CALGARY REGIONAL HOUSING MARKET STATISTICS 04...CALGARY YTD TOWNHOUSE NEW LISTINGS Townhouse New...
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CALGARY REGIONAL HOUSING MARKET STATISTICS 04.12 CREB® Calgary Regional Housing Market Statistics Page 1 A RETURN TO TYPICAL SALES ACTIVITY IN THE CALGARY REGION Improved activity across all sectors Calgary, May 1, 2012 – For the month of April 2012, year-over- year sales activity improved across all sectors in the city. Calgary residential sales total 2,200 for the month, a 26 per cent increase over levels recorded last year. “The growth in full-time employment, combined with improving migration levels, is translating into improved demand for housing,” says Ann-Marie Lurie, CREB® chief economist. “While sales growth does seem exceptionally strong, it is important to keep in perspective that the sales activity in Calgary is returning to levels more consistent with the long-term average.” The single-family market continues to tighten, with months of supply dropping below three months. Sales growth continues to outpace new-listings activity, placing downward pressure on inventories. As the market tightens, single-family homes are selling quicker, and there has been some upward pressure on pricing. The MLS® Home Price Index for the month of April recorded a year-over-year price increase of 5.5 per cent for a total benchmark price of $449,500. “While the balance between demand and supply in the single- family market has shifted towards sellers’ territory, there are several components that make today’s market different from five years ago,” says Bob Jablonski, president of CREB®. “The main difference is there is still significant supply for consumers in surrounding towns and the condominium market in the city, and the new-home builders do have the ability to absorb some of the excess demand,” Jablonski adds. After the first four months of the year, the condominium apartment sales totaled 1,133, a 2.2 per cent increase over the same period last year. Tighter supply in the single-family market has translated to improved demand for condominium apartments, and consumers active in this market have a sufficient amount of supply and new listings to choose from. New condominium apartment listings for the month of April rose by 5.9 per cent compared to last year, and remain at similar levels on a year-to-date basis. As the gap between inventories and sales narrows, the months of supply continues to trend toward levels that are more consistent with a balanced market. While the condominium apartment market moved into more balanced territory, index prices remain relatively unchanged. The condominium townhouse market is trending in a similar fashion to the single family market, and recorded a year-over- year index price increase of 2.7 per cent. Overall for the month of April, the condominium townhouse and apartment markets recorded a benchmark price of 294,500 and 248,300, respectively. “While sales activity and the level of new listings continue to remain below long-term trends, the spring market is definitely on the rise over the previous year,” says Jablonski. “As confidence in the local housing market continues to build, we anticipate a rise in demand, followed by improved listings from those waiting to see some price appreciation prior to listing their home.” NOTE: The single family benchmark price has been pushed up to levels comparable to those recorded in 2007, but the index continues to remain below peak levels. Why the difference? This is mostly due to the community weighting factor inherent in the benchmark price. The index figure does not have the same bias, and therefore is a better measure of the true price appreciation in the market. CALGARY SALES COMPARISON CALGARY INVENTORY AND SALES
Transcript of CALGARY REGIONAL HOUSING MARKET STATISTICS 04...CALGARY YTD TOWNHOUSE NEW LISTINGS Townhouse New...
CALGARY REGIONAL HOUSING MARKET STATISTICS 04.12
CREB® Calgary Regional Housing Market Statistics Page 1
A RETURN TO TYPICAL SALES ACTIVITY IN THE CALGARY REGION Improved activity across all sectors
Calgary, May 1, 2012 – For the month of April 2012, year-over-year sales activity improved across all sectors in the city. Calgary residential sales total 2,200 for the month, a 26 per cent increase over levels recorded last year.
“The growth in full-time employment, combined with improving migration levels, is translating into improved demand for housing,” says Ann-Marie Lurie, CREB® chief economist. “While sales growth does seem exceptionally strong, it is important to keep in perspective that the sales activity in Calgary is returning to levels more consistent with the long-term average.”
The single-family market continues to tighten, with months of supply dropping below three months. Sales growth continues to outpace new-listings activity, placing downward pressure on inventories. As the market tightens, single-family homes are selling quicker, and there has been some upward pressure on pricing. The MLS® Home Price Index for the month of April recorded a year-over-year price increase of 5.5 per cent for a total benchmark price of $449,500.
