November 2024 Housing Market Update: Key Insights
As winter approaches, Calgary's housing market is aligning with seasonal trends, showing a cooling in activity compared to the fall months. Here's a detailed look at the November 2024 housing market:
1. Overall Market Trends
Sales:
1,797 sales in November, matching last year’s figures and 20% above long-term averages.
Growth observed in detached, semi-detached, and row homes, while apartment sales declined.
Inventory:
4,352 units available, a significant increase from last year’s 3,000 units.
Despite the improvement, supply levels remain below long-term trends.
Prices:
Residential benchmark price: $587,900, marking a 4% year-over-year increase.
Price growth has slowed due to increased supply and heightened demand for affordable housing options.
2. Market by Property Type
Detached Homes:
Sales growth primarily in homes priced above $600,000, while lower price ranges faced supply challenges.
Benchmark price: $750,100, a 7% rise compared to last year.
Market conditions favorable for sellers below $700,000, while higher price ranges are more balanced.
Semi-Detached Homes:
173 sales in November, contributing to a 5% year-to-date increase.
Benchmark price: $675,100, up 8% from last year.
Seller's market conditions, particularly for homes under $700,000.
Row Homes:
Sales increased by 3% year-to-date, reflecting strong demand for affordability.
Benchmark price: $454,200, a 7% increase year-over-year.
Tight market conditions with just two months of supply. Price increases are slowing compared to earlier in the year.
Apartment Condominiums:
429 sales in November, lower than last year but 47% above long-term trends.
Benchmark price: $337,800, a 9% year-over-year increase.
Rising supply is easing price pressures, particularly for units priced between $300,000 and $500,000.
3. Regional Market Highlights
Airdrie:
Supply: 344 units, returning to pre-2020 levels.
Benchmark price: $543,300, a 4% increase year-over-year.
Apartment-style homes saw the most significant price growth at 16%.
Cochrane:
Record-high November sales, with strong activity in detached homes.
Benchmark price: $568,600, a 4% rise from last year.
Inventory remains tight, even with an increase in new listings.
Okotoks:
Limited new listings (47) but strong sales (52) kept inventory constrained.
Benchmark price: $624,000, up 6% year-over-year.
Row homes recorded the most significant price gains.
Final Thoughts
This November housing market update showcases the latest trends shaping Calgary’s real estate market. Whether you’re looking to buy, sell, or invest, staying informed is essential to making the right moves.