What is really happening in the Calgary Real Estate Market?
Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading. As you can see our months of inventory is has flattened out.
Gord’s commentary for the month (just my opinion).
October 2024 Highlights
- Appears that the Market Slowdown has stopped.
- Months of Inventory for Calgary only changed by .05 in October
- Sales for October were 5 sales higher than last October.
Calgary Listing Inventory
The Calgary listing Inventory decreased in October by 98 listings. It is important to note that listings over $1,000,000 increased and the Inventory of lower priced homes decreased.
Calgary Sales:
Sales across all sectors remained flat from September, however sales of detached homes increased by 129 homes.
Sales Compared to 2023:
Sales in October compared to 2023 were up by 5. Typically, in October we will see a seasonal decline, so October was a good month. As you can see from below sales compared to last year have been way down from last year for the last 3 months, so this is showing some recovery.
Jan | Feb | Mar | Apr | May | June | |
2023 | 1198 | 1738 | 2135 | 2686 | 3117 | 3140 |
2024 | 1650 | 2135 | 2664 | 2881 | 3092 | 2738 |
Change | +452 | +397 | +529 | +195 | -25 | -402 |
% Change | 37.7% | 22.8% | 24.8% | 7.3% | – .8% | -12.8% |
July | Aug | Sept | Oct | Nov | Dec | |
2023 | 2644 | 2716 | 2430 | 2169 | ||
2024 | 2380 | 2186 | 2003 | 2174 | ||
Change | -264 | -530 | -427 | 5 | ||
% Change | <10% | 19.6% | 17.6% | .2% |
Calgary Real Estate Benchmark Sales Prices:
The overall Benchmark price in October declined by $4400. What’s interesting is that detached homes declined by $3,200 and Apartment Condos decreased by $3300
Calgary Real Estate Benchmark Year to Date Sales Price: See chart below.
Year to date the entire market has increased by $26,800 or 4.7% which is substantial.
Current Months of Inventory (Absorption Rate): Our Months of Inventory stayed flat in all sectors except detached homes which decreased by .41
My Prediction for what is ahead:
Yes, the market has slowed dramatically from last year however we are still in a very tight market and with things flattening out in October with a very low overall months of Inventory we could likely end off the year in a tight market. If this happens then once seasonal demand starts to increase again it could put us back into a frenzied seller’s market.
*Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.
*All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.