February 1-21, 2015 Calgary Real Estate Market Update

While the 5,504 homes for sale in Calgary are at the highest February level since 2009 and nearly double the amount from a year ago, an influx of sellers can’t be blamed for the ballooning inventory.

New listings this month are up only 10% year-over-year.  I say “only” because they were up over 40% three weeks into both December and January.   Also, new listings are above the 5-year average by just 3.7%.   Those are hardly market tipping figures.

New Listings

New Listings, February 1-21, Y/Y comparison (click to enlarge)

The main concern now is that buyers have gone awol.  Home sales month-to-date are down -35% from a year ago and 1/4 lower than the 5 year average.

This gives rise to the question:  are buyers simply being cautious and waiting on the sidelines or have they been directly affected by the economy and can’t buy?   If the answer is the former then there’s a chance the market can turn around later in the year, the latter means it’s going to get worse.

Whether too many sellers or too few buyers are the root cause for growing inventory, the net effect will be the same: a disproportionate amount of listings to sales which will drag prices down.

The median price for the City of Calgary is off -0.47% from the same period a year ago ($425,000 -> $423,000) and the average price is down -3.87% ($485,753 -> $466,946)

Calgary home sales

Calgary home sales, February 1-21, Y/Y comparison (click to enlarge)

Calgary luxury home sales - February 21 2015

Calgary luxury home sales, February, Y/Y comparison (click to enlarge)

 

4 responses to “February 1-21, 2015 Calgary Real Estate Market Update

  1. Pingback: February 1-21, 2015 Calgary Real Estate Market Update

  2. Anyone not being cautious is not being advised appropriately.

  3. Pingback: Homebuyers in Calgary have gone awol | Calgary Herald

  4. Pingback: Daily Media Monitoring – Monday, Feb. 23 | Royal LePage Leading Edge Newsletter

Please feel free to post your comment or question

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s