Calgary Detached Homes Market Update - August 2024 Price Analysis

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Overview of July’s Detached Home Sales:

In July, the Calgary detached home market saw a notable shift, with sales decreasing by eight percent. Despite a 15 percent increase in sales of homes priced above $600,000, this was overshadowed by a significant 50 percent decline in sales of lower-priced homes. This stark contrast highlights the ongoing challenge of limited availability in more affordable housing segments, as both inventories and new listings for these homes continue to decrease.

Inventory and Market Dynamics:

This month recorded 1,098 sales against 1,721 new listings, leading to a rise in total inventories to 1,950 units. While still below historical levels, this increase in inventory has nudged the months of supply to nearly two months, signalling a move towards more stable market conditions.

Price Trends:

The unadjusted benchmark price for detached homes in July held steady at $767,800, mirroring last month’s figures but showing a substantial 11 percent increase from July of the previous year. This price stability, amidst varying inventory levels, underscores the nuanced dynamics of Calgary’s real estate market.

Navigating the Market:

As the market shows signs of balancing, it's crucial for buyers and sellers to stay informed. This month’s trends indicate a potential easing in the extremely tight market conditions seen earlier this year, particularly for higher-priced homes.

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