“While the balance between demand and supply in the single-family market has shifted towards sellers’ territory, there are several components that make today’s market different from five years ago,” says Bob Jablonski, president of CREB®. “The main difference is there is still significant supply for consumers in surrounding towns and the condominium market in the city, and the new-home builders do have the ability to absorb some of the excess demand,” Jablonski adds.
After the first four months of the year, the condominium apartment sales totaled 1,133, a 2.2 per cent increase over the same period last year. Tighter supply in the single-family market has translated to improved demand for condominium apartments, and consumers active in this market have a sufficient amount of supply and new listings to choose from.
New condominium apartment listings for the month of April rose by 5.9 per cent compared to last year, and remain at similar levels on a year-to-date basis. As the gap between inventories and sales narrows, the months of supply continues to trend toward levels that are more consistent with a balanced market.
While the condominium apartment market moved into more balanced territory, index prices remain relatively unchanged. The condominium townhouse market is trending in a similar fashion to the single family market, and recorded a year-over-year index price increase of 2.7 per cent. Overall for the month of April, the condominium townhouse and apartment
markets recorded a benchmark price of 294,500and 248,300, respectively.
“While sales activity and the level of new listings continue to remain below long-term trends, the spring market is definitely on the rise over the previous year,” says Jablonski. “As confidence in the local housing market continues to build, we anticipate a rise in demand, followed by improved listings from those waiting to see some price appreciation prior to listing their home.”
NOTE: The single family benchmark price has been pushed up to levels comparable to those recorded in 2007, but the index continues to remain below peak levels. Why the difference? This is mostly due to the community weighting factor inherent in the benchmark price. The index figure does not have the same bias, and therefore is a better measure of the true price appreciation in the market.
CALGARY SALES COMPARISON
CALGARY INVENTORY AND SALES
Page 2
CREB® SUMMARY STATISTICS
For a list of definitions, see page 20.
Page 3
CREB® SUMMARY STATISTICS CITY OF CALGARY
Page 4
MLS® HPI SUMMARY
Page 5
COMPARISONS
-
100,000
200,000
300,000
400,000
500,000
600,000
1 storey 2 Storey Total SF Townhouse Apartment Total Composite
Benchmark Price - April
CREB® Total Residential CREB® City of Calgary CREB® Towns Source: CREB®
-
2.0
4.0
6.0
8.0
10.0
12.0
Months of Supply SF Months of Supply Townhouse
Months of Supply Apartment
Months of Supply - April
CREB® Total Residential CREB® City of Calgary CREB® Towns Source: CREB®
71.16% 71.91% 80.72%
11.69% 12.14%
11.85%13.92% 15.95% 7.43%
3.23%
0%
20%
40%
60%
80%
100%
120%
CREB® Total Residential CREB® City of Calgary CREB® Towns
Sales Distribution - April
Single Family Townhouse Apartment CRES Source: CREB®
150
160
170
180
190
200
210
220
CALGARY INDEX VALUE
Index Value Single Family Index Value TonwhouseIndex Value Apartment Source: CREB®
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
CALGARY YEAR OVER YEAR PRICE CHANGES
SF Y/Y Index Price Change Apartment Y/Y iIndex Price ChangeTownhouse Y/Y Price Change
Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 6
CITY OF CALGARY TOTAL
0%
5%
10%
15%
20%
25%
30%
< $200,000
$200,000 - $299,999
$300,000 -$349,999
$350,000 - $449,999
$450,000 - $549,999
$550,000 - $699,999
$700,000 +
YTD-APRILCALGARY YTD SALES BY PRICE RANGE
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 7
CITY OF CALGARY
0
2,000
4,000
6,000
8,000
10,000
12,000YTD-APRIL
CALGARY YTD TOTAL SALES
SF Sales Apartment SalesTH Sales 10 Year Average Source: CREB®
