January 2022 Calgary Real Estate Market Statistics
Calgary Real Estate Market Statistics for January 2022
Inventory levels dropped to the lowest levels seen since 2006 with just 2620 units for sale. The low levels pushed the prices up nearly 2% this month. The market is absorbing the inventory at a rate of 81% which indicates a strong seller market which is also unusual for January. There were more listings this month but it did little to change the market balance or take any pressure on pricing. Conditions will likely persist for several more months.
Detached Calgary Real Estate
The detached market remains in short supply throughout January as inventory levels dip to a new low of 895 units for the second month in a row. The low inventory levels resulted in a $12,000 price rise compared with December. While the gain compared with January 2021 are significant most of last year's gains was not seen until the spring market.
Semi-Detached Calgary Real Estate
While we saw inventory levels rise in the new year, this helped support the demand from buyers. Inventory is 46% lower than long-term trends. Low inventory levels and buyer demand have kept the market tight and resulted in a benchmark price of $439,900. Priced trended up in every district, but gains were not as high in the core and Northwest quadrant in comparison to the rest of the city.
Row or Townhouse Calgary Real Estate
Higher demand for row townhomes raised sales to 305 units, which is more than double in comparison to previous years. With only 422 units available, inventory remains low and market conditions favour the seller. Prices increased 2% this past month and 9% over last year.
Apartment Calgary Real Estate Market
There is more supply available in the apartment market over other market segments in the city but we are seeing an improvement. With just over 1,000 units available, we saw 375 sales in January which has not been seen since 2007. Despite more sales, the supply has remained around 3 months which signals a balanced market. As such we only saw an increase of 2% in prices.
Airdrie Real Estate
Tight market conditions persist in Airdrie placing pressure on prices. January saw almost 3% price increases with the majority of those gains in detached and semi-detached homes.
Cochrane Real Estate
Record sales levels in January, new listings inventory supported the growth. With only 62 units available, levels are 70% lower than what we saw traditionally. Prices rose to the benchmark price of $512,900 but the gains were not as high due to the strength in the market in December.
Okotoks Real Estate
Okotoks saw the lowest January inventory levels were reported with only 38 units in inventory and 43 sales which kept the market exceptionally tight. Okotoks has not seen tight market conditions like this since 2006 and it is placing pressure on prices. In January the benchmark price rose to $515,100 a significant increase in comparison with December and 8% higher than the previous year.