March saw a notable surge in sales for the Calgary real estate market, reaching 2,664 units, marking a 10% year-over-year increase, far exceeding typical trends. Although new listings saw a slight uptick from the previous month, at 3,172 units, it fell short of March averages, failing to balance supply with demand. The sales-to-new listings ratio climbed to 84%, with supply plummeting below a month’s worth.
Inventory took a hit, especially for properties under $1,000,000, with the steepest drops seen in homes below $500,000, leaving just 2,532 units in stock, a 22% drop from the previous year. The residential benchmark price surged to $597,600, a 2% monthly increase and an impressive 11% spike year-over-year across all property types.
Calgary Real Estate Market: Detached
Detached homes witnessed a rise in sales, hindered by limited new listings. March saw 1,386 new listings compared to 1,151 sales, resulting in a sales-to-new listings ratio of 83%. Despite relatively stable inventories, they were 24% lower than the previous year, with most of the available inventory priced above $700,000. This imbalance pushed prices up, with the benchmark price hitting $739,700, a 3% monthly jump and a 14% year-over-year increase.
Calgary Real Estate Market: Semi-Detached
Semi-detached properties faced similar supply challenges, with 260 new listings and 250 sales, pushing the sales-to-new listings ratio to 96%. This scarcity drove prices up, with the benchmark price hitting $658,000, a 3% monthly increase, and a significant 14% surge year-over-year across all districts.
Calgary Real Estate Market: Row/Townhomes
March witnessed growth in both sales and new listings for row properties, but with 536 new listings and 449 sales, the sales-to-new listings ratio stagnated at 84%. Inventory dropped to 355 units, 12% lower than the previous year, largely driven by properties priced below $400,000. Prices rose to $448,700, nearly 3% monthly, and over 20% higher than the previous year.
Calgary Real Estate Market: Apartments
Apartment condominiums witnessed robust sales, with 814 units sold in March, contributing to record-high first-quarter sales of 1,940 units, a 31% increase from the previous year. Despite improved listings, tight conditions favored sellers, driving prices to $337,700, over 2% monthly, and 17% higher than last March.
Regional Markets
Airdrie
In March, sales totaled 203 while new listings reached 218, improving the market. However, inventory plummeted by 22% compared to last year and 56% below typical March levels. With less than a month of supply, home prices surged. The benchmark price hit $540,400, up 2% monthly and over 9% annually, with stronger gains for lower-priced properties.
Cochrane
After a sluggish start to the year, March witnessed sales climbing nearly in line with new listings, boosting the sales-to-new listings ratio to 99%. This led to continued declines in inventory, with supply dropping to just over one month. By March, the total residential benchmark price surged to $555,300, marking a monthly increase of over one percent and a substantial year-over-year rise of nearly 12%. Prices escalated across all property types, with detached prices surpassing $650,000 for the first time.
Okotoks
Okotoks faces supply challenges with only 71 new listings meeting 65 sales in March. Inventory stood at 54 units, down 10% from last year and nearly 70% below long-term trends. Limited supply and robust sales led to a drop in months of supply, hitting a low not seen since 2006. This tight market drove prices up, with the benchmark price reaching $610,700, a 1% monthly increase and a 9% yearly rise, especially impacting semi-detached and row properties.
