How’s The Market For Detached Homes In Calgary?

The latest CREB stats for May 2024 indicate notable trends in the Calgary detached home market. Here are the key highlights:

1. Sales Growth:

• Sales slightly decreased to 1,385 units in May 2024 from 1,485 units in May 2023.

• Year-to-date (YTD) sales have increased, with 5,538 sales in 2024 compared to 5,283 in 2023.

2. New Listings and Inventory:

• New listings have risen significantly, with 2,036 new listings in May 2024 compared to 1,795 in May 2023.

• The total inventory has increased to 1,596 units in May 2024 from 1,484 in May 2023.

3. Days on Market:

• The average days on market has decreased, indicating a faster-paced market. In May 2024, it stands at 18 days, down from 22 days in May 2023.

4. Pricing Trends:

• The benchmark price for detached homes has risen to $761,800 in May 2024, compared to $674,000 in May 2023.

• The median price increased from $657,464 in May 2023 to $730,000 in May 2024.

• The average price saw a significant increase, reaching $822,873 in May 2024 from $733,230 in May 2023.

5. Price Range Sales:

• Sales have increased in higher price ranges. For example, sales in the $700,000 - $749,999 range increased from 143 units in May 2023 to 168 units in May 2024.

• Higher price brackets, such as $1,000,000 - $1,299,999, also saw substantial growth, with sales rising from 70 units in May 2023 to 106 units in May 2024.

6. Market Trends:

• The average price, median price, and benchmark price have all seen a year-over-year increase, indicating overall price appreciation in the market.

• The months of inventory have trended downward, suggesting a tightening market with increased demand relative to supply.

In summary, the Calgary detached home market is experiencing robust growth with increased new listings, higher prices, and a quicker turnover rate, reflecting strong demand and a healthy market environment.

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