June 2024 Real Estate Market Update: Trends and Insights
As we step into June, it’s time for our monthly real estate market update. This month, we’re seeing more of the same trends, but with some new and interesting statistics that highlight the current state of the market. If you’re considering buying or selling, or just want to stay informed, this update is for you.
Market Overview
The Calgary real estate market continues to demonstrate a strong demand with tight inventory. In May 2024, we saw 3,092 sales on the MLS, a slight dip from May 2023. However, the total sales volume is up, primarily due to rising prices. New listings increased by 18.57% from the previous year, totaling 4,033. Despite this, inventory remains low, with only 3,402 listings available in a city with a population of 1.5 million. This tight inventory is contributing to a continued rise in home prices.
Pricing Trends
The benchmark price for all properties is up 9.52% from last year, with the median price rising 10.95% to $562,000. The increase in prices reflects a strong demand and limited supply. For a detailed look at the market segments:
- Condominiums: The absorption rate for apartment condos is 81.81%, with a benchmark price of $340,500. This represents a 1.49% increase from April and a 14% increase from last May. The sweet spot for condos is between $300,000 and $400,000.
- Row Houses/Townhouses: With a remarkable absorption rate of 127%, townhouses are in high demand. The benchmark price is now $462,500, up 18.44% from last year. The market remains competitive, with properties in the $400,000 to $500,000 range being most popular.
- Semi-Detached Homes: Semi-detached properties have an absorption rate of 95.22%, with a benchmark price of $678,000, up 12.91% from last May. The $600,000 to $700,000 price range is currently the most active.
- Detached Homes: The detached market is similarly competitive, with an absorption rate of 86.78% and a benchmark price of $761,800. Prices are rising, and we expect to see further increases as demand continues to outstrip supply.
Market Insights
The market remains robust, with significant demand across all property types. If you’re considering selling, now could be an opportune time to capitalize on rising prices. Buyers should be prepared for competitive conditions and potentially higher prices.
Upcoming Events
Don’t forget our annual Stampede Breakfast on July 6 from 8:00 am to 12:00 pm at our office, located at 6420 6a ST SE, Calgary. Join us for face painting, tattoos for kids, and bandannas. It’s a great opportunity to connect with the community and have some fun!
Get in Touch
Whether you’re looking to buy, sell, or simply gather information, feel free to reach out. I’m here to help with any questions you may have and provide advice tailored to your needs. Contact me through email, text, or Facebook Messenger—your feedback and inquiries are always welcome.
For more detailed information on the market or to access our resources, visit Rob Vanovermeire Real Estate Team.
Stay tuned for more updates, and see you at our Stampede Breakfast!