Calgary Housing Market July 2024: Sales Dip & Inventory Rises

Calgary Real Estate Market Update - July 2024 | Adam Fyfe Real Estate

Market Shifts Post-Spring Rush:

As we move past the bustling spring market, July has introduced noticeable shifts in Calgary’s real estate landscape. This month saw 2,380 sales and 3,604 new listings, leading to a sales-to-new listings ratio of 66%. This marks a significant development, as inventories rose to 4,158 units—the highest in nearly two years, though still 33% below typical July levels.

Inventory and Pricing Trends:

Most of the inventory growth was noted in homes priced above $600,000, which has helped temper the extreme seller's market conditions we experienced throughout the spring. "We're seeing a relief in supply challenges, particularly in lower-priced homes, which is alleviating some of the intense price pressures we’ve observed," commented Ann-Marie Lurie, Chief Economist at CREB®.

Current Market Conditions:

While July sales have decreased by 10% compared to last year's record highs, they remain above the long-term trends for this month. The rise in inventory, coupled with a slowdown in sales, has pushed the months of supply to 1.8 months. This still favors sellers but is a marked improvement from the less than one month of supply seen earlier this year.

Price Stability Emerging:

The improved supply levels have also slowed the rate of price increases across all property types. The total residential benchmark price in July stood at $606,700, holding steady from last month and showing a year-over-year increase of nearly 8%.

Navigating the Evolving Market:

With the market showing signs of balancing, it's crucial for both buyers and sellers to stay informed. Subscribe to Adam Fyfe Real Estate for monthly updates, in-depth analysis, and expert insights to help you navigate the complexities of the Calgary real estate market effectively.

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