Courtesy of Ryan Torris

MARCH REFLECTS STRONG SELLER’S MARKET AND PRICE INCREASES

CALGARY

AIRDRIE

City of Calgary, April 1, 2024 – March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March and not enough relative to sales to drive any change in the supply situation. In March, the sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month. “We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month,” said Ann-Marie Lurie, Chief Economist at CREB ® . “Moreover, we are entering the third consecutive year of a market favouring the seller as the two year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.” In March, the unadjusted total residential benchmark price rose to $597,600, a two per cent gain over last month and nearly 11 per cent higher than last year. Source: CREB ®

BENCHMARK PRICE Current: $739,700 Last Mo.: 2.5 % Last Yr.: 14 %

BENCHMARK PRICE Current: $540,700

Last Mo.: 2% Last Yr.: 9.4%

DAYS ON MARKET

DAYS ON MARKET

22

20

NEW LISTINGS

NEW LISTINGS

3,172

218

ACTIVE LISTINGS

ACTIVE LISTINGS

2,532

162

SOLD LISTINGS

SOLD LISTINGS

2,664

203

Stats Reflective of March 2024 Source: CREB ®

Stats Reflective of March 2024 Source: CREB ®

Market values stated are of the average 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.

Market values stated are of the average of Airdrie. 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.

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R yan T orris REALTOR ® - TOP PRODUCER - OWNER Real Estate Agent, 1forAll Charity Contributor 403.710. SOLD (7653) concierge@blackrockre.ca www.blackrockre.ca @blackrockre

201, 120 2nd Ave NE Airdrie, AB T4B 2N2

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