Seller's Market Continues to Drive up Calgary Real Estate
Calgary Real Estate Market Statistics for November 2021
Sales remained strong in all sectors of the Calgary real estate market in November. There were 2110 sales in November, just short of the record-breaking number of sales in 2005.
Typically this time of year we tend to see inventory levels slow down seasonally alongside buyer activity. But 2021 is proving to be nothing typical. As we get near to the holiday season, we would expect buyer activity to decline as well, but buyer activity has remained strong since August. Inventory levels have dropped some but supply levels are not able to keep up with buyer demand which keeps pressure on pricing increases across the board in the Calgary real estate market.
Detached Calgary Real Estate
Detached homes continue to sell and be a tight market with more buyer demand than supply.
Conditions in the detached market continue to tighten with more than 50% of sales within the $400-$500k range. The largest sale increases were in the $600,000 and up price points.
The benchmark price rose nearly 11% to $542,600, a new monthly record. Price growth has occurred in nearly every community, but the West gains exceeded 13% were among the highest increases compared to 2020. City Centre is the only district where prices remain below 2014 record highs.
Semi-Detached Calgary Real Estate
Record-breaking sales in semi-detached have broken previous sales records in 2014 by 13%. The majority of sales were in the $300,000 to $400,000 price ranges but the above $700,000 reflected more than 20% of all sales compared to last year which was only 15%, a 5% increase year over year.
Semi-detached homes saw gains in all communities the benchmark price rose to $429,800 which is about a 9% increase from 2020.
Buyers have shifted to semi-detached housing with decreased supply of detached homes and price increases. Similar to the detached housing market, semi-detached inventory levels have also struggled to keep up with buyer demand.
Row or Townhouse Calgary Real Estate
While we have not seen the tight market conditions in row homes that we have seen in both detached or semi-detached homes, the row sector did see large growth in sales and surpassed the annual record high. 83% of all sales occurred in price points below $400,000.
Row homes offer an in-between for buyers, they offer more space than an apartment but at a lesser price point than semi-detached or detached home. Market conditions in this sector do not have the same pressure as the detached and semi-detached market but are increasing in popularity among buyers. The benchmark price rose 6% this year over last year.
Apartment Calgary Real Estate Market
The apartment sector also saw the highest level of sales growth since 2014. Market conditions tightened with improving sales but it is nowhere he's the levels in comparison to the other sectors of the market. The apartment market showed some tightening but still has a good level of supply for buyers to choose from. Prices in the apartment market rose only 2%
Airdrie Real Estate
Record sales despite limited inventory in the marketplace. Airdrie has been in sellers armed since mid-2020. As a result, prices have increased nearly 12% with the strongest gains in the single-family, detached market.
Cochrane Real Estate
Similar to Airdrie, Cochrane saw another record month of sales in November. Cochranes' housing supply is also struggling to keep up with buyers' demands similar to other nearby towns. Tight market conditions continue to persist and impact pricing. Prices have come up 7% since 2020 for all property types.
Okotoks Real Estate
Buyer demand has continued to absorb supply consistently over the last couple of months. Persistent demand continues to drive the seller market in Okotoks. The strongest gains have been in the detached market with a 9% increase in prices since 2020