The Calgary Real Estate Board (CREB®) has released their statistic report for January 2019.  A couple of quick statistics to take away from the article:

• January sales totalled 804 units, 16 per cent below last year and 21 per cent below long-term averages for the month.
• Citywide residential benchmark prices eased to $414,800 in January. This is nearly one per cent lower than December figures and four per cent below January 2018 levels.
• Declines did not occur across all districts, as sales activity improved in both the North West and North East districts.

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.

As economic challenges linger into 2019, housing markets remain on a sluggish pace.

January sales totalled 804 units, 16 per cent below last year and 21 per cent below long-term averages for the month.

“The slow start to the year does not come as a surprise, as concerns about job losses and the state of the energy sector weigh on consumers. We anticipate that the slow market conditions will persist throughout much of the first quarter,” said CREB^® chief economist Ann-Marie Lurie.

The number of new listings entering the market remained comparable to last year, but those levels far surpassed sales activity. This is resulted in further gains in inventory levels. Elevated inventories relative to sales caused months of supply to rise to nearly seven months.

Persistent buyers’ market conditions have continued to impact prices. Citywide residential benchmark prices eased to $414,800 in January. This is nearly one per cent lower than December figures and four per cent below January 2018 levels.

HOUSING MARKET FACTS

Detached

• Detached sales eased by 17 per cent compared to last year. However, declines did not occur across all districts, as sales activity improved in both the North West and North East districts. The most significant sales declines occurred in the North and West districts of the city.
• New listing rose across all districts except the North East, North and South East districts. Only the North East district recorded easing months of supply compared to last year.
• Detached benchmark prices totalled $476,500, a one per cent decline compared to December and over four per cent lower than last January.
• Prices eased across all districts. The largest year-over-year declines occurred in the South, North West and City Centre districts.

Apartment

• Apartment sales totalled 126 units in January. This is 13 per cent below last year and over 20 per cent below long-term averages for the month.
• Slower sales and lower new listings helped inventory levels ease. Currently, there are 1,173 units in inventory, which is nine per cent lower than January 2018 levels.
• Despite some adjustments in inventory, months of supply remained elevated at nine months, impacting prices. While prices remained relatively flat compared to last month, they declined by two per cent compared to levels from last January.
• Prices remain well below previous highs, but there were some price improvements compared to last year in both the North East and South East districts.

Attached

• Sales declined for both row and semi-detached product types. New listings rose, causing inventories to rise for both product types.
• With the attached sector firmly reflecting buyers’ market conditions, prices eased by over four per cent for a January benchmark price of $313,700.
• Semi-detached prices eased by nearly five per cent compared to last year for a total of $393,100. The steepest declines occurred in the City Centre and South districts, with adjustments of over six per cent.
• Row prices declined by four per cent compared to last year for a total of $284,300. All districts recorded price declines, but the most notable decline occurred in the City Centre, where prices were nearly eight per cent lower than last year.

REGIONAL MARKET FACTS

Airdrie

• January 2019 sales in Airdrie totalled 65 units. This is just below levels recorded last year, but comparable to the average activity occurring over the past ten years.
• Despite easing new listings compared to last January, inventory levels increased to 422 units. Higher inventories given the sales activity caused months of supply to remain elevated at 6.5 month. Persistently high levels of supply relative to demand continue to weigh on prices.
• Detached prices totalled $354,300 in January – 0.5 per cent below last month’s price and nearly five per cent lower than January 2018.

Cochrane

• Due to a pullback in Row sales, January sales activity slowed compared to last year and longer-term trends. At the same time new listings eased causing inventory gains and the months of supply to rise to nearly 14 months.
• The oversupply in the market has caused prices to trend down compared to the previous month. However, on a year-over-year basis the detached benchmark price of $408,600 was relatively stable comparable to January 2018 price levels.

