November 1-14, 2015 Calgary Real Estate Market Update

The narrative hasn’t changed much from last week: sales are down while new listings and inventory remain elevated.

Month-to-date average and median prices are off -2.2 and -3.6% from the same period last year.

I know many are critical of benchmark prices and indices, and that the average is the most fun to reference during both booms and busts because of its hyperbolic nature.  But a word of caution:  in the low sales environment we’re in, it’ll take just one multi-million property like this to sell and significantly boost the average price upwards.

Let’s say that Aspen Woods home sold yesterday. The MTD average price would’ve jumped 4% from $467,384 to $485,910 on that sale alone.

The median price is a much better alternative, and although it’s also influenced by a change in the sales mix, it won’t be skewed by a single high or low sale. If that Aspen Woods home had sold for $12,250,000, the median price would sit unchanged at $409,900.   Just something to think about.

Through two weeks in November, a total of 635 homes sold across the city.  That’s -6.3% below the 10 year average and -10.3% fewer sales than the 5 year average.

New listings are up 4.2% y/y to 1178, above the 10-year average by 4.7% and the 5-year average by 15%.   It’s the highest MTD November level since 2008.

There are 5,699 homes on the market, a 27.2% increase (+1,220) from the 4,479 homes for sale exactly a year ago.

Overall, there’s not much to suggest that prices won’t continue to be squeezed lower in the coming months.

Calgary home sales Nov 1-14 2015

Calgary home sales, Nov 1-14 Y/Y comparison

Calgary New Listings Nov 1-14 2015

Calgary New Listings, Nov 1-14, Y/Y comparison

Sales-to-new-listings ratio Nov 1-14 2015

Sales-to-new-listings ratio,  Nov 1-14 2015

Calgary luxury sales Nov 1-14 2015

Calgary luxury homes sales, Nov 1-14, Y/Y comparison

Calgary Real Estate Stats Summary - Nov 14 2015

Calgary Real Estate Stats Summary, Nov 1-14, Y/Y comparison

One response to “November 1-14, 2015 Calgary Real Estate Market Update

  1. Hi Mike, I continue to enjoy your review of the market and appreciate your educated opinion in discussing both sides of the market equation right now.

    -Mike Fotiou

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