Weekly Showing Report

The week over week showings have continued to climb across the Province. 

While we have not caught up to the showing activity of 2020, there is some speculation that restrictions to showings due to the current climate, and how fast new listings are selling are both contributing factors to fewer showings being available.

The activity on CIR Realty’s listings has climber 12% week over week, and is 49% higher than the same week in 2020.  With record amounts of new listings being brought on (and sold), the brokerages showing activity continues to do well.

With showing restrictions, and the pace of the market, there are some solid strategies to host “Live online open houses” prior to launching the listing to allow more people to see the home, which has the potential to increase more interest.

After all, the key to selling anything is to generate the highest amount of exposure possible, to create the largest amount of demand.

-Steve Phillips, CIR Realty

Weekly Showing Report

The showings for CIR Realty’s listings week over week have continued to climb. They have risen 20% week over week, which is up over 31% compared to the same week last year! The largest increase in activity has been in the price points below $500,000. Due to this we can anticipate the higher price points to see increased activity in the weeks to come.

With the inventory continuing to decline with the heightened sales activity, the markets continue to tighten, and are getting more competitive. While some markets are beginning to move into sellers markets, many remain in busy balanced territory. The signs to watch for are when we start seeing months of inventory drop below 2 months, prices increasing and days on markets lowering, then markets have shifted to the sellers territory.

Keep in mind that even with the multiple offers, and the back up offers occurring in the markets, it is still important to price properly as buyers recognise the over priced inventory, and it will sit on the market if not properly priced.

-Steve Phillips, CIR Realty

Weekly Showing Report

The showings for CIR Realty’s listings week over week have continued to climb. They have risen 20% week over week, which is up over 31% compared to the same week last year! The largest increase in activity has been in the price points below $500,000.  Due to this we can anticipate the higher price points to see increased activity in the weeks to come.

With the inventory continuing to decline with the heightened sales activity, the markets continue to tighten, and are getting more competitive. While some markets are beginning to move into sellers markets, many remain in busy balanced territory. The signs to watch for are when we start seeing months of inventory drop below 2 months, prices increasing and days on markets lowering, then markets have shifted to the sellers territory.

Keep in mind that even with the multiple offers, and the back up offers occurring in the markets, it is still important to price properly as buyers recognize the over priced inventory, and it will sit on the market if not properly priced.

-Steve Phillips, CIR Realty

January sales signal strong start to 2021

January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.

Sales activity improved across all product types and across all price ranges.

“Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB® chief economist Ann-Marie Lurie.

“New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.”

January’s new listings were 2,246 relative to the 1,208 sales in the market, causing inventories to edge up over December levels. These types of movements are typical for January, but 2021 is starting the year with 4,035 units in inventory. This is far lower than the past six years.

Benchmark prices remained at levels relatively consistent with prices recorded at the end of 2020, but they reflect a year-over-year gain just below two per cent.

Average and median prices recorded higher year-over-year gains, likely due to larger gains in sales in the higher end of the market. Those segments do not have the same inventory constraints as  lower-priced product.

HOUSING MARKET FACTS

Detached

January sales activity improved across most prices ranges. However, limited inventories for homes priced below $500,000 ensured conditions in those segments remained firmly in sellers’ market territory. This likely prevented stronger sales improvements in this portion of the market.

However, with better supply options at the upper end of the market, sales activity improved.

The citywide months of supply was just over two months, a significant drop from last January where levels were nearly five months. The tighter conditions in this segment supported further gains in prices, which currently sit nearly three per cent above last year’s levels.

Year-over-year price gains range significantly throughout the districts of the city. The largest gains occurred in the North and South East districts. Prices remained relatively unchanged over the previous year in the City Centre and West districts.

Semi-Detached

January sales activity rose over last year’s levels due to gains across most districts. The West end district continues to see slower activity than the previous year.

New listings improved from December levels. This is causing some monthly gains in inventories, but inventory remains well below levels seen last year and the months of supply remained below three months.

Price activity did vary depending on location. Year over year, prices remain over one per cent higher than last year’s levels thanks to strong gains in the North and South East districts. However, persistently high levels of inventory compared to sales contributed to the significant price decline occurring in the West district.

