Calgary Real Estate Report

The Calgary Real Estate Board’s (CREB®) February 2015 Calgary Regional Housing Market Statistics for the City of Calgary confirmed that there was a 34% drop in residential sales activity over February 2014.

City of Calgary Real Estate Statistics for February 2015:

Listings were up 9% - from 2,711 in February 2014 to 2,950.

Sales were down 34% - 1,217 units compared to 1,850 in February 2014.

Days on the market was 35 compared to 30 in February 2014.

Inventory levels rose to 5,474 units (covering all 3 housing types: detached, attached & apartment homes), up from 2,641 in February 2014.
This is still well below the record high level of over 6,900 units in February 2008.

Overall supply levels were 4.5 months of inventory - this is considered a buyer's market from a balanced market previously.

The most critical statistic for the month was the New Listing Inventory in all housing categories. From January to February 2015 it DECREASED from 3,286 to 2,950 units - a 10% drop.Compare this to the same period in 2014 when it INCREASED from 2,396 to 2,711 units (+13%).

CREB® chief economist Ann-Marie Lurie commented on this: “If the pace of growth in new listings continues to ease, this could place some downward pressure on the supply growth in the resale market.”

The increase in new listings varied depending on price point, housing type and community. Detached homes under $400,000 actually declined from February 2014 levels while attached and apartment homes showed an increase in inventory levels in all categories over $300,000.

CREB® president Corinne Lyall commented on this by saying:

“It’s really important for consumers to consider what segment of the market they are buying or selling in when they make any real estate decisions. The inventory, demand and price movement will vary based on the community, price range and product type.”

The Benchmark Price was $456,300 - this is up from $431,400 in February 2014.
The Median Price dropped to $420,000 - from $424,900 in February 2014.

The Benchmark Price is the best indicator of price changes and trends since it tracks similar properties over time. Median Price is also a better indicator than the Average Price as it follows the Benchmark Price more closely. Compare the differences in the chart below.

Calgary Detached Homes Statistics

City of Calgary detached homes performed the best of the 3 housing types in almost all categories.
This chart highlights the numbers with comparisons for the previous month of January 2015.
Notice how sales increased in both years but the new listings actually DECREASED from January to February 2015.

Also, the Benchmark Price of $516,000 was up from February 2014 and barely changed from January 2015.

The chart below highlights where most of the detached home sales are still taking place. In February 2015, 578 of the 739 properties (78%), sold in the $300,000 to $599,999 price categories. The Median Price of $470,000 is right in the middle of this range.

Notice how very few Calgary Luxury Homes (over $1,000,000 price category) sold this February compared to last year - less than half!