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000YTD-APRIL
CALGARY YTD TOTAL NEW LISTINGS
SF New Listings Apartment New ListingsTH New Listings 10 Year Average Source: CREB®
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
CALGARY INVENTORY AND SALES
Inventory Sales Benchmark Price Source: CREB®
-
1
2
3
4
5
6
7
8
9
CALGARY MONTHS OF INVENTORY
Months of Supply 3 month MA Source: CREB®
BALANCED
-20%
-10%
0%
10%
20%
30%
40%
300,000
320,000
340,000
360,000
380,000
400,000
420,000
CALGARY PRICE CHANGE COMPARISON
Average Price Y/Y% Change Benchmark Price
Index Y/Y% Change Source: CREB®
320,000
340,000
360,000
380,000
400,000
420,000
440,000
460,000
CALGARY PRICES
Average Price Benchmark Price Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 8
CITY OF CALGARY SINGLE FAMILY
0%
5%
10%
15%
20%
25%
30%
35%
40%
< $300,000 $300,000 -$349,999
$350,000 -$449,999
$450,000 -$549,999
$550,000 -$699,999
$700,000 +
YTD-APRIL
CALGARY YTD SINGLE FAMILY SALES BY PRICE RANGE
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 9
CITY OF CALGARY SINGLE FAMILY
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000YTD-APRIL
CALGARY YTD SINGLE FAMILY SALES
SF Sales 10 Year Average Source: CREB®
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000YTD-APRIL
CALGARY YTD SINGLE FAMILY NEW LISTINGS
SF New Listings 10 Year Average Source: CREB®
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
CALGARY SINGLE FAMILY INVENTORY AND SALES
SF Inventory SF Sales SF Benchmark Price Source: CREB®
-
1
2
3
4
5
6
7
8
9
CALGARY SINGLE FAMILY MONTHS OF INVENTORY
SF Months of Supply 3 month MA Source: CREB®
BALANCED
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
300,000
320,000
340,000
360,000
380,000
400,000
420,000
440,000
460,000
CALGARY SINGLE FAMILY PRICE CHANGE COMPARISON
SF Average Price Y/Y% Change SF Benchmark PriceIndex Y/Y% Change Source: CREB®
350,000
370,000
390,000
410,000
430,000
450,000
470,000
490,000
510,000
530,000
CALGARY SINGLE FAMILY PRICES
SF Average Price SF Benchmark Price Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 10
CITY OF CALGARY CONDOMINIUM TOWNHOUSE
0%
10%
20%
30%
40%
50%
60%
< $200,000 $200,000 -$299,999
$300,000 -$399,999
$400,000 -$599,999
$600,000+
YTD-APRIL
CALGARY YTD TOWNHOUSE SALES BY PRICE RANGE
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 11
CITY OF CALGARY CONDOMINIUM TOWNHOUSE
0
200
400
600
800
1,000
1,200
1,400
1,600YTD-APRIL
CALGARY YTD TOWNHOUSE SALES
Townhouse Sales 10 Year Average Source: CREB®
-
500
1,000
1,500
2,000
2,500 YTD-APRIL
CALGARY YTD TOWNHOUSE NEW LISTINGS
Townhouse New Listings 10 Year Average Source: CREB®
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
-
100
200
300
400
500
600
700
800
900
CALGARY TOWNHOUSE INVENTORY AND SALES
TH Inventory TH Sales TH Benchmark Price Source: CREB®
-
1
2
3
4
5
6
7
8
9
CALGARY TOWNHOUSE MONTHS OF INVENTORY
TH Months of Supply 3 month MA Source: CREB®
BALANCED
-20%
-10%
0%
10%
20%
30%
40%
50%
200,000
220,000
240,000
260,000
280,000
300,000
320,000
340,000
CALGARY TOWNHOUSE PRICE CHANGE COMPARISON
TH Average Price Y/Y % Change TH Benchmark PriceIndex Y/Y% Change
Source: CREB®
220,000
240,000
260,000
280,000
300,000
320,000
340,000
360,000
CALGARY TOWNHOUSE PRICES
TH Average Price TH Benchmark Price Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 12
CITY OF CALGARY CONDOMINIUM APARTMENTS
0%
10%
20%
30%
40%
50%
60%
70%
< $200,000 $200,000 -$299,999
$300,000 -$399,999
$400,000 -$599,999
$600,000+
YTD-APRIL
CALGARY YTD APARTMENT SALES BY PRICE RANGE
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 13
CITY OF CALGARY CONDOMINIUM APARTMENTS
0
500
1,000
1,500
2,000
2,500 YTD-APRIL
CALGARY YTD APARTMENT SALES
Apartment Sales 10 Year Average Source: CREB®
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000YTD-APRIL
CALGARY YTD APARTMENT NEW LISTINGS
Apartment New Listings 10 Year Average Source: CREB®
-
50,000
100,000
150,000
200,000
250,000
300,000
-
200
400
600
800
1,000
1,200
1,400
CALGARY APARTMENT INVENTORY AND SALES
Apartment Inventory Apartment Sales Apartment Benchmark Price