Okotoks

• Sales activity in January declined over last year. While the new listings in the market also declined compared to last year, there were still far more new listings then sales activity causing inventories to rise and months of supply to remain above 10 months.
• Persistent oversupply has continued to weigh on benchmark prices with the third consecutive month-over-month decline. Detached home prices totalled $416,900 in January. This is one per cent lower than last month and three per cent lower than the same time 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

sarah.livelovecalgary.com
sparanych@outlook.com
403-703-1052

Source: CREB®

The Calgary Real Estate Board (CREB®) has released their statistic report for December 2018.  A couple of quick statistics to take away from the article:

• December sales totalled 794 units, a 21 per cent decline over the previous year.
• Inventory levels in December sat at 4,904 units. This is well above levels recorded last year and 30 per cent above typical levels for the month.
• Apartment sales totalled 2,663 units in 2018. While the decline is less than other product types, levels are 22 per cent below long-term averages.

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.

As oversupply continues in Calgary’s housing market, December prices eased by one per cent compared to last month and are over three per cent below last December. 

“Persistent weakness in the job market and changes in the lending market impacted sales activity in the resale market this year,” said CREB^® chief economist Ann-Marie Lurie.

“This contributed to elevated supply in the resale market, resulting in price declines.”

December sales totalled 794 units, a 21 per cent decline over the previous year. Overall year-to-date sales in the city totalled 16,144 units. This is a 14 per cent decline over 2017 and nearly 20 per cent below long-term averages.

Inventory levels in December sat at 4,904 units. This is well above levels recorded last year and 30 per cent above typical levels for the month. Elevated resale inventories in 2018 were caused by gains in the detached and attached sectors.

Throughout 2018, the months of supply remained elevated and averaged 5.2 months. This contributed to the annual average benchmark price decline of 1.5 per cent. Price declines occurred across all product types and have caused citywide figures to remain over nine per cent below the monthly highs recorded in 2014.

“Both buyers and sellers faced adjustments in expectations this year. Sellers had to compete with more choice in the resale market, but also the new-home market,” said CREB^® president Tom Westcott.

“With less people looking for a home, it became a choice between delaying when to sell or adjusting the sale price. However, buyers looking for more affordable product did not find the same price adjustments that existed in some of the higher price ranges.”

More information on the 2018 housing market will be released at CREB^®’s 2019 Forecast Conference & Tradeshow (www.crebforecast.com) on Jan. 30, 2019.

HOUSING MARKET FACTS

Detached

• Detached sales declined across all districts in 2018. With citywide sales of 9,945 units, activity remains 21 per cent below typical levels for the year.
• Detached inventories were higher than last year’s levels for each month of the year, including December. Slow sales caused the market to be oversupplied through most of 2018.
• Detached benchmark prices totalled $481,400 in December, a one per cent decline over last month and a three per cent decline over last year. Overall, 2018 prices declined by 1.5 per cent compared to last year.
• Prices have eased across most districts in 2018. The largest declines this year have occurred in the North East, North West and North districts.

Apartment

• Apartment sales totalled 2,663 units in 2018. While the decline is less than other product types, levels are 22 per cent below long-term averages.
• The apartment condominium sector has struggled with oversupply for almost three years and 2018 was no exception.
• However, supply has been easing, as inventories this year averaged 1,584 units, one per cent below last year’s levels.
• Despite slowing supply growth, the market remained oversupplied, causing further price declines. In December, benchmark prices were $251,500, over two per cent below last year. Annually, prices have declined by nearly three per cent for a total decline of 14 per cent since 2014.
• Price declines this year have ranged from a high of nearly six per cent in the East district to a low of two per cent in both the City Centre and North West districts.

