Here’s how the Calgary real estate market did in February 2008:
Single Family homes prices increased from January 2008 and YoY. The median price in February 2008 was $428,000 showing a 4.9% increase over February 2007 ($408,000) and a 4.4% from last month ($410,000)
You can read CREB’s full February MLS Report here To view graphs in full-size, just click on them.
Sales in February were also higher than they’ve been since September 2007, however are still down almost 40% from last February/March 2007.
Although prices and sales have been up these past few months, something else has been climbing steadily higher as well: INVENTORY
Although they haven’t quite hit October’s peak levels, every indication is they will shortly. What do you think the peak inventory level will be, and by when? Will the increased inventory slow price growth, prevent price increases altogether, or result in price declines?
Source for all stats: Calgary Real Estate Board All information herein deemed reliable but not guaranteed.
Thanks for your stats. What are teh pending sales amounts for condos and sfh for today?
Check out Mike’s website for previous days pending results;
http://www.findcalgary.ca/index.jsp
Thanks, LJ – yes, “Pending, C/S” stats are on front page of my website, right underneath the “Total Sold Stat”
For those who are curious, here are the actual dollar amounts of the pending sales, as of 4:00pm today
SFH = 375 pending
Average Price: $504,544
Median Price: $438,900
(average sq foot = 1552)
Condo = 159 pending
Average Price: $336,016
Median Price: $299,900
(average sq foot = 1032)
Don’t forget, to get a more accurate estimate for future prices, take 97% of the $ amounts above.
In my opinion, the current price point is leading towards supply outpacing demand. As inventory is roughly double last years, and sales are lower and listings higher I believe that will continue to cause prices to correct year over year. In addition, we have near record levels of residential construction taking place that will place even more future supply on the market.
My estimate for 2008 peak inventory is 14,000 old criteria considering we are at roughly 10,000 already and another 4,000 inventory over the next six months I believe is reasonable.
Also, Mike I have been searching for a database of foreclosures in the Calgary area. I was wondering if there is any sort of information you could provide regarding how to find foreclosures?
Thanks again for the hard work you do putting the daily statistics together!
Thanks for your comments, Radley!
Foreclosures/Judicial sales are not all that common in Calgary. There are currently 8 listed on the MLS: click here to view
As you can see, none are the “steals” you would imagine a foreclosure or judicial sale to be, especially since some of them are former grow-ops.
With mortgage rates remaining relatively low it’s unlikely there will be many foreclosures hitting Calgary anytime soon.
As to where to find them, court ordered sales can be advertised on the MLS, newspaper ads, etc. You just have to be diligent and patient in your search as it’s dependant on the property and the method the Court wishes to have the property advertised.
Mike Fotiou: Foreclosures/Judicial sales are not all that common in Calgary. There are currently 8 listed on the MLS: click here to view
Woah, that’s hard.
I took a look through those and that’s hard to see, family photos on the walls of one in Acadia with their furnishings still there… Ouch.
At least there is ONLY 8 out of 10,000. That’s the good news.
Mike
radley77 :Re: Arriva – 22 units for sale… Arriva No one home??!
Your crazy man! 22 out of 162 units and your calling it a forclosing condo “disaster”? Come on man, stop stretching. Yes I agree, we are going to have a lot of inventory in the condo side, but you need to find a better example. If this is the “best one out there”, you might want to look in another direction.
Mike
Mike: Do you have any stats for SFH over $2.0 Million?
Also what areas they sold in?
These properties are lumped in with the > $1.0M.
Tabatha
Hello Tabatha,
In the past year (March 18, 2007 – March 18 2008) forty-four properties over $2M have sold.
The highest sold in during that time was $3.7M in Springbank Hill back in June.
12 properties sold at $2M+ in July 2007
Communties with the most $2M+ sold in the past year include: Mount Royal (12), Elbow Park/Glencoe (7) & Springbank Hill (7)
CALGARY MLS STATS UPDATE
March 1 – 18, 2008
(statistics obtained by CREB 03/19/2008 at 9:45 a.m.)
Here is the month-to-date update with comparisons to March 2007.
Calgary Metro – Single Family 2008 / 2007
Sales 817 / 1298
New Listings Added 2141 / 1800
Inventory 5648 / NA
Sales to New Listings 38% / 72%
Calgary Metro – Condominium
Sales 323 / 569
New Listings Added 982 / 712
Inventory 2665 / NA
Sales to New Listings 33% / 80%
Total MLS®
Sales 1435 / 2297
New Listings Added 4061 / 3158
Inventory 1206 / NA
Sales to New Listings 35% / 73%
Sale Price equal to List Price 44 / 223
Overall % of SP to LP (All Listings) 97% / 99%
Mike: With regards to homes greater than 2.0M what are the Average DOM? How much longer does it take to sell a more expensive property?
Tabatha
Tabatha, with the 44 $2M+ properties that sold in the past year, the average DOM was 65, with one reaching 386 DOM.
You can browse CREB’s monthly stat packages to view the DOM stats for different months.
Bear in mind that the DOM stat isn’t very reliable if you’re trying to guage it against how long your home might take to sell. Everytime a listing expires, terminates and is relisted, the DOM clock resets to zero again.
I’ve added the MLS Calgary stats update to the original blog entry (scroll up) for March 1-25 with comparisons to 2007.
Shocking stats Mike. In Vancouver we are starting to trend in the same direction. With higher inventory and fewer sales prices are destined to decline.
http://paul-northvancouverhomes.blogspot.com/
Hi Mike. Are you sure the condo median for April month to date on your front page is correct at 300,000 (April 1-14)? it seems like it should be closer to 296,000 or 297,000 based on the daily numbers- though i can’t say for sure.
Hello Matthew,
Yes, the median is currently at $300,000 MTD. Four condos have sold at $300k, which makes the median a little more sticky. The next largest resistance below that is at $295k with 5 units.