Source: CREB®
-
1
2
3
4
5
6
7
8
9
10
CALGARY APARTMENT MONTHS OF INVENTORY
Apartment Months of Supply 3 month MA
Source: CREB®
BALANCED
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
200,000
220,000
240,000
260,000
280,000
300,000
320,000
CALGARY APARTMENT PRICE CHANGE COMPARISON
Apartment Average Price Y/Y% Change Apartment Benchmark PriceIndex Y/Y% Change
Source: CREB®
200,000
220,000
240,000
260,000
280,000
300,000
320,000
340,000
CALGARY APARTMENT PRICES
Apartment Average Price Apartment Benchmark Price Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 14
CREB® TOWNS
0%
5%
10%
15%
20%
25%
30%
< $200,000
$200,000 - $299,999
$300,000 -$349,999
$350,000 - $449,999
$450,000 - $549,999
$550,000 - $699,999
$700,000 +
YTD-APRIL
CREB TOWNS YTD SALES BY PRICE RANGE
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 15
CREB® TOWNS
0
500
1,000
1,500
2,000
2,500YTD-APRIL
CREB TOWNS YTD TOTAL SALES
SF Sales Apartment SalesTH Sales 10 Year Average Source: CREB®
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500YTD-APRIL
CREB TOWNS YTD TOTAL NEW LISTINGS
SF New Listings Apartment New ListingsTH New Listings 10 Year Average Source: CREB®
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
-
500
1,000
1,500
2,000
2,500
3,000
3,500
CREB TOWNS INVENTORY AND SALES
Inventory Sales Benchmark Price Source: CREB®
-
2
4
6
8
10
12
14
16
18
CREB TOWNS MONTHS OF INVENTORY
Months of Supply 3 month MA Source: CREB®
BALANCED
-30%
-20%
-10%
0%
10%
20%
30%
40%
280,000
290,000
300,000
310,000
320,000
330,000
340,000
350,000
360,000
370,000
CREB TOWNS PRICE CHANGE COMPARISON
Average Price Y/Y% Change Benchmark PriceIndex Y/Y% Change Source: CREB®
250,000
270,000
290,000
310,000
330,000
350,000
370,000
390,000
410,000
430,000
CREB TOWNS PRICES
Average Price Benchmark Price Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 16
CREB® COUNTRY RESIDENTIAL
0%
5%
10%
15%
20%
25%
30%
< $500,000 $500,000 -$599,999
$600,000 -$699,999
$700,000 -$799,999
$800,000 -$999,999
$1,000,000 - $1,499,999
$1,500,000+
YTD- APRIL
CRES YTD SALES BY PRICE RANGE
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 17
CREB® COUNTRY RESIDENTIAL
0
50
100
150
200
250
300
350
400
YTD-APRILCRES YTD TOTAL SALES
CRES Sales 10 Year Average Source: CREB®
0
200
400
600
800
1000
1200
YTD-APRIL
CRES YTD TOTAL NEW LISTINGS
CRES New Listings 10 Year Average Source: CREB®
0
100000
200000
300000
400000
500000
600000
700000
800000
900000
-
200
400
600
800
1,000
1,200
1,400
CRES INVENTORY AND SALES
Inventory Sales Median Price Source: CREB®
-
5
10
15
20
25
30
35
40
CRES MONTHS OF INVENTORY
Months of Supply 3 month MA Source: CREB®
BALANCED
-40%
-20%
0%
20%
40%
60%
80%
CRES YEAR OVER YEAR PRICE CHANGES
Average Price Y/Y% ChangeAverage Price Y/Y% Change 3 month MA Source: CREB®
500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
CRES PRICES
Average Price Average Price 3 month MA Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 18
CREB® TOTAL RESIDENTIAL
0%
5%
10%
15%
20%
25%
30%
< $200,000
$200,000 - $299,999
$300,000 -$349,999
$350,000 - $449,999
$450,000 - $549,999
$550,000 - $699,999
$700,000 +
YTD-APRIL
CREB RESIDENTIAL YTD SALES BY PRICE RANGE
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB®
CREB® Calgary Regional Housing Market Statistics Page 19
CREB® TOTAL RESIDENTIAL
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000 YTD-APRIL
CREB RESIDENTIAL YTD TOTAL SALES
SF Sales Apartment Sales TH SalesCRES 10 Year Average Source: CREB®
0
5,000
10,000
15,000
20,000
25,000YTD-APRIL
CREB RESIDENTIAL YTD TOTAL NEW LISTINGS
SF New Listings Apartment New Listings TH New ListingsCRES New Listings 10 Year Average Source: CREB®
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
-
2,000
4,000
6,000
8,000
10,000
12,000
CREB RESIDENTIAL INVENTORY AND SALES
Inventory Sales Benchmark Price Source: CREB®
-
2
4
6
8
10
12
CREB RESIDENTIAL MONTHS OF INVENTORY
Source: CREB®
BALANCED
-20%
-10%
0%
10%
20%
30%
40%
300,000
320,000
340,000
360,000
380,000
400,000
420,000
