After the month of February, we are still showing positive signs for 2017. Although sales were up nearly 20% from this time last year, the numbers are still off by 19% from the 10 year average. It will be interesting to see how the long term averages are affected when 2007 comes off the books next year. It was crazy that year! Hard to believe that is already a decade past. Every segment was looking good last month with an increase in sales across the board except for row houses where sales were flat.
Apartment sales were 40% up from last year! You would think that would take a chunk out of the inventory, however, the levels stayed flat. There seemed to be a big increase in inventory under $200K. With the new mortgage rules, there may be a few more buyers in that part of the market. The months of supply keeps creeping down though and now sits at 5.9. This is a far cry from the 8-9 months we saw last year. Benchmark prices are down 5% year over year and currently sit at $269,200. There are some great deals in the East (prices are down 14% since last year) and you have decent selection and desperate sellers with over 24 month’s supply! The Northeast has seen the least retraction in prices with only 0.5% decrease from last year, however, high levels of supply and low sales in this district will force prices down in the near future.
For row housing, inventory levels are down 13% to 679 units. Sales were flat and benchmark prices are down 4.8% since February last year. City Centre & South districts have fared the best seeing a modest drop in prices year over year of 2.7% and 3.7% respectively. There is more inventory though in City Centre & the West side as supply remains high. The Northwest and East districts have seen the best places for deals with over 7% decreases in each area. Benchmark prices sit at $305,900 – 4.8% lower than last year.
Sales for the semi-detached segment increase by 15% with 127 units sold. Inventory levels are down 20% which has helped to keep benchmark prices flat year over year at $386,300. Average sale price to list price ratios for last month were 97.08% meaning on an average priced home you are getting just over $11,000 off the list price. I am seeing really low inventory levels in the Northwest with only 1.5 month’s supply. There were decent price gains of 1% from January in the City Centre, Northwest & Northeast while year over year prices in all these districts are positive.
Detached homes also maintained low levels of supply with under 2000 units. This is 32% lower than last year. There have been declines in inventory across the board for all price ranges. Sales were up 19% as buyers are out in full force. The people sitting on the fence are looking to get a good jump on the spring market. If a home is priced well and shows well, buyers are jumping on it and sometimes with multiple offers! Benchmark prices are $501,900, down close to 1% from last year. The Southeast gained 1% since January, but they needed a bit of a boost as home prices have been most adversely affected in this area over the last 2 years. There is quite a bit of supply in the Northeast now and as this segment has enjoyed the most growth over the last couple years, they are now down 3% year over year.
The city of Calgary as a whole looks good overall. Sales of 1342 units are still below 10 year averages, however, lower inventory levels are bringing the market in to a better balance. Sales are up 19% and inventory levels are down 21% since last year at this time. Benchmark prices are only down 2% to $438,100. I am definitely seeing more activity in the $600K-$900K range as the move up buyers are feeling more comfortable with their decision.
Outside of Calgary, there are similar trends. Airdrie is sitting at 3.9 month’s supply and benchmark prices are $356,700. Sales are near the 10 year average and prices have increased since last month. Cochrane sales are also over the 10 year average and benchmark prices sit at $421,000. Year over year price change is positive. Chestermere’s prices are flat since last May and sit at $485,500 and Okotoks is starting to see higher inventory levels with 4.2 month’s supply. Okotoks had seemed impervious to price declines for most of last year, however, they are starting to see a slip in prices now. Benchmark is $425,600.
For a more in depth look at the stats click the links – Calgary or Calgary Region
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