Calgary Real Estate News | April 2024 | Calgary Housing Market

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🚀 March's Calgary Real Estate Highlights: 🚀

Sales in Calgary soared to 2,664 units this March, marking a significant 10% increase compared to last year and surpassing long-term trends! 📈 With new listings slightly catching up at 3,172 units, they still fall short of the typical March influx, tightening the supply further. 🏠 The sales-to-new listings ratio climbed to a remarkable 84%, pushing the months of supply to dip below one month - a rarity we haven't witnessed since 2006!

🔍 Why This Matters: 🔍

This tight market scenario mirrors the situation back in 2006, paralleled today by a surge in interprovincial migration fueling demand. 🌍 With the rental and resale supply dwindling, it's no surprise that we're facing upward pressure on home prices for the third consecutive year. 📊

💡 Inventory and Pricing Insights: 💡

The inventory for homes under $1,000,000 is dwindling, especially those priced below $500,000. March saw a 22% decrease in inventory from last year, showcasing a market half as stocked as usual. Meanwhile, the total residential benchmark price has hit $597,600, showing a robust 11% increase from last year and a 2% gain from the previous month. 🏘️ This includes significant gains across all property types, particularly in the more affordable row and apartment-style homes.

👀 Looking Ahead: 👀

As we navigate through these dynamic market conditions, staying informed and prepared is key. Whether you're buying, selling, or simply keeping an eye on the market, understanding these trends can help you make the best decisions. 📚

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