October 2024 Calgary Real Estate Market Update: Shifts and Opportunities
As we move into the last quarter of 2024, Calgary’s housing market has shown some intriguing trends, particularly as demand and supply begin to realign in various price ranges. Here’s a quick rundown of what’s happening and how it might impact buyers and sellers.
Market Overview
In October, Calgary recorded 2,174 home sales, marking a 24% rise above long-term monthly trends. These numbers reflect a strong demand, especially for homes priced above $600,000, which are offsetting the supply shortages at the lower end of the market. Despite improving inventory, much of this increase is seen in the higher-priced homes, creating more balanced conditions in these segments but maintaining a strong seller's market in the mid- and lower-priced ranges.
Key Takeaways
Here’s what these trends mean for the Calgary real estate landscape:
Sales Activity Remains Strong: October sales were 24% above historical trends, driven largely by homes priced over $600,000.
Limited Supply in Lower Price Ranges: Supply constraints continue for homes priced under $600,000, sustaining a competitive market for buyers in these segments.
Balanced Conditions at Higher Prices: While lower- and mid-priced properties experience tight conditions, higher-priced homes have seen more balanced market dynamics.
Segment-Specific Trends
Detached Homes
Sales for detached homes rose 10% from last year, with an average price of $753,900. New listings are higher year-over-year but slowed in October. Conditions remain tight, especially for homes under $700,000, with inventory still near two months’ supply.Semi-Detached Homes
October sales increased by over 6% compared to last year, with rising inventory contributing to a more balanced market in the higher price range. The benchmark price for semi-detached homes reached $677,000, reflecting an 8% year-over-year increase.Row Houses
The row housing market faced slower sales in the latter part of the year due to supply constraints, particularly for homes under $400,000. However, inventory gains pushed supply above two months for the first time since 2021, with prices still up 8% year-over-year.Apartment Condominiums
Despite a decline in year-over-year sales for the fifth consecutive month, demand remains relatively high due to rising rents and limited availability in lower-priced segments. Most inventory gains are in the $300,000 - $500,000 range, with benchmark prices up by 11% compared to last year.
Regional Insights
Airdrie: Inventory levels have improved significantly, moving toward a more balanced market with prices holding steady at 5% above last year.
Cochrane: Increased new listings have helped balance conditions, although inventory remains slightly below long-term averages.
Okotoks: With only two months of supply, seller market conditions continue to drive price growth, with prices up by over 6% year-over-year.
Conclusion
As the Calgary market transitions, both buyers and sellers face unique opportunities and challenges. Higher