Are Prices Stabilizing? Calgary Single-Family Market Analysis

Calgary Detached Homes Market Update - August 2024

Overview: August 2024 brought notable changes to Calgary's detached home market. Sales decreased by 14% compared to last year, indicating a shift in buyer preferences and market dynamics. This video provides an in-depth analysis of the current state of the market, focusing on supply levels and price trends.

Market Trends: While there was an increase in sales of homes priced above $600,000, it wasn't sufficient to counterbalance the significant declines in more affordable price ranges. The shortage in lower-priced home inventory continues to pose challenges, impacting overall sales figures.

Inventory Insights: As of August, the inventory for detached homes stood at 2,011 units, with the majority—over 85%—priced above $600,000. This distribution has contributed to an increase in the months of supply, which reached nearly two months, a marked improvement from the tight conditions seen in the spring.

Price Movements: The market's easing has begun to relieve some of the upward pressure on home prices. The unadjusted benchmark price for detached homes was $762,600, showing a slight decrease from the previous month but still maintaining a robust year-over-year growth of over nine percent.

Conclusion: Tune in to understand how these shifts could affect your real estate decisions, whether you're looking to buy, sell, or simply stay informed about Calgary's housing market.

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