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Calgary Real Estate Report January 2021

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Despite the cold weather, the market continues to be healthy, very healthy. During what now seems a balmy January, the frenzied selling and buying of the past few months of 2020 continued as investors, first time buyers and generally optimistic home seekers flooded the market. We went from literally 6 years of a buyers' market to a bonafide sellers' in the span of weeks or a couple of months. I have been involved in multiple offer deals or seen houses listed and sold within days on a regular basis. Listings that were sitting dormant for months suddenly started flying off the shelf. Low interest rates, an influx of 30,000 people into Alberta, confidence in low prices compared to other large cities, and a spirit of ownership that seems to thrive in Alberta have quickly turned things around. No one knows how long it will last, but most believe at least into the spring market.

The figures below support the observations. The following are the PERCENTAGE CHANGE from January of last year, the month before the pandemic had any effect on the market.

All categories of housing fared brilliantly if they were well priced. As a total market, sales were up by an astounding 40% but in February so far that has increased to 60%. New listings are down 5%, Active listings down 22%, indicating a lack of product on the market. For the first time, we've seen a huge increase in prices, obliterating losses last year and the previous year combined: Medium price up 4.7%, Average price up 4.4%. In February so far, medium prices from last February have jumped an astounding 9% and average prices by 7.5%. Days on the market (DOM) down by a significant 15%.

In the detached sector, the lack of housing have really had an impact. Total sales were up 42% while new listings dropped by 8%, leaving active listings down by an incredible 32% from last year. In February total sales so far have blown away last February's numbers by 69%. This of course has had an impact on prices: medium prices up by 4.5% and average prices up by 3.7%. Days on market dropped by 13% and 20% so far in February.

Semi detached have finally turned around though prices are still challenged. Total sales are way up - 68% and new listing continue to drop by nearly 12%, reflecting the drop in new builds. Active listing are way down by 40%. Yet still prices continue to drop as covid obviously has had an impact here -- people want bigger yards: Medium prices and average prices are down by 4.7%. Sales are quicker though (DOM) is down 17%.

Even condos/apartment have seen a huge improvement, though the active listings have only dropped by 1.6% and new listings by 3%. Total sales are up 26% and prices have suddenly turned around - medium price up by 4.76; average price by an incredible 9.6%.  DOM are less at nearly 17%.

These figures show a sellers' market in Calgary. If you have been thinking about selling, best advice is to price it right (we're still down from 2014 levels) and get your property on the market during the spring months in case of a sudden correction.  If you've been sitting on the fence to buy, the turnaround has happened. The bottom was last Sept/Oct and it's been up since then, and significantly.
 
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