Courtesy of Lori Loewen

Calgary home sales remain robust despite supply shortages in lower price ranges

$340,500 apartment UP 17.9% year-to-year

$761,800 detached UP 13.0% year-to-year

BENCHMARK PRICES

$462,500 rowhouse UP 19.3% year-to-year

3,092 SOLD LISTINGS 4,333 NEW LISTINGS

detached 1,385 908 apartment

detached 2,036

1,249 apartment

1.1 MONTHS OF INVENTORY

3,402 ACTIVE LISTINGS

71.4% SALES TO NEW LISTING RATIO

19 DAYS ON MARKET

New listings in May reached 4,333 units. This increase in new listings compared to sales caused the sales-to-new listings ratio to drop to 71 per cent, supporting a modest year-over year inventory gain. Despite this, inventory levels remained nearly half what we typically see in May, with most gains driven by homes priced above $700,000. While inventories did improve this month, conditions continue to favour sellers with one month of supply. Seller market conditions drove price growth across all districts in the city. The unadjusted total residential benchmark price in May reached $605,300, nearly one per cent higher than last month and 10 per cent higher than last May. Statistics reflect market activity in May 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.

City of Calgary, June 3, 2024 - In a market that continues to show resilience, May saw a total of 3,092 resale home sales. While this figure is nearly one per cent below last year's record high, it is 34 per cent higher than long-term trends for the month. The pullback in sales was primarily driven by declines in lower-priced detached and semi-detached homes, where there was limited supply choice compared to last year. "Although new listings have increased, much of this growth is in higher price ranges for each property type," said Ann Marie Lurie, Chief Economist at CREB ® . “Our strong economic situation has supported sales growth in these higher price ranges. However, this month's sales could not offset the declines in the lower price ranges due to a lack of supply choice."

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