Calgary Real Estate Update to March 2024

 

Over the past three months in the Calgary real estate market, several key statistics have outlined a dynamic landscape characterized by shifting trends and resilient market conditions. The total number of new listings has steadily increased, reaching 2,711 units in February. This rise in new listings has been an expected consistent trend as we enter the spring market. 

Sales figures have demonstrated significant growth over the three-month period, totaling 2,135 units in February. This surge in sales, nearly a 23 per cent increase compared to the previous year, reflects a robust demand for real estate in the region. The sales-to-new listings ratio has consistently remained high at 79 per cent, underscoring the quick response of purchasers when new supply enters the market and preventing significant inventory growth.

The persistent challenge throughout these months has been the low supply levels, with inventories near historic lows. The months of supply fell to just over one month, indicating a market as tight as seen during the spring of the previous year. This tightness has been particularly pronounced for homes priced under $500,000, where inventories fell by 31 per cent compared to the same period last year.

The unadjusted detached benchmark price has experienced notable gains, reaching $585,000 in February. This marks an over two per cent increase compared to the previous month and an impressive 10 per cent higher than the levels reported a year ago. The price growth has not been uniform across the city, with the most affordable East district experiencing the highest year-over-year price growth at 25 per cent, while the City Centre reported the slowest growth at under five per cent.

In summary, over the three-month period, the Calgary real estate market has navigated through rising new listings, robust sales growth, persistent supply challenges, and notable price increases. The interplay of these factors highlights the market's adaptability and resilience, offering both challenges and opportunities.