CREB RESIDENTIAL PRICE CHANGE COMPARISON
Average Price Y/Y Change Benchmark PriceIndex Y/Y% Change Source: CREB®
300,000
320,000
340,000
360,000
380,000
400,000
420,000
440,000
460,000
480,000
CREB RESIDENTIAL PRICES
Average Price Benchmark PriceSource: CREB®
CREB® Calgary Regional Housing Market Statistics Page 20
DEFINITIONS
SF - Single Family TH - Condominium Townhouse Months of Supply - Active Listings (Inventory) / sales Composite - includes single family, apartment and townhouse activity Average DOM - Average Days on Market for Sold properties Sales $ / List $ - sales price to list price ratio Active Listings– Total listings on the market as of 4:30am on the first of day of the month
LP - List Price SP – Sales Price CRES - Country residential properties YTD - Year to Date 3 month MA - 3 month Moving Average Y/Y – Year over Year New Listings – include listings added for a particular month
HOW THESE STATISTICS ARE CALCULATED
In order to align our data with the MLS® Home Price Index (HPI), we made several changes to the data that we report, as well as the monthly statistics.
The new package provides more information and data exclusions provide a better residential picture. All the data provided through the monthly statistics package as of March 2012, reflect these adjustments. Please note, historical PDF packages do not include the changes.
A summary of these changes is available below:
MONTHLY STATISTICS PACKAGE
• We now provide monthly statistics for: CREB® Total Residential, CREB® Towns, CREB® Country Residential (CRES), City of Calgary, City of Calgary Single Family, City of Calgary Condominium Apartment, City of Calgary Condominium Townhouse.
All categories exclude: vacant lots, time shares, parking stalls and mobile homes on leased land.
CITY OF CALGARY
• Includes sales in Zones A, B, C, D only. • Condominium Apartment – includes all ‘Condominium’ title properties that are classified by type as either a low-
rise or high-rise apartment. • Condominium Townhouse – include all ‘Condominium’ titled properties that are not classified as an ‘Apartment.’ • Historical inventories have been adjusted to best reflect the adjustments made to the data.
TOTAL MLS®
• Changed to CREB® Total Residential and excludes the following: • Excludes: Rural Land, Country Recreational (CREC), • The exclusions applied to the data results in roughly 400 – 500 less sales per year. • Historical inventories have been revised to best reflect the adjustments made to the data, while Mobile Homes,
Rural Land and CREC inventories could be pulled out of the total MLS® inventory data. No adjustments could be made for Vacant Lots, Time Shares and Parking Stalls, indicating historic figures could be slightly overstated compared to current numbers.
ABOUT CREB®
CREB® is a professional body of more than 5,100 licensed brokers and registered associates, representing 245 member offices. CREB® is dedicated to enhancing the value, integrity and expertise of its REALTOR® members. Our REALTORS® are committed to a high standard of professional conduct, ongoing education, and a strict Code of Ethics and standards of business practice. For Calgary Metro, CREB® statistics include only Zone A, B, C and D for properties located in Calgary. Furthermore, all historical data has been adjusted to the most current information. Any use or reference to CREB® data and statistics must acknowledge CREB® as the source. The board does not generate statistics or analysis of any individual member or company’s market share. All MLS® active listings for Calgary and area may be found on the board’s website at www.creb.com. CREB® is a registered trademark of the Calgary Real Estate Board Cooperative. The trademarks MLS® and Multiple Listing Service® are owned by the Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR® and REALTORS® are controlled by CREA and identify real estate professionals who are members of CREA, and subsequently the Alberta Real Estate Association and CREB®, used under licence.
