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.
Graph showing Months of Inventory for Calgary Real Estate Market
Gord’s commentary for the month (just my opinion).
February 2024 Highlights
A booming start to 2024!
- Inventory increased but only marginally.
- Sales Increased
- Prices increased!
- Seller’s market continues….
Calgary Listing Inventory
Our listing inventory increased in February but only by 205 listings of which half of the increase is in the Apartment sector.
Calgary Sales:
Sales increased by 485 sales (or 29.4%). This number is not surprising as the end of the year is always the low point and sales will normally increase from here until May or June.
Sales Compared to 2023:
It is also important to look at sales compared to the Previous year. Sales for February beat sales from February 2023 by 397 or 22.8%.
| Jan | Feb | Mar | Apr | May | June | |
| 2023 | 1198 | 1738 | ||||
| 2024 | 1650 | 2135 | ||||
| Change | +452 | +397 | ||||
| % Change | 37.7% | 22.8% |
Calgary Real Estate Benchmark Sales Prices:
The overall Benchmark price increased by $12,700 or 2.22%. Increases were seen in all market sectors with Detached homes leading (2.72%) followed by Attached Row (2.37%), then Semi-detached homes at (2.26%) and finally Apartment Condos at 1.73%
Calgary Real Estate Benchmark Year to Date Sales Price: See chart below.
Year to date the entire market has increases by 2.61% with 2.22% of that being in February only.
Again, all sectors are up year to date.
Current Months of Inventory (Absorption Rate):
Our Months of Inventory declined again by .20 putting us into an even deeper Sellers Market. The only sector that increased was the Attached Row sector and it increased by .01%
Keep in mind that anything below 2.5 is in a seller’s market position so we are deep in Seller’s market territory and prices will continue to rise.
My Prediction for what is ahead: Anything below 2.5 months of Inventory is in a seller’s market position so at 1.1 month of inventory we are deep in Seller’s market and prices will continue to rise.
*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.
Calgary Real Estate Board Stats