Calgary Market Report: August 2020
As summer comes to an end, the Calgary real estate market is still hot!
In our monthly market reports, we will break down the numbers and explain what they mean for buyers, sellers, and investors.
Watch the full Market Report here:
August 2020 Statistics
Looking at the numbers for total sales for the month of August compared to July, total sales have dropped by about 14%. Total sales for the month of August were 1,578, compared to 1,836 in July.
Active listings have also dropped from 6,619 in July to 6,467 in August, which means the number of listings is not catching up to the number of sellers. As a result, prices have begun to increase.
The average price for the month of August has started to increase by about 0.8%, from $466,000 in July to $470,000 in August.
Days on Market
Days on market are relatively similar between July with 53 days, and the month of August with 52 days.
Months of Inventory
Months of inventory has increased slightly overall from 3.6 in July to about 4.1 in August.
Year Over Year Comparison
Looking at the market in August 2019 versus August 2020, total sales have increased slightly from 1,573 in 2019 to 1,578 this year.
Active Listings have decreased this year by about 10%, with 6,367 active listings in August 2020 compared to 7,200 for August 2019.
Looking at the average price in Calgary between August 2019 and August 2020, prices went up from $455,000 to about $470,000. That's an increase of about 3.4%.
For days on market, last year for the month of August, it was about 59 days and has dropped to 52 days.
Looking at months of inventory, it continues to drop again another 10% overall since last year.
Monthly Comparison by Product Type
- Sales: decreased since July from 1,171 to 993 in August.
- Active Listings: decreased from 3,292 in July to 3,241 in August.
- Average Price: decreased from $545,000 in July to $551,000 in August.
- Days on Market: slightly decreased since July from 49 to 46.
- Months of Inventory: increased slightly from 2.81 in July to 3.26 in August.
- Sales: A slight decrease from 403 for the month of July, to 361 for the month of August.
- Active Listings: decreased since July from 1,624 to 1,558 in August.
- Average Price: increased from $371,000 in July to $402,000 in August.
- Days on Market: increased slightly since July from 55 to 62 in August.
- Months of Inventory: increased slightly from 4.03 in July to 4.32 in August.
- Sales: a slight decrease since July from 262 to 224 for August.
- Active Listings: decreased from 1,703 in July to 1,668 in August.
- Average Price: decreased slightly from $262,000 in July to $251,000 for the month of August.
- Days on Market: decreased from 70 for the month of July to 62 for August.
- Months of Inventory: slightly increased since July, with 7.45 for August and 6.5 for July.
Calgary Luxury Market
Calgary Luxury Market August 2020
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Calgary luxury real estate includes properties listed over $900,000.
The overall number of sales for the month of August is extremely strong, with 152 homes in Calgary sold for over $900,000. This displays a significant change in this sector. The active listings for the month of August were about 179, with only 1.18 months of inventory. Theoretically, if no new listings come on the market and homes are priced correctly, we could run out of homes in just over a month. The average price for luxury properties in Calgary is about $1.29 million.
With the luxury sector starting to come back, there will be a lot more listings coming onto the market. The highest-price home sold in Calgary for the month of August was in Upper Mount Royal for $4.4 million.
If you're in the market to sell, this is a great time. There is not enough inventory to compete with, so you can get more showings and higher prices. If you're looking to buy a home, it’s a great opportunity, with record low-interest rates around the 2% mark.
If you have any questions, please contact Lee Yousef at 587-600-0332. We'd be happy to answer any questions you have!