Calgary Real Estate Market Report – May 2024
In May, the Calgary real estate market showed resilience with 3,092 resale home sales. This is nearly one percent below last year’s record high but 34 percent above long-term trends. Sales declines were driven by lower-priced detached and semi-detached homes due to limited supply.
New listings in May reached 4,333 units, 19 percent higher than last year. This increase in listings compared to sales dropped the sales-to-new listings ratio to 71 percent. This supported a modest year-over-year inventory gain. Despite this, inventory levels were nearly half the typical May levels, driven by homes priced above $700,000.
Inventories improved this month, but conditions still favor sellers with one month of supply. Several districts reported less than one month of supply, while the City Centre had the highest supply-to-sales ratio at one and a half months. Seller market conditions drove price growth across all districts. The unadjusted total residential benchmark price in May reached $605,300, nearly one percent higher than last month and 10 percent higher than last May.
CALGARY REAL ESTATE MARKET: DETACHED
Sales for detached homes priced over $700,000 increased but couldn’t offset declines in lower price ranges. Year-over-year sales declined by seven percent. New listings rose, dropping the sales-to-new-listings ratio to 68 percent, and supporting inventory growth. Inventory levels for homes priced below $600,000 fell, accounting for only 13 percent of the detached market.
With just over one month of supply, the detached market favors sellers, and prices continue to rise. In May, the unadjusted benchmark price reached $761,800, over one percent higher than last month and 13 percent higher than last year. Prices improved across all districts, with the most significant gains in the most affordable districts.
CALGARY REAL ESTATE MARKET: SEMI-DETACHED
Year-over-year sales declined, but year-to-date sales rose by nearly 11 percent. Improved new listings dropped the sales-to-new-listings ratio to 72 percent, driving inventory gains. The market continues to favor sellers with one month of supply, driving prices up. The benchmark price in May reached $678,000, over one percent higher than last month and 13 percent higher than last May.
CALGARY REAL ESTATE MARKET: ROW/TOWNHOMES
May reported 540 sales, contributing to a 16 percent year-to-date rise. New listings rose, supporting inventory gains. Inventory levels for properties below $400,000 declined, but gains in higher-priced row properties supported overall inventory gains. With a sales-to-new-listings ratio of 78 percent and less than one month of supply, conditions favor sellers, driving price growth. In May, the benchmark price reached $462,500, nearly two percent higher than last month and over 19 percent higher than last year.
CALGARY REAL ESTATE MARKET: APARTMENTS
Demand for affordable homes drove growth for apartment condominiums. May sales continued to rise, contributing to a year-to-date record high with a 19 percent gain. Gains in new listings prevented a further drop in inventory levels. Inventory levels were similar to last year, with gains for products over $300,000 offsetting declines in lower-priced homes. With just over one month of supply, conditions favor sellers, and prices continued to rise compared to last month and last year. Year-over-year price gains exceeded 30 percent in the North East and East districts, with the lowest growth in the City Centre at 13 percent.
REGIONAL MARKETS
Airdrie
New listings compared to sales supported an inventory gain, but levels are still half the traditional May levels. Detached homes accounted for nearly 70 percent of all inventory, with half priced below $700,000. Airdrie remains an affordable alternative to Calgary, but benchmark prices continue to rise over last month’s and last year’s levels. Benchmark prices ranged from $289,000 for apartment-style homes to $651,000 for detached properties.
Cochrane
New listings nearly matched sales, causing the sales-to-new-listings ratio to rise to 98 per cent and inventories to decline. Tight market conditions continue to drive price growth. The total residential benchmark price rose by over one per cent compared to last month and 10 per cent over last year. The most significant price growth was for apartment-style homes, which reached $304,900. Detached home prices rose to $667,700 in May.
Okotoks
Inventory levels in Okotoks remained exceptionally low in May. New listings improved slightly, with 100 new listings met by 75 sales, keeping the sales-to-new listings ratio at 75 per cent. With one month of supply, upward pressure on home prices continued. In May, the unadjusted residential benchmark price rose by one per cent over last month and is over eight per cent higher than last year’s. Prices ranged from $262,500 for an apartment condominium to $699,600 for a detached home.
For more detailed insights into the Calgary real estate market, or if you’re looking to buy or sell a home, visit my website. https://dylantopolnisky.royallepage.ca/
Feel free to reach out—I am here to help you confidently navigate the market.
