My Blog

My Blog consists mostly Market Reports of Calgary and Cochrane.  Each month I review the last three months of reports to identify developing trends in the market. A snapshot of just 1 month can be deceiving as trends develop over time.  My aim is to help you see where the market may be trending with the intent of providing you with a quick market insight to help you with your next real estate transaction. Scroll down or select a link on the right to see the latest market report.

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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Of course, this is only half of the puzzle if you are looking to list your home.  You are likely wondering where my home fits within the market report. We can definitely fill you in on that detail as well. We have a tool that will provide you with an instant market value of your property and I mean INSTANT, within minutes!!   Click to get an INSTANT home value. You’ll get an estimate within mere minutes on the value of your property in today’s market. 

April 9, 2024

April 2024 - Cochrane Real Estate Update

Cochrane Real Estate Update to April 2024

 

Over the three-month period, the Cochrane real estate market displayed notable trends across several key statistics. Firstly, there was a consistent increase in new listings from January to February, peaking at 105 units before experiencing a slight decrease in March. This rise in new listings contributed to a significant year-to-date gain of 22 percent, indicating robust activity in the market. 

Sales figures fluctuated slightly but generally maintained an upward trajectory throughout the three months. January saw 70 sales, followed by 65 in February and a notable increase in March, nearly matching the number of new listings. This pattern suggests ongoing demand from buyers despite fluctuations in inventory levels.

The sales-to-new listings ratio remained relatively high across the three months, indicating a market favoring sellers. January started strong with a ratio of 84 percent, followed by 62 percent in February and a notable surge to 99 percent in March. This increase in the ratio in March suggests heightened competition among buyers in response to increased sales activity.

Inventory levels experienced fluctuations over the period, with slight increases in February followed by declines in March. Despite these variations, inventory levels remained lower than typical for the market, indicating ongoing supply constraints. The months of supply, which reflect the relationship between supply and demand, also fluctuated but generally remained at relatively low levels, ranging from just under two months to just over one month.

Throughout the three months, the unadjusted benchmark price continued to rise steadily. Starting at $548,300 in February, it increased to $555,300 in March. This represents a notable year-over-year increase of over 11 percent, demonstrating sustained price growth in the Cochrane real estate market.

Overall, the three-month period showcased a resilient market characterized by increasing new listings, stable to increasing sales activity, limited inventory, and steady price appreciation. These trends suggest a market with ongoing demand from buyers and potential for further price growth in the near future.

Posted in Market Updates
April 9, 2024

April 2024 - Calgary Real Estate Update

Calgary Real Estate Update to April 2024

 

Over the past three months, the Calgary real estate market has demonstrated significant shifts across various key statistics, reflecting a dynamic and evolving landscape. One notable trend is the consistent increase in sales activity throughout the period, with March sales rising to 2,664 units, marking a 10% year-over-year gain, while February and January also witnessed substantial upticks in sales. This surge in demand has been met with challenges in the supply department, as new listings struggled to keep pace with sales, resulting in tightening inventory levels across the board.

The sales-to-new listings ratio, a critical indicator of market balance, soared over the three-month period, reaching exceptionally high levels in March, February, and January. This imbalance has driven the months of supply metric to fall below one month in March, further exacerbating the scarcity of available properties in the market. The persistent tightness in supply conditions has favored sellers, contributing to upward pressure on home prices across all property types.

Furthermore, inventory levels have experienced notable declines, particularly for properties priced below $1,000,000, with the steepest drops observed in homes priced below $500,000. This trend underscores the growing challenge of affordability in the Calgary market, as demand continues to outpace available supply, particularly in the more affordable price segments.

The unadjusted benchmark price has consistently risen over the three-month period, reflecting the sustained upward trajectory of home prices amidst the market's tight conditions. This price appreciation has been most pronounced for relatively more affordable property types, such as row and apartment-style homes, highlighting the shifting dynamics of buyer preferences in response to market constraints.

Overall, the Calgary real estate market has witnessed a period of intense activity and tightening conditions over the past three months, driven by strong demand, limited supply, and sustained price gains. As stakeholders navigate this dynamic landscape, close attention to supply dynamics, affordability concerns, and market trends will be crucial in understanding the evolving dynamics of Calgary's real estate market.

Posted in Market Updates
March 8, 2024

March 2024 - Calgary Real Estate Update

Calgary Real Estate Update to March 2024

 

Over the past three months in the Calgary real estate market, several key statistics have outlined a dynamic landscape characterized by shifting trends and resilient market conditions. The total number of new listings has steadily increased, reaching 2,711 units in February. This rise in new listings has been an expected consistent trend as we enter the spring market. 

