March 1-21, 2015 Calgary Real Estate Market Update

It may be spring, but you wouldn’t be able to guess that looking at Calgary’s real estate figures.

March is historically one of the four busiest months of the year.  So far this month there have been a total of 1173 sales, down -29% year-over-year, and below the 5 and 10 year average by -17% and -21% respectively.

Calgary home sales March 21 2015

Calgary home sales, March 1-21, Y/Y comparison

The amount of new listings have scaled back by -6.83% from the same period last year, easing supply growth.  But the number of homes for sale is still rising.

Inventory, now at 5785, towers 78.6% above a year ago and 44.4% higher than two years ago.

Calgary new listings March 21 2015

Calgary new listings, March 1-21, Y/Y comparison

The high-end market is especially struggling with sales of million dollar plus homes off by -44% from last March.

With a large numbers of layoffs being reported in Calgary (Nexen, Talisman and ConocoPhillips each announced job cuts this past week) and provincial migration into Alberta slowing, the real estate market faces heavy headwinds going into the second quarter and the seasonally busiest time of the year.

Calgary luxury home sales March 21 2015

Calgary luxury home sales, March 1-21 and month-end, Y/Y comparison

Sales-to-new-listings ratio - March 21 2015

Sales-to-new-listings ratio – March 1-21, 2015

Calgary Real Estate Stats Summary - March 21 2015

Calgary Real Estate Stats Summary, March 1-21, Y/Y comparison

5 responses to “March 1-21, 2015 Calgary Real Estate Market Update

  1. Thank you for your articles that are straight facts without marketing. I appreciate it.

  2. Again, I suspect that the drop in the new listings is due to a pull-ahead effect that sellers listed their houses earlier than usual, hoping that they can sell their houses before the market downturn. Look the number of existing listings, it is 78.6% higher last year. Calculate the sales-to-existing-listings ratio, and you will see that it is a buyer’s market already.

  3. The good thing is the average and median prices dropped only slightly from last year (2% and 2.7% respectively).

  4. Jia Xie, I think you raised a very good point that the composition of the active listings should be studied. Among them, there’s % of tire kickers who hope is to fish a good price, the rest of % is the real # of listings.

  5. What sort of a correction are we looking at by the end of this year

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