Row

Thanks to gains across nearly every district, sales activity improved compared to the previous year. Unlike the detached and semi-detached sectors, row new listings trended up relative to last month and levels recorded last year.

The rise did result in some monthly gains in inventory levels and caused the months of supply to rise to nearly five months. This is not entirely unusual activity for January. The months of supply remains well below last year’s levels at nearly seven months.

Citywide row pricing remained relatively stable compared to last year and last month. However, there was significant variation depending on location. Year-over-year price gains exceeded four per cent in the City Centre, West and East districts.  Meanwhile, prices eased by over three per cent in the North and South East districts.

Apartment Condominium

For the third month in a row, apartment condominium sales rose above levels recorded in the previous year. January levels are the best we have seen since 2014. While new listings have eased compared to last year, they recorded a significant jump over December levels, keeping inventories elevated relative to sales activity.

While prices remain well below previous highs, there were some districts that recorded year-over-year gains. The strongest gains occurred in the North East, East and South districts. However, prices continue to fall in the City Centre, West and South East districts.

REGIONAL MARKET FACTS

Airdrie

Sales activity stayed strong in January. With 103 sales, this was the best January since 2007. New listings improved compared to last month, resulting in some monthly gains in inventory levels. However, the months of supply has remained relatively tight.

With conditions continuing to favour the seller, benchmark prices trended up relative to last month. At $349,100, benchmark prices are over five per cent higher than levels recorded last January. The strongest year-over-year price gains occurred in the detached and semi-detached sectors.

Cochrane

Cochrane sales improved from last January’s levels, but we also saw a notable rise in new listings. This caused the sales-to-new-listings ratio to ease to 63 per cent.

This is a significant improvement over last month, which saw sales levels exceed the level of new listings in the market. Overall, conditions remain relatively tight, with the months of supply staying below three months.

Benchmark prices recorded year-over-year gains across all property types. Overall, benchmark prices remained over four per cent higher than last January’s levels.

Okotoks

After several months of relatively weak new listings, January saw some pickup in new listings relative to the last quarter of 2020.

Sales remained relatively consistent with last year’s levels, causing the months of supply to trend up to three months. This is higher than the extremely tight levels seen at the end of 2020, but it is still significantly lower than the six-plus months recorded in January of last year.

Benchmark prices remained stable compared to last month, but they are over three per cent higher than last January. The gains were driven by the detached sector, as prices continue to ease in the semi-detached, row and apartment sectors.

-CREB

High-wage employment up in 2020

Here is a great graph showing a reason why the real estate market is so strong despite the downward trend of the rest of the ecomony. ⬆️⬆️

$30/hr jobs are up almost 10% from the start of the pandemic. With low interest rates, this gives a great opportunity for these people to get into the housing market. The decline in low income jobs matters for many sectors, but this is having less of an impact on real estate.📈

-Lindsey Smith, CIR Realty

Weekly Showing Report

The start to the year has been a busy one with the sales activity across Alberta hitting levels that we have not seen in over a decade!  With an uptick of 43.6% compared to January 2020,  climbing to a total of 4,045 sales across the Province. This was experienced across all price ranges, from under $200,000 to over $1,000,000+.

Some of the hottest markets in the Province year over year for January were Canmore (+220%), Brooks (+66.7%), Red Deer (+43.5%), Calgary (+40.7%), and Airdrie (+39.2%). While other markets in Cochrane, Crowsnest, Lethbridge and Camrose all continue to outperform years past as well. The real surprise was in Fort Mcmurray where sales jumped but were primarily in the lower price ranges. The coolest markets for the month were Grande Prairie, Rocky Mountain House and Sundre but each of these markets had consistent numbers compared to years past in their areas..

With the unemployment rate dropping in Alberta to 10.7%, and disposable income savings continuing to remain strong at 14.6% through the last quarter of 2020, combined with low interest rates there is no signs of slowing down in the near future (pending any unpredictable World events).  With the first time home buyers markets doing well in most areas, it has opened up the markets in the price point above and the full property ladder is in effect in most area across the Province.

As always, there are many variations and conditions within each market that help determine what is happening in each “micro” market.  Understanding these variances are critical in proper pricing to achieve the best results for our clients.

CIR’s overall start to the year has been a busy one, in fact, the third busiest in company history!  Given that showings are up +59% over December, and +45% over January 2019’s showings, we don’t anticipate a slow down any time soon.
Calgary’s months of supply of inventory has lowered to 3.06 months after seeing a 40% increase in sales year over year, and a decline in inventory by 20%.  This big push in December brought sales just under -1% less transactions ytd than 2019. The market conditions are shaping up for more competitive conditions in 2021. 
Airdrie hit a new record for the number of transactions in the month of December!  With inventory continuing to decline combined with record sales, it continues to lower the months of supply on the market.  With teh bulk of the sales activity in the $300,000 to $500,000 price range, it is proving to be an ideal move up market.

-Steve Phillips, CIR Realty

Weekly Showing Report

The market continues to heat up but showings are down??

​The last week in January saw the showings taper offer from the busy week prior. Our current rate of showing sis more comparable to this time of year in 2019, down slightly from the same time period in 2020. This appears to not be due to lack of demand, but rather to the lack of inventory that is currently available.

​The active listing inventory across the Province is down -23% from 2020, and down -29% form the same time in 2019!  Even with the drop in inventory, the sales outpace  last years numbers by +44%!  This has caused our months of inventory to drop to 4.6 months across Alberta. 

​Due to this decrease in inventory, buyers are competing for the properly priced inventory, and sales are up in all price ranges year over year. 

CIR Realty

October Monthly Showing Report

The sales in October in Alberta had a jump of 22.1% over October 2019 with a total of 5,696 sales. This combined with the listing inventory dropping by 16.3% to 24,867 listings across the Province has helped keep the markets balanced with 4.37 months of supply.  The recent sales increase can be attributed to lowering inventory, low interest rates, a decline in household spending and increased savings.
All of the larger markets showed marked improvements year over year with the exception of Grande Prairie and Fort McMurray which both experienced slower months in sales.  That being said, even with the uptick in sales over recent months, it hasn’t been enough to exceed sales of 2019 except in the case of Lethbridge. The year to date adjustment in sales in the larger markets compared to last year during the same time frame are as follows:

CityOctober Y/Y%Year to date %
Calgary23%-6%
Edmonton24%-2%
Red Deer13%-7%
Lethbridge35%7%
Medicine Hat16%-6%
Grande Prairie-16%-20%
Fort McMurray-5%-12%

There are many factors that will determine how long the increased sales activity will last but some highlights from the month are:

  • The unemployment rate which has now dropped to 10.7% in Alberta, down from 11.7% in September.
  • The Oil and Gas sector has had oil production creep back to within 7% of production done in 2019 ytd. The Natural Gas price has also jumped 125% compared to October 2019 but is still down from pre pandemic levels.
  • Grain Deliveries are up 96% yr/yr which puts us 2nd in the Nation.
  • Soft wood is up 4.7% yr/yr.

When looking at the sales numbers across Alberta, we are incredibly proud of all of the CIR REALTORS® who have gone above and beyond for their clients this year as CIR’s sales volume was up 47.2% in October, and 24.3% ahead year to date compared to last year.  It remains to be critical to keep a positive outlook, while educating our clients with factual information to help them make the best decisions for their situation.  

Some quick numbers from the areas that our offices serve:After a brief pull back in showing and sales activity in August, the Real Estate Markets picked right back up in September with sales across the Province trending above the ten year average.   

