Welcome to Bōde's Calgary real estate market report for March 2021.
I will show you what's happening at a macro level in Calgary in terms of supply and demand vs property prices. Then you can see all the data for your own specific community entity or property type and price band. So you can do your own analysis of the market. The first thing you need to understand to evaluate what's happening in the property market is to look at supply and demand.
I'm looking at the city of Calgary, all residential listings. On the left-hand side, the number of new listings that have come to the market each month over the last three years. You can see typically there are more listings in the spring and summer months and fewer listings in the winter months. Now, looking at February 2021, new listings have been up 20% versus the average of the previous three years. So, there are more listings coming to market than typical for this time of year. And then if we look at demand and which is sales, sales are up 69.9% in February 2021 versus the previous three years. That continues a very strong run. We've seen here at the end of 2020, very strong sales for the last nine months. In terms of percentage, February was the best month for sales, in recent months.
Sales are doing really well. Meanwhile, the number of new listings are also up, but not as much as sales. That means is that overall inventory is then lower than it would typically be for this time of year. In January, about 21% over the average of the previous three years. There fewer homes for sale on the market in Calgary. So buyers have a little bit less choice when they're looking for new homes to buy and sellers on the other hand have less competition. So, that's good news for sellers. They're competing against fewer other active listings. If you look at both supply and demand in one metric, we look at months of supply and the current inventory.
How long would it take to sell through all of those listings, given the current level of sales and right now in February 2021? There are just two and a half months of inventory. That's the lowest level we've seen for a number of years! This is good news for sellers, and means for buyers, they have to move a little quicker because there are more buyers competing over fewer listings.
What does all of that mean for prices? Well, if we zoom out here and take a very long-term perspective, look back at what's happened with prices in Calgary for the last 15 years, we see there is a peak in 2014. Since then, there's been a slow decline, but in the last nine months or so prices have been coming back up. Prices have come up about two or 3% in the last nine months. It is very important is to, not just look at the overall market. It is critical for buyers and sellers to dive into their specific community and their particular property type.
Here at Bōde, we've created a suite of tools that allow people to do just that. We have three tools to do home and market analysis and one's called "market data". This allows you to see what's on the market and what's sold at a community level. You can see the same kind of supply and demand dynamics, trends, and prices. We also have a "sold data" tool where you can look up the sold price of any listing that's sold on the market over the last 10 years. Anything you want to look up there is totally free for you to access. Finally, we have a "comparables" tool. Here's where you can enter eight features about your home and we will return the most similar live listings and the most similar sold listings over the last few months. I'm very, very quickly going to show you what that looks like.
Go to our website, bode.ca you'll see you've got all three of those tools. Market data sold data and comparables I'm in the market data tool here. I'm able to choose my location and date range. Let's say two years, I can choose any community and any property types of detached attached apartments or vacant land, I can choose beds, baths or specific ranges of your built or a particular price range. Then I simply hit apply. And I get a number of graphs down here that I can look at. If I want to look at the average sold price, or if I want to look at days on the market or the number of sales over time, period, I simply click to generate the graph and I can see what's happening in my community. This is over the last two years, the number of listings that have sold, how long they've been on the market, and the average sold price. You can check out all of this data for yourself here on www.bode.ca. You can also go and take a look at our "sold data" tools. You can simply search by city and community and the time period you're interested in hit apply. You will get a map that shows you for every listing, what it was listed for, what it sold for, and, more details of the property, like the bed's, baths and square footage.
Make sure to check all of that out at www.bode.ca/market-data and I will see you next month.