above five months. This is preventing the same type of price recovery seen in other sectors. On a year-to-date basis, the benchmark price remains similar to levels recorded last year.
REGIONAL MARKET FACTS
Airdrie
February sales reached new record highs for the month.
The largest gain in sales occurred in the $400,000 – $500,000 price range. New listings also increased, but the sales-to-new listings ratio remained elevated at 71 per cent and the months of supply dropped to under two months in February. This is the tightest level seen since 2014.
Persistent sellers’ market conditions have resulted in further price gains in the market. The benchmark price has trended up for the past eight months and, as of February, it is over seven per cent higher than last year’s levels. Most of the price growth has been driven by the detached sector.
Cochrane
Cochrane sales more than doubled compared to last February. This represents the strongest February ever recorded for the town.
New listings also rose for the month, but it was not enough to cause any substantial change in inventory levels and the months of supply fell to below two months. This is the lowest months of supply for February seen since the record low in 2006.
Tight conditions supported price growth in February, as the benchmark price rose to $413,700, a four per cent increase from last year’s levels.
Okotoks
New listings have been trending up from the lows seen at the end of 2020, helping to support a significant improvement in sales in February. February sales reach levels not seen for the month since the record high in 2007.
Inventory levels remain exceptionally low relative to sales and the months of supply dropped below two months. Like other towns around Calgary, the sellers’ market conditions caused prices to trend up. In February, the benchmark price reached $442,600, nearly five per cent higher than levels recorded last year.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
CREB® Statistics – January sales signal strong start to 2021
The Calgary Real Estate Board (CREB®) has released their statistic report for January 2021. A couple of quick statistics to take away from the article:
- 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.
- The citywide months of supply was just over two months, a significant drop from last January where levels were nearly five months.
- Sales activity improved across all product types and across all price ranges. However, limited inventories for homes priced below $500,000 ensured conditions in those segments remained firmly in sellers’ market territory.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
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.
“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.
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.
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.
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.
REGIONAL MARKET FACTS
Airdrie
Sales activity stayed strong in January. With 103 sales, this was the best January since 2007. New listings improved compared to last month, resulting in some monthly gains in inventory levels. However, the months of supply has remained relatively tight.
With conditions continuing to favour the seller, benchmark prices trended up relative to last month. At $349,100, benchmark prices are over five per cent higher than levels recorded last January. The strongest year-over-year price gains occurred in the detached and semi-detached sectors.
Cochrane
Cochrane sales improved from last January’s levels, but we also saw a notable rise in new listings. This caused the sales-to-new-listings ratio to ease to 63 per cent.
This is a significant improvement over last month, which saw sales levels exceed the level of new listings in the market. Overall, conditions remain relatively tight, with the months of supply staying below three months.
Benchmark prices recorded year-over-year gains across all property types. Overall, benchmark prices remained over four per cent higher than last January’s levels.
Okotoks
After several months of relatively weak new listings, January saw some pickup in new listings relative to the last quarter of 2020.
Sales remained relatively consistent with last year’s levels, causing the months of supply to trend up to three months. This is higher than the extremely tight levels seen at the end of 2020, but it is still significantly lower than the six-plus months recorded in January of last year.
Benchmark prices remained stable compared to last month, but they are over three per cent higher than last January. The gains were driven by the detached sector, as prices continue to ease in the semi-detached, row and apartment sectors.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
CREB® Statistics – Amidst economic challenges, housing market ends 2020 on a high note
The Calgary Real Estate Board (CREB®) has released their statistic report for December 2020. A couple of quick statistics to take away from the article:
- With December sales of 1,199, this is the highest December total since 2007.
- Supply adjustments is causing sellers’ market conditions for detached homes across all districts except the West and City Centre.
- New listings in December increased by 11 per cent. However, the number of sales exceeded the number of new listings in December contributing to further declines in inventory.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
With December sales of 1,199, this is the highest December total since 2007.
“Housing demand over the second-half of 2020 was far stronger than anticipated and nearly offset the initial impact caused by the shutdowns in spring. Even with the further restrictions imposed in December, it did not have the same negative impact on housing activity like we saw in the earlier part of the year,” said CREB® chief economist Ann-Marie Lurie.
Attractive interest rates along with prices that remain lower than several years ago have likely supported some of the recovery in the second half of the year. However, it is important to note that annual sales activity declined by one per cent compared to last year and remain well below long-term averages.
New listings in December increased by 11 per cent. However, the number of sales exceeded the number of new listings in December contributing to further declines in inventory.
