Archive for May, 2024

Prime Development Opportunity in Mount Pleasant – Calgary

Monday, May 20th, 2024

Just listed this Prime development opportunity in the fantastic community of Mount Pleasant.   This Property offers 50-foot frontage and a depth of 120 feet and is flat.   Property is ready to build on with all demolition completed, saving you time and money.  Property has also already been subdivided into two 25-foot lots.  Development opportunities are endless, with the upcoming zoning changes proposed, the City of Calgary Website indicates this property will change to “H-GO” providing higher intensity development than that of R-GC, refer to the City website or call the City for details.    Fantastic location being close to Confederation Park, Kensington, North Hill Mall, Sait, Public transit and schools. Centrally located with a short commute to downtown.


Check out full details and more photos at https://www.tswrealestategroup.com/for-sale/814-and-816-20-avenue-nw–90637854

 

Calgary Real Estate Market Snapshot – May 1, 2024

Wednesday, May 1st, 2024

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

Graph showing Months of Inventory for Calgary Real Estate Market

 

 

Gord’s commentary for the month (just my opinion).

April 2024 Highlights

2024 Continues to Roar!

  • Inventory increased but only marginally.
  • Sales Increased 7.3% over last year and are much higher than long term trends.
  • Prices increased again!
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory increased in April, only by 179 listings so our inventory is still critically low especially in the lower price brackets.

Calgary Sales:

Sales increased again in April but only by 8.15% compared to a 24.8% increase from February to March.

As I have said before if we had more inventory the sales would be substantially higher.

 

Sales Compared to 2023: 

Sales in April were 195 (or 7.3%) over April of last year. Yes, this number has dropped compared to last month, so I point out that from march to April last year we saw a significant increase as I believe we were showing an increase due to the season.  This year we started off booming and it has stayed flatter.

  Jan Feb Mar Apr May June
2023 1198 1738 2135 2686    
2024 1650 2135 2664 2881    
Change +452 +397 +529 +195    
% Change 37.7% 22.8% 24.8% 7.3%    

 

  July Aug Sept Oct Nov Dec
2022 2249 2133 1893 1855 1642 1200
2023 2647 2729 2441 2171 1787 1366
Change +398 +596 +548 316 +145 +166
% Change +17.7% 27.9% +28.9% +17.1% 8.8% 15.5%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by another $6,100 or 1.02% in April. Increases were fairly consistent across all sectors.

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

Year to date the entire market has increases by $33,600 or 5.89% which is substantial. As long as we are inventory challenged these increases will continue.

 

Current Months of Inventory (Absorption Rate):  Our Months of Inventory remained flat this month with the largest change being an increase in Apartment Condos of .10 and a decrease in Attached Row Homes of .9. 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 .94 months of inventory we are deep in Seller’s market and prices will continue to rise. On the street I am seeing more offers on listings and the amount over list price appears to be rising.

If you are following Real Estate listings you will also notice that some listings, come on the market at what looks like an incredible deal! Some sellers are listing well below market value trying to create multiple offers and then those listings sell for substantially higher than list price.

 *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.

 

See Calgary Real Estate Stats Below

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats