Courtesy of Ken Nguyen

March reflects strong seller's market and price increases

$337,700 apartment UP 17.1% year-to-year

$739,700 detached UP 14.0% year-to-year

BENCHMARK PRICES

3,172 NEW LISTINGS 2,664 SOLD LISTINGS

$448,700 rowhouse UP 20.4% year-to-year

detached 1,386 detached 1,151 814 apartment 990 apartment

0.95 MONTHS OF INVENTORY

2,532 ACTIVE LISTINGS

83.98% SALES TO NEW LISTING RATIO

20 DAYS ON MARKET

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. Statistics reflect market activity in March 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.

REAL ESTATE AGENT Ken Nguyen

email: kennguyenrealestate@gmail.com phone: 403.991.1153

101-110 Country Hills Landing NW Calgary, AB, T3K 5P3

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