Calgary Real Estate Market Update: May 2024
As we move through 2024, the Calgary real estate market continues to exhibit remarkable trends and shifts. In our latest market update video for May 2024, we delve into the stats and what they mean for buyers and sellers alike. Here’s a comprehensive overview of what you need to know about the current state of the Calgary real estate market.
Price Trends Across Calgary
The overarching theme for May is a continuation of the upward trajectory in home prices. Despite the anticipated seasonal fluctuations, prices have continued to climb. Here’s a snapshot of the benchmark prices across Calgary’s quadrants:
- North: Benchmark price is $573,500, marking a significant year-over-year increase.
- Northeast: Up by an impressive 16.2% year-over-year, reaching $657,700.
- West: Prices are up 9.7%, reflecting steady demand despite higher price points.
- City Centre: A more modest increase of 4%, influenced by the higher concentration of expensive properties.
- East: A dramatic 22.8% increase, with a benchmark price of $441,000, driven by affordability.
- South: Benchmark price of $594,900, up 11.6%.
- Southeast: Benchmark price is $592,710.2, showing a 12% increase.
Sales and Inventory Dynamics
April 2024 saw a total of 2,881 sales, a 7.26% increase from April 2023, achieved with 16% fewer listings compared to the previous year. This supply-demand imbalance is a key factor in the rising prices. Notably, we are still operating under one month of inventory—an indicator of a highly competitive market.
The average sales price has risen significantly, with properties selling at an average of 101.89% of their listing price. This means many homes are selling at or above asking price.
Benchmark and Median Prices
The benchmark price for April 2024 reached $603,700, up 9.92% from the previous year. Year-to-date, the benchmark price stands at $589,575, a 10.26% increase. The median price for the month is $565,000, while the average price is slightly higher at $608,000.
Condominium Market Insights
The condominium market remains robust with a benchmark price of $346,200, reflecting a 17.72% increase year-over-year. Condos are selling quickly, with an average of 23 days on the market. The price range between $300,000 and $400,000 is currently the most active segment, demonstrating a shift from the previous year’s focus on lower price brackets.
Row Houses and Semi-Detached Properties
Row houses are seeing an extraordinary absorption rate of 142%, with a notable 20% increase in prices, reaching $458,100. Semi-detached properties are also in high demand with an absorption rate of 122% and a benchmark price of $668,400, marking a 12.91% year-over-year increase.
Market Distribution and Buyer Trends
The distribution of sales shows a strong preference for properties priced between $400,000 and $500,000, particularly in the townhouse and semi-detached markets. The inner city market continues to be active, with significant activity in the $700,000 to $900,000 range.
Looking Ahead
As we move into May, the trends suggest a continuation of the current market dynamics. However, keep in mind that real estate markets are subject to fluctuations and adjustments. We anticipate a possible cooling period at some point, but for now, the market remains strong and competitive.
For both buyers and sellers, understanding these trends is crucial for making informed decisions. Whether you’re looking to buy, sell, or simply stay updated on market conditions, having a solid grasp of the current data is invaluable.
If you have questions about how these trends might impact your real estate goals or if you need assistance navigating the market, don’t hesitate to reach out. With extensive experience and a deep understanding of the Calgary market, we’re here to help you achieve your real estate objectives.
Stay tuned for our next update and feel free to contact us with any inquiries or to discuss your real estate needs further.