Reductions in supply and improving demand in the second half of the year have contributed to some of the recent price improvements in the market. However, the recent gain in the benchmark price was not enough to offset earlier pullbacks as the annual residential benchmark price in Calgary declined by one per cent over last year.
The pandemic has resulted in a significant shift in economic conditions, yet the housing market is entering 2021 in far more balanced conditions than we have seen in over five years. This will help provide some cushion for the market moving into 2021, but conditions will continue to vary depending on price range, location, and product type.
More information about the 2021 housing market forecast for Calgary will be available at the CREB® Forecast on Tuesday, January 26, 2021.
HOUSING MARKET FACTS
Detached
Stronger sales in the second half of the year were enough to offset earlier pullbacks as detached sales totalled 9,950, just slightly higher than last years’ levels. Despite the modest gain, detached sales activity remains at the lower levels recorded since the stress test was introduced in 2018.
Supply adjustments is causing sellers’ market conditions for detached homes across all districts except the West and City Centre. This has helped support some price recovery in the market over the past several months.
Annual city-wide price remains relatively flat compared to last year, but there were notable annual gains in both the South and South East districts which both recorded price gains of nearly two per cent. Despite some of the annual shifts seen, prices remain well below previous highs in all districts of the city.
Semi-Detached
Sales growth in the North East, North, West and South East district were offset by declines in the City Centre, North West, South and East districts. Sales this year of 1,663 were similar to levels recorded last year.
While sales did not improve across each district, there were reductions in supply across all districts and is helping to reduce the months of supply.
These reductions are starting to impact prices, but it was not enough to offset earlier pullbacks. City wide semi-detached prices eased by over one per cent in 2020, with the largest declines occurring in the City Centre, North West and West areas.
Row
Slower sales in the west district were not enough to offset the gains recorded in the rest of the city. Row sales totalled 2,145 in 2020, nearly two per cent higher than last years’ levels. Despite the gains, levels continue to remain below long-term averages for the city.
Rising sales were generally met with a reduction in supply. This is causing the months of supply to trend down, especially over the second half of the year.
The decline in the months of supply was enough to help support some stability in prices. However, the adjustment did not occur soon enough and annual prices eased by nearly two per cent compared to the previous year and remain nearly 14 per cent below previous highs.
Price adjustments did vary depending on location. The steepest decline occurred in the North East with a year-over-year decline of five per cent. The strongest gain occurred in the West district with a two per cent rise.
Apartment Condominium
Sales this month were the best December since 2014. However, it was not enough to offset earlier pullbacks as apartment condominium sales eased by ten per cent in 2020. This is the slowest year for apartment condo sales since 2001 and the only property type to record a significant annual decline in sales.
Unlike other property types, supply levels have not adjusted in the same way and this segment remains oversupplied. Prices have trended down over the past two months due to excess supply. On an annual basis, the benchmark price declined by over two per cent this year and is over 16 per cent below the highs set in 2015.
REGIONAL MARKET FACTS
Airdrie
December sales reached a new record high for the month. Improving sales throughout the second half of the year contributed to the annual sales of 1,407, a year-over-year gain of 18 per cent.
New listings also rose in December and is likely contributing to some of the monthly gains in sales. Overall, new listings have remained well below last year. Along with improving sales, this is causing inventories to decline.
Months of supply has remained below three months since June and prices have trended up. By December, the benchmark price had risen by nearly five per cent compared to last year.
On an annual basis, the gains in price were enough to offset the earlier pullbacks and is creating stability in prices. However, this was not the case for all product types. Detached prices rose by nearly two per cent on an annual basis. Benchmark prices for row and apartment style product eased by a respective seven and one per cent compared to last year.
Cochrane
Record sales in December contributed to the annual gain of 16 per cent, making it the best year of sales compared to the past five years. New listings in 2020 also eased compared to last year. Rising sales and less new listings on the market caused inventories to ease to the lowest levels recorded since 2014.
With months of supply of only two months, prices continued to trend up. December benchmark price was $419,900 and is a 5 per cent gain over last year. Prices have trended up over that past six months but remain relatively stable compared to last year. This is due to easing prices for higher density products offsetting gains in the detached sector.
Okotoks
Despite further declines in new listings, December sales improved. Year-to-date sales increased by nearly eight per cent. The lack of new listings and stronger sales caused inventories to drop to 63 homes in December, the lowest level for any month seen since 2006.
The lack of inventory and high demand has supported increasing prices for the second half of the year. As of December, the benchmark price was $434,700, nearly two per cent above last years’ levels. Despite the recent gains, 2020 benchmark prices remain over one per cent below last years’ levels.
However, this could be due to steeper price declines for semi, row and apartment style product.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
