Calgary Real Estate Market Update: Insights from April 2024
As we step into April, the Calgary real estate market continues to show impressive dynamics. The latest statistics for March 2024 reveal some intriguing trends that are shaping our local real estate landscape. Whether you’re looking to buy, sell, or simply stay informed, here’s a comprehensive look at what’s happening in Calgary’s market right now.
1. Significant Price Increases Across the City
The Calgary real estate market has experienced notable price increases across various quadrants. In March, the northeast quadrant saw an impressive 17.3% increase in median prices year-over-year. Other areas, including the northwest and north quadrants, also reported substantial growth, with increases of 11.2% and 12%, respectively. The city center, although showing a more modest 5.4% rise, still reflects a strong demand amidst a diverse housing inventory.
The benchmark price for homes in Calgary has surged to $597,600, marking a significant 10.85% increase from the previous year. This upward trend is indicative of a robust market driven by high demand and limited supply.
2. Record Low Inventory Levels
One of the most critical factors influencing the Calgary real estate market is the record-low inventory levels. March saw a dramatic reduction in new listings, down by 21.73% compared to a year ago. With only 2,532 listings available, and 3,172 new listings coming onto the market, the supply remains tight.
This scarcity of inventory has led to increased competition among buyers, pushing prices higher. Detached homes, in particular, have experienced a sharp rise in benchmark prices, reaching $739,700 in March. This trend highlights the ongoing imbalance between supply and demand in the market.
3. High Absorption Rates for Various Property Types
Different property segments in Calgary are seeing impressive absorption rates. Townhouses, for instance, have reached a benchmark price of $448,700—a 20% increase from a year ago. This segment remains highly sought after, with a 126% absorption rate, indicating that properties are being snapped up quickly.
Apartment condos are also in high demand, with an absorption rate of 94.76% in March. The benchmark price for condos has risen to $337,700, reflecting strong interest from first-time buyers and investors. Despite this, luxury condos in higher price brackets remain relatively scarce, underscoring a market preference for more affordable options.
Navigating the Market: Strategies for Success
Given the current market conditions, having a well-thought-out strategy is crucial. For buyers, this may involve exploring off-market opportunities or acting quickly to secure a property before competition intensifies. For sellers, positioning your home effectively and leveraging market trends can result in favourable outcomes.
At Coldwell Banker Mountain Central, our “Your Home Sold Guaranteed, or We’ll Buy It” program is designed to give you confidence and peace of mind. We are committed to helping you achieve your real estate goals with expertise and personalized service.
If you have any questions or need assistance with buying or selling in this dynamic market, don’t hesitate to reach out. Our team is here to provide the guidance and support you need.
Stay tuned for more updates and insights as we continue to navigate the ever-evolving real estate landscape in Calgary.