Attached

• Declines for both row and semi-detached product resulted in 2018 attached sales of 3,536 units, a 15 per cent decline over the previous year and 14 per cent below long-term averages.
• Slower sales activity prompted some pull-back in new listings, but this was limited to the row sector. Row new listings declined by four per cent and semi-detached new listings rose by nearly 15 per cent in 2018.
• Despite some adjustments to new listings, inventory levels remained elevated, keeping the market in buyers’ market territory and putting downward pressure on prices.
• In December, the semi-detached benchmark price totalled $397,500. This is a monthly and year-over-year decline of 0.8 and 3.8 per cent, respectively. Recent price declines have caused this sector to erase any of the gains that occurred last year, as 2018 prices remain just below 2017 levels. Overall, annual prices remain 1.4 per cent below 2014 peak levels.
• Row prices have also been edging down. As of December, row prices were $288,400, a 1.5 per cent decline from last month and nearly four per cent below last year’s levels. Overall, 2018 prices remain two per cent below last year’s levels and nearly 10 per cent below previous highs.

REGIONAL MARKET FACTS

Airdrie

• In 2018, the Airdrie housing market was distinctly marked by oversupply and signs of buyers’ market conditions. Compared to last year, inventory levels and months of supply have been significantly higher, combined with lower levels of sales. This has led to downward pressures on the benchmark price for detached homes.
• Annual residential sales exhibited a year-over-year decline of 14 per cent and were almost 19 per cent lower than activity over the past 5 years. This consistent decline was observed across all product types.
• Supply in 2018 was at record-high levels, with new listings achieving a new year-to-date peak for most of the year. Inventories have also been continuously increasing throughout this year and are 12 per cent higher than in 2017. Months of supply have increased steadily and averaged 5.6 months in 2018.
• Persistent oversupply has resulted in a decline in Airdrie prices.  In 2018 detached benchmark prices averaged $369,042, over two percent below last year

Cochrane

• Declining by 64 units, 2018 sales in Cochrane were lower than the previous year. However, an annual count of 599 sales remains comparable to activity over the past three years.
• In 2018 there were 1,288 new listings, the highest on record.  Elevated new listings and easing sales resulted in rising inventories and months of supply that averaged nearly 7 months.
• Elevated supply has caused detached prices to trend down over the second half of the year, however, it was not enough to offset earlier gains.  In 2018, detached benchmark prices have remained comparable to last year.

Okotoks

• 2018 residential sales in Okotoks were 463 units, a decline over last year and comparable to 2010 activity.
• Gains in new listings combined with slower sales resulted in rising inventory and excess supply in this market.
• Despite increased supply and weak sales, detached home prices in Okotoks showed modest increases in 2018. The average detached benchmark price totalled $434,875, which is one per cent higher than 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

sarah.livelovecalgary.com
sparanych@outlook.com
403-703-1052

Source: CREB®

The Calgary Real Estate Board (CREB®) has released their statistic report for October 2018.  A couple of quick statistics to take away from the article:

• Citywide benchmark prices totaled $426,300 in October, trending down for the fifth consecutive month and resulting in a year-over-year decline of 2.9 per cent.
• Inventories and sales totaled 7,345 and 1,322 in October. This has resulted in months of supply of 5.6, above levels typical for this month.
• Detached sales in October totaled 829 units, for an 8.6-per-cent decline, resulting in a year-to-date decline of 15 per cent. This is the slowest level of detached sales since the late ’90s.

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.

Elevated inventory levels compared to sales, are causing prices to ease further in Calgary’s housing market.

Citywide benchmark prices totaled $426,300 in October, trending down for the fifth consecutive month and resulting in a year-over-year decline of 2.9 per cent.

“Job growth in this city remains a concern, as unemployment levels remain well above levels expected for this year. Rising costs of ownership also continue to weigh on housing demand,” said CREB® chief economist Ann-Marie Lurie.

“At the same time, housing supply levels are not adjusting fast enough to current conditions, resulting in price adjustments.”

Inventories and sales totaled 7,345 and 1,322 in October. This has resulted in months of supply of 5.6, above levels typical for this month. While some easing in new listing growth will help prevent further inventory gains, inventory levels remain near record highs for the month of October.

“With these types of market conditions, many potential buyers should be able to find the home that they are looking for with well priced listings appearing in certain price ranges,” said CREB® president Tom Westcott. “Sellers need to manage expectations and have accurate data in order to be aware of what is selling in their community.”

