June 2024 Calgary Home Sales: Single Family Market Trends & Price Analysis

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Market Overview for May 2024:

In May, the Calgary real estate market witnessed a complex dynamic. While there was a notable gain in sales for detached homes priced over $700,000, it wasn't sufficient to counterbalance the sales declines in lower-priced segments. Overall, year-over-year sales saw a decrease of seven percent. Concurrently, an increase in new listings helped balance the market slightly, dropping the sales-to-new-listings ratio to 68%, which aided in modest inventory growth.

Inventory and Price Trends:

Despite these shifts, inventory levels for homes priced below $600,000 continued to shrink, now representing only 13% of the detached market. This scarcity underpins a market that still heavily favors sellers. With just over one month of supply available, market conditions remain tight, pushing prices upward. By May, the unadjusted benchmark price for detached homes rose to $761,800—a rise of over 1% from the previous month and an impressive 13% increase from last year. Notably, the largest price gains were recorded in the city’s most affordable districts.

Navigating the Market:

The current market conditions highlight the ongoing demand for higher-priced homes while underscoring the challenges in the more affordable segments due to limited availability. These trends are crucial for potential buyers and sellers to understand as they navigate the complexities of the Calgary real estate market.

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