Courtesy of Amanda Petersen

Low inventory and high demand drive price gains in February

$329,600 apartment UP 17.2% year-to-year

$721,300 detached UP 13.2% year-to-year

BENCHMARK PRICES

2,711 NEW LISTINGS 2,135 SOLD LISTINGS

$436,500 rowhouse UP 18.8% year-to-year

detached 1,195 detached 954 638 apartment 836 apartment

1.13 MONTHS OF INVENTORY

2,355 ACTIVE LISTINGS

78.8% SALES TO NEW LISTING RATIO

24 DAYS ON MARKET

Calgary, March 1, 2024 – New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23 per cent compared to last year for a total of 2,135 units. The shift in sales and new listings kept the sales to new listings ratio exceptionally high at 79 per cent ensuring inventories remained near historic lows. Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year. “Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market," said Ann-Marie Lurie, Chief Economist at CREB ® . “It is this

strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.” In February, the unadjusted detached benchmark price was $585,000, an over two per cent gain compared to last month and over 10 per cent higher than levels reported at this time last year. Statistics reflect market activity in February 2024 | Source: CREB ® Calgary Real Estate Board. Market values stated are of the benchmark of the city of Calgary. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

403.399.7713 petersen.calgary@gmail.com | www.searchcalgaryhome.ca AMANDA PETERSEN REALTOR ®

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