January 2020 Calgary Real Estate Market Report
As February's sunshine throws a renewed warmth on the city, there is also clarity of a burgeoning "New Normal" in Calgary's housing market. It's been clear that the market has been at the bottom for many months, but January is bringing signs there is a "very slow" crawl to recovery - key word - "crawl". If things are improving, they will do so in a very slow steady fashion. It's unlikely there will be any kind of "boom" in the near future as the best the next year has in store is likely a balanced market.
The stats so far this year are showing a major improvement over last year but in the context of historical values, they still indicate a slight edge to the buyer. However, a lot of very slow activity last year also indicates pent up purchase indicators. I'll explain through the stats.
January this year saw 7.74% sales improvement over last January while new listings were actually down -8.3%. Active listings are down to about 5000, again dropping by -8% from last year, but still slightly over January historic averages.
Medium prices are up by 2.5% over last January while days on market (DOM) is also up by 5%, again indicating buyers are taking their time. Year to date (YTD) indicators show a strong trend upward as pending sales are up a whopping 40%.
In the detached homes sector, sales are up 6.38%, new listings are down -10.75% and total active listings are down significantly by -15.23%. Both the medium and average sales price has actually recovered by around 4%, indicating that buyers are going for the more expensive houses, possibly because prices are so attractive right now.
Attached sales are also up by 4%, new listings down a whopping -17.45%, and active listings also down -10.45% from this time last year. Medium prices are up just over 3% while average prices have dropped a bit at -1.67%. More sales and more interest in higher priced attached homes; but prices are still down by a bit.
The condo/townhouse market is another kettle of fish altogether. It is a bad/good news story for sellers. Sales are up significantly at 18.55% but new listings are also up at 10.5% and active listings are also up 12.3%. These new and active figures in this sector were already very high last year and they are still increasing. It all leads to explain why medium prices have dropped -6.23%, the average price a whopping -12.74% drop. However, the bright side is the higher sales and the amazing PENDING SALES which has sky-rocketed to 48% increase over this time last year. It looks like buyers are finally jumping into the condo/townhouse market and taking advantage of the ridiculous prices.
All in all, there is a fairly pronounced distinction between the detached/attached market and the condo/townhouse market, but all seem to be showing signs of improvement. So, to conclude, it looks likely that this Spring's market might be the busiest we've seen in years.