  • CIR’s overall showing activity has begun to slow down coming into the Winter months, with most of the showings still occuring in the mid priced markets. While the sales across the Province were up 22.1% this October compared to last, CIR’s sales were up over 47%!  We continue to greatly outperform the markets month after month.
  • Airdrie’s market activity in October was the second busiest it has been in the past ten years, second only to the craziness of 2014!  There were 143 sales which is 50.5% higher year over year, and listing inventory continues to drop to 323 listings which is 29.2% below last October. This has led to 2.26 months of supply which is getting very close to sellers market territory.  The sales activity in the $300,000 to $999,000 range has greatly outperformed the sales of last year.
  • The sales in Brooks rose 54.5% year over year to 17 sales in October. This has jumped the ten year average of 12 deals for the month which has continued to help strengthen the market. That combined with a lower amount of inventory on the market has helped lower the months of supply to 4.59 months, and lowered the average days on market to 81.  The biggest improvements have been in the $200,000 to $499,999 price ranges.
  • Calgary sales had strong gains through this October compared to last with a 22.7% increase to 1,764 sales year over year. The sales were stronger in all price ranges this year which has helped continue to lower the months of inventory to 3.31 months. With less inventory coming onto the market, we are seeing the days on market drop to 53 days on average.  With the balancing market, it has helped rise the benchmark price to $422,600.
  • Canmore has had the busiest October in over a decade, with sales rocketing 61.7% higher than last October! With 76 sales, and the months of supply at 2.75 months it remains to be a very competitive market with steady inventory coming onto the market.
  • Cochrane’s market continues to outperform the 10 year average for total volume of sales, with sales in October exceeding those of the past decade during the same month!  WIth the sales remaining strong month over month, and the listing inventory continuing to drop, these conditions will support price increases in the market.  We are starting to see that take effect as the total residential benchmark price has risen to $415,6000 which is 2.3% higher than the start of the year.
  • Crowsnest Pass has out performed the past decadefor sales in October.  WIth sales rising to 18 in the month, it is 28.6% higher than last October.  This has helped maintain the balanced market conditions in the area which we anticipate to continue through the Winter months.
  • Sales in Lethbridge continue to rise with results 34.6% higher than October of last year!  With 175 sales in the month, and 21% lower inventory, the months of supply has dropped to 3.34 months helping keep the balanced sales conditions.The single family, detached homes are carrying the bulk of the market and seeing the greatest gains in value. 
  • The Real Estate market in Okotoks continues to outperform the ten year average for sales, seeing a 40.9% increase in sales this October compared to last.  The most noticeable increase year over year has been in the $400,000 to $699,999 price points. As a result, the total residential benchmark price has increased to $430,600 which is 0.5% higher than the beginning of the year.
  • The Olds real estate market is one of the few across the Province that saw a slow down in October compared to last year.  With 9 sales for the month, it was 18.2% slower year over year but the inventory has also been dropping helping the inventory levels drop to 10.11 months.  This continues to be a more challenging market where marketing a home with a compelling sales price is a must.
  • Red Deer’s Real Estate market had gains of 12.9% in sales this October compared to last. This was due to both the detached and semi detached markets showing noticeable improvement.  The Row and Apartment sectors continue to struggle, as is the high priced market.  There has been marked improvement in the $200,000 to $399,999 price points, and significant improvement for sales in the $400,000 to $499,999 price points. This activity has helped lower the months of supply to 5.01 months which moves it closer to balanced market conditions.
  • Rocky Mountain House had a very comparative month in October compared to the same time last year. With steady sales activity, and declining inventory, we are seeing the months of supply drop to 10.38 months. We are hoping to see this trend continue through the Winter months to bring more balanced markets to the area.  Until then, when selling a home in this type of market, having a compelling price is a big component to any marketing strategy.
     
  • The Strathmore market outperformed the ten year average for sales in October.  With the higher sales volume, and less inventory coming onto the market, it has edged closer to balanced markets in the area.  Most noticeable were the increases in sales in homes priced under $200,000, and the homes in hte $400,000 to $500,000 price range. Overall, the market in Strathmore does appear to be more balanced through 2020 than what was experienced in 2019.  
  • Sundre had a 60% increase in sales this October compared to last which greatly exceeded the ten year average for sales in the month. With lowering inventory, Sundre has entered into a more balanced market with 4 months of supply of inventory. This is an incredible number as the last time the months of supply was so low was in September 2012 when it was at 3.73 months. 

-CIR Realty

Weekly Showing Report

The weekly trend for showing activity across the Province continues to slow as we enter into the Winter months.  The total showing activity has dropped to 7.4% over the amount of showings at this time last year. This is a normal trend for the Alberta Real Estate market.
The showing activity for CIR Realty’s listings has also slowed seeing a 1,431 showings which is down -44 from the previous week. The highlight in this is that there was a higher than average amount of showings in the $700,000 – $800,000, and $1M+ markets. The sales activity for CIR also trended down, but remained much higher through the last week of October compared to last year during the same time period. 
With the slowing markets, pricing will remain critical as the decline in sales volume is slowly catching up to the decline in listing inventory.  

-CIR Realty