Calgary Real Estate Market Update – September 2024
Sales and Inventory Trends In September 2024, Calgary’s real estate market saw 2,003 sales, marking a 17.6% decrease compared to last year’s record-breaking performance, but still 16% higher than traditional September sales levels. The decline was largely driven by a lack of activity in the lower-priced segment of the market, while sales in higher price ranges grew. The inventory levels reached 5,064 units, almost double the exceptionally low levels reported earlier this year. This increase in supply helped ease some of the extreme seller market conditions seen during the spring.
New Listings and Market Shifts New listings climbed to 3,687 units, the highest reported for a September since 2008. Most of the new listings were concentrated in higher price ranges, which has improved supply but failed to fully address the lack of affordable housing. This dynamic is likely preventing stronger sales in the lower price range, as affordability remains a concern for many buyers.
While sales have decreased overall, the high-end market (homes over $700,000) saw a 9% increase in activity. However, this growth was not enough to balance out the decline in lower-priced home sales.
Price Growth The unadjusted benchmark price for September 2024 sat at $596,900, which is 15.5% higher than last year’s levels, showing strong year-over-year growth despite the cooling market. Detached homes reported a benchmark price of $757,100, up nearly 9% from last year, while semi-detached homes reached $678,400, a 10% increase. Apartment-style condos also saw impressive gains, with prices up by 14% year-over-year, reaching $345,000.
Balanced Market Conditions The months of supply in Calgary’s real estate market increased to 2.5 months in September, up from record lows in previous months but still favoring sellers. The increased inventory and a slight easing in demand have contributed to a moderation in price growth, with prices beginning to level off following sharp rises earlier in the year. However, given the strong year-over-year performance and the expectation of sustained demand in the upper price ranges, the market is shifting towards more balanced conditions moving forward.
Calgary Region Real Estate Market Overview
The surrounding towns of Airdrie, Cochrane, and Okotoks all saw a rise in inventory levels in September, marking a shift towards more balanced market conditions. However, months of supply across these areas are still relatively low, favoring sellers. Prices continue to grow year-over-year, with Okotoks experiencing the highest benchmark price increase. While demand remains strong, particularly in higher price ranges, the improving supply is gradually taking some of the pressure off home prices across the region. As new listings increase, this could ease price growth and bring further balance to the market heading into the fall season.
Airdrie
- Benchmark Price: $551,000
- Sales: 151
- Inventory: 349
- Months of Supply: 2.31
In Airdrie, inventory levels improved significantly compared to previous months, reaching 349 units, an increase driven by a boost in new listings relative to sales. The months of supply climbed to 2.3 months, an increase from the consistently tight market seen since 2021. Despite these gains, conditions still favor sellers, but the increased inventory has eased some of the upward pressure on home prices. The benchmark price in Airdrie for September was $551,000, reflecting a moderate growth rate as the market balances out.
Cochrane
- Benchmark Price: $578,300
- Sales: 58
- Inventory: 174
- Months of Supply: 3.00
Cochrane’s real estate market has shown signs of balancing, with inventory rising to 174 units in September. The months of supply reached 3.0 months, the highest level seen since the end of 2020, allowing for more choice for buyers. The benchmark price for Cochrane was $578,300, which remains stable compared to the previous month but is up nearly 9% compared to September 2023. Despite the rising inventory, prices have held steady as demand remains robust. However, if inventory continues to grow, price increases may slow.
Okotoks
- Benchmark Price: $630,300
- Sales: 53
- Inventory: 106
- Months of Supply: 2.00
In Okotoks, inventory levels remain low, though they have been trending upwards in recent months. The town recorded 106 units of inventory in September, with months of supply increasing to 2.0. While this represents a significant improvement compared to earlier in the year, it still leans in favor of sellers. The benchmark price for Okotoks rose to $630,300, nearly 1% higher than last month and 9% higher than September 2023. As supply levels increase, the market may begin to stabilize further, though current conditions still suggest upward price pressure.
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