Courtesy of Matthew Dekort

Supply levels improving for higher-priced homes

$341,700 apartment UP 11.4% year-to-year

$753,900 detached UP 8.0% year-to-year

BENCHMARK PRICES

$456,600 rowhouse

2,174 SOLD LISTINGS 3,264 NEW LISTINGS

detached 1,536 detached 1,071 560 apartment 921 apartment

UP 8.1% year-to-year

2.3 MONTHS OF INVENTORY

4,966 ACTIVE LISTINGS

66.6% SALES TO NEW LISTING RATIO

32 DAYS ON MARKET

City of Calgary, November 1, 2024 — Sales gains for homes priced above $600,000 offset declines at the lower end of the market, resulting in October sales that were similar to last year. The 2,174 sales in October increased over September and stood 24 per cent above long-term trends for the month. “Housing demand has stayed relatively strong in our market as we move into the fourth quarter, with October sales rising over last month,” said Ann-Marie Lurie, Chief Economist at CREB ® . “However, activity would likely have been stronger if more supply choices existed for lower-priced homes. Supply levels in our market are improving relative to the ultra-low levels experienced last year, but much of the gains have been driven by higher-priced units for each property type.

This results in conditions far more balanced in the upper end of the market versus the seller's market conditions in the lower to mid-price ranges of each property type.” The gains in new listings relative to sales over the past six months have supported inventory gains in the city. As of October, 4,966 units were available, a significant improvement over the near-record low reported last October. While inventories are starting to reach levels more consistent with long-term trends, the inventory composition has changed as nearly half of all the residential inventory is now priced above $600,000. Statistics reflect market activity in October 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.

Matthew Dekort B.Comm., ABR ® , SRES ® Cell: 403.680.2729 | www.MatthewDekort.com | Matthew@MaxWellExpertsPlus.ca

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