Sales figures have demonstrated significant growth over the three-month period, totaling 2,135 units in February. This surge in sales, nearly a 23 per cent increase compared to the previous year, reflects a robust demand for real estate in the region. The sales-to-new listings ratio has consistently remained high at 79 per cent, underscoring the quick response of purchasers when new supply enters the market and preventing significant inventory growth.

The persistent challenge throughout these months has been the low supply levels, with inventories near historic lows. The months of supply fell to just over one month, indicating a market as tight as seen during the spring of the previous year. This tightness has been particularly pronounced for homes priced under $500,000, where inventories fell by 31 per cent compared to the same period last year.

The unadjusted detached benchmark price has experienced notable gains, reaching $585,000 in February. This marks an over two per cent increase compared to the previous month and an impressive 10 per cent higher than the levels reported a year ago. The price growth has not been uniform across the city, with the most affordable East district experiencing the highest year-over-year price growth at 25 per cent, while the City Centre reported the slowest growth at under five per cent.

In summary, over the three-month period, the Calgary real estate market has navigated through rising new listings, robust sales growth, persistent supply challenges, and notable price increases. The interplay of these factors highlights the market's adaptability and resilience, offering both challenges and opportunities.

 

Posted in Market Updates
Feb. 25, 2024

January 2024 - Cochrane Real Estate Update

Cochrane Real Estate Update to January 2024

 

Year-to-date sales across all property types have seen a notable decline of nearly 22 percent, however, this does not indicate much of a moderation in the market as last year broke a number of records. Despite this dip in sales there was a consistent tightening of market conditions, with inventory levels consistently lower than the previous year. 

New listings have played a crucial role in shaping market dynamics. In October, an improvement in new listings over the previous month and the same period last year supported some monthly gains in sales. However, this positive trend in new listings did not fully offset the broader decline in sales. In November, a shift in the sales-to-new listings ratio occurred, dropping below 60 percent for the first time since 2020. The surge in new listings, primarily driven by higher-priced properties, has contributed to increased inventory. However, despite these improvements, inventory levels remain over 30 percent below long-term trends, underscoring ongoing market tightness.

The pricing dynamics have been a notable feature of the Cochrane real estate market. The unadjusted benchmark price, representing the typical property, has demonstrated consistent monthly gains, reaching $548,600 in November. This reflects a monthly increase of over one percent and a substantial year-over-year growth of 11 percent. The year-to-date benchmark prices across all property types have exhibited an upward trajectory, with the apartment condominium sector leading in year-over-year gains, surpassing seven percent.

In December, both sales and new listings continued to fall below the levels reported in the previous year (a record breaking year). Despite recent gains in new listings relative to sales, inventory levels remained over 40 percent below traditional market levels. The detached benchmark prices increased by four percent in 2023 over the previous year.

Posted in Market Updates
Feb. 25, 2024

January 2024 - Calgary Real Estate Update

Calgary Real Estate Update to January 2024

 

Over the span of the past three months, Calgary's real estate market has exhibited dynamic trends, offering insights into the interplay of demand, supply, and pricing dynamics.

Sales activity was robust throughout this period, with a total of 27,416 transactions in December, showcasing a slight ease compared to the previous year's peak. Notably, despite this minor dip, the levels remained significantly higher than long-term trends and pre-pandemic activity. The persistence of strong sales was particularly evident in the consistent demand for more affordable apartment condominium-style homes, reflecting the market's adaptability to shifting consumer preferences.

New listings increased over the three-month period, reaching 2,227 units in November, a nearly 40 percent rise from the previous year's exceptionally low levels. This surge in new listings, coupled with gains in October, attempted to address the persistent inventory challenges. However, the market's strong sales performance sustained a seller's advantage, with the sales to new listings ratio remaining high at 80 percent in November. This emphasized the ongoing demand-supply imbalance and the market's inclination towards sellers.

Throughout this three-month period, inventory levels consistently lagged behind demand, averaging a 44 percent decline over the 10-year average. The persistently low supply, especially for homes priced below $1,000,000, had a substantial impact on pricing dynamics. While the average annual benchmark price growth slowed from 12 percent in 2022 to nearly six percent in 2023, the market saw a new record high price. The upward pressure on home prices was further emphasized by the unadjusted benchmark price reaching $572,700 in November and continuing its ascent.

CREB® Chief Economist Ann-Marie Lurie pointed out that higher lending rates had dampened housing demand during the year. However, the market's resilience was bolstered by strong migration levels, which sustained housing demand, particularly for more affordable options.

In summary, the three-month snapshot of Calgary's real estate market showcases a scenario of persistent demand, constrained supply, and resilient pricing dynamics. The market's adaptability to evolving economic conditions, coupled with a consistent seller's advantage, positions Calgary's real estate sector on a solid trajectory despite broader economic uncertainties.

Posted in Market Updates