Detached Home Sales Feb 2022

Detached homes are selling at a rate never before seen in the City of Calgary as buyers from Calgary and across Canada stampede to snap up the new listings. The detached market daily sales almost equalled the daily sales number for the entire market in April of 2021. The market is running wild.

Attached Home Sales Feb 2022

Townhome sales have become hot only because eager detached home buyers are leaving nothing left to buy. Most buyers would prefer to own the dirt underneath the home but are now settling for townhomes with monthly ownership fees. Fear of Missing Out buyers could have buyers regret when the market returns to normal. Be careful out there!

Condo Home Sales Feb 2022

Condos, Condos, Condos.... The most neglected part of the Calgary Housing Market has become hot. Sales of Calgary Condos are on a pace that we see in other markets, not Calgary. The overflow of buyers getting shut out of the detached market and the attached market are buying condos like crazy. Beware condo buyers. Do your due diligence. Hire Norm at Condo Check to review the condo docs for you. Still some great condo deals waiting for the right buyers.

Calgary Real Estate Market - Home Sales Charts - Year-Ending Dec 31, 2021

The first chart is the total home sales for Calgary in all three main categories of home types. The three types in the Calgary MLS Database system are Detached Single Family Homes, Attached Homes and condos. The Calgary Real Estate Market is considered a sellers or a buyers market when we are above or below three months of supply. Look at any chart to see how many properties were sold last month. If we have three times that number in current listings we are in a balanced housing market in Calgary. Less than 3 months favours Sellers over Home Buyers. More than three months and Buyers Rule the day. The supply and demand of homes in the three distinct home types in Calgary are the net effect of everything else happening in the world. Mortgage Interest Rates, Employment, new homes being built, politics, etc. all eventually show up in the actual supply and demand numbers. These are the only charts you ever need to see to get an overall glimpse of today's Calgary Real Estate Market.

Single Family Detached Homes continue to favour Home Sellers

My prediction is this will continue for some time. It's very hard to flood the market with detached single-family homes even in a lousy economy. 

Attached Homes Sales have picked up as many Detached house buyers are forced to look elsewhere

Attached homes are second on the list for most home buyers and sales usually reflect that. In the current market attached homes are enjoying the short supply in detached homes

Condos get the least amount of love in the Calgary Real Estate Market

Condos are at the bottom of most people's wish list for a Calgary home and the supply and demand numbers back that up. Condos have got a bit of a bump as the tide of the overall market rises. But still lag badly as a home choice for Calgarians and Real Estate Investors. I wonder if all these buildings that converted to condos years ago might start to revert to rental buildings. If you are buying a condo, don't forget you will own your portion of the entire structure along with its liabilities. Buyer Beware applies to everything and more so to condos in my opinion.

What's your home worth in today's Calgary Real Estate Market?

Home values in Calgary are moving targets. We can give you a snapshot of the value of your home today. Tomorrow it could change. Home values are determined by the basics of supply and demand with location and condition added in. As a homeowner, you have no control over Supply or Demand or Location. The location is the location and you can't move it. Supply and demand are not controlled by anybody or anything. But do react to mortgage interest rates, time of year, employment stats, migration in and out, politics, fear and greed just to name a few things that cause the supply and demand to change like the weather.

Looking at the chart below of average prices we see that prices do go up, down and sideways in the short term for homes in Acadia Calgary. But the long-term trend is up. Just like the price of a loaf of bread is not the same as it was twenty years ago, neither is a home. The problem with investing in bread is it has a short shelf life. Not so with Acadia Calgary Real Estate.

Home Price Profile for Acadia Homes in Calgary

Many people find this chart below very interesting as it tells the story of a typical Calgary Community with homes built in the early sixties. Acadia is home to over 2,000 bungalows that are of a similar size and on very large plots of land compared to newer Calgary Communities. These homes are getting older and losing value at the same time as the location of the land and lot sizes are gaining in value. The building goes down in value and the land goes up in value over time. And this chart shows that very clearly as the spread in pricing gets wider. Older homes that have never been updated are at the low end of the price scale. The homes at the high end are homes where someone has taken charge of the only thing you really have control over - The Condition. Knowing the price profile for any Calgary Community is very valuable and easy - Just Contact Me at 403 831 0842 or Jerry@JerryCharlton.com