For each of the property types, sales activity has improved in the lower price ranges, leaving most of those segments relatively balanced. However, the upper end of the ranges has seen significant gains in supply compared to demand, which is likely having more of an impact on prices in those ranges.

HOUSING MARKET FACTS

Detached

• Detached sales in October totaled 829 units, for an 8.6-per-cent decline, resulting in a year-to-date decline of 15 per cent. This is the slowest level of detached sales since the late ’90s.
• Year-to-date, the largest decline in sales occurred in the $600,000 – $999,999 price range, reflecting slow demand coming from move-up buyers.
• For the second month in a row, new-listing growth eased, helping prevent further inventory gains. However, as this segment remains oversupplied, prices continue to trend down.
• Detached benchmark prices totaled $490,200 in October. This is below last month and three per cent below last year. On a year-to-date basis, prices remain one per cent below last year’s levels.
• As of October, year-over-year prices have eased across all districts, with the largest declines occurring in the North East, North West, South and South East districts. This is likely a result of added competition from the new-home sector.

Apartment

• Year-to-date apartment sales have totaled 2,316 units, nearly seven per cent below last year. New listings have also eased by six per cent, helping reduce the amount of inventory in the market.
• Despite the easing inventories, the months of supply remains elevated at 7 months.
• Year-to-date apartment condominium prices have eased by 2.8 per cent and remain 14 per cent below 2014 highs. Declines occurred across all districts, with the steepest declines occurring in the North East, East and South districts.

Attached

• The attached sector has recorded year-to-date sales of 3,098. This is 15 per cent below last year and 14 per cent below long-term averages.
• Meanwhile, despite recent easing in new listings, October inventories are the highest level on record.
• The oversupply is affecting both the semi-detached and row sectors, which have seen prices trend down over the past 5 months.
• Year-to-date, row benchmark prices have averaged $298,140 this year, nearly two per cent below last year and nine per cent below previous highs. However, prices have remained relatively flat in both the City Centre and North West districts.
• As of October, semi-detached prices were $403,400, one per cent lower than last month and nearly three per cent lower than last year. Despite recent declines, year-to-date citywide prices remain relatively flat compared to last year. This was most due to gains in the City Centre, North East and East districts offsetting declines in the North West, South and South East.

REGIONAL MARKET FACTS

Airdrie

• Airdrie’s housing market continues to experience declining sales and increasing inventory compared to last year. Elevated supply levels have led to downward pressures on the benchmark prices for detached homes.
• Total year-to-date residential sales have reached 1,032 units, 11 percent below levels last year. Year-to-date, new listings have remained relatively stable, but remain well above long-term averages.
• Year-to-date average inventory levels are 19 per cent higher than. As a result, months of supply have been elevated, and presently stand at six months. This has translated to sustained pressure on benchmark price, with the year-to-date value of detached homes now sitting at $370,880, which is a year-over-year decline of nearly two percent.

Cochrane

• Year-to-date, residential sales have declined by 10 per cent, with 530 sales so far in 2018. These levels are comparable to similar periods in the past few years and higher than long-term averages.
• At 1,164 units, new listings have reached a historical peak for this period and well above long-term averages. Inventory levels in Cochrane for 2018 have been persistently elevated and are almost 17 per cent higher than the same period last year.
• This has started to place some downward pressure on prices. However, year-to-date detached benchmark prices have remained relatively stable compared to last year with a benchmark price of $424,900.

Okotoks

• Year-to-date residential sales have declined to 428 units in 2018, comparable to levels from 2011 and well below long-term averages.
• New listings are elevated at 936 units, which is eight per cent higher than last year’s levels and close to long-term averages. Inventory levels in October remain elevated with 232 units.
• Despite gains in the amount of supply compared to sales, Okotoks detached prices have seen some modest gains.  Year-to-date benchmark prices for detached properties totaled $436,660, 1.25 per cent higher than last year.