Calgary Real Estate News | May 2024 | Calgary Housing Market Update

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🏠 Calgary Real Estate Market Update - April Insights | Adam Fyfe Real Estate 🏠

📈 Key Market Trends for April: 📈

April's real estate market in Calgary showcased a robust performance with sales climbing to 2,881 units, marking a 7% increase from last year and a substantial 37% above the long-term April trends. This continued growth predominantly featured more affordable, higher-density properties, aligning with current buyer preferences.

🔍 Inventory and Listings Overview: 🔍

The market saw 3,491 new listings in April, an 11% year-over-year increase, aligning closely with historical trends. This balance between new listings and sales helped stabilize the inventory levels, which, despite a 16% drop from last year, prevented further declines. The total inventory stood at 2,711 units, significantly less than usual for this time of year.

💡 Economic Insights and Price Movements: 💡

Ann-Marie Lurie, Chief Economist at CREB®, highlights that while overall supply levels have dipped, the most noticeable reductions are in homes priced below $500,000, which saw a 29% decline. Conversely, listings for homes above $700,000 are on the rise, driven by persistently high-interest rates pushing demand towards more budget-friendly options.

🏡 Market Dynamics: 🏡

With a sales-to-new-listings ratio at 83% and a supply lasting less than a month, the Calgary market continues to favour sellers, pushing prices upward. The total residential benchmark price reached $603,700, a 1% increase over last month and nearly 10% up from last year. Notably, the most substantial price gains are happening in the city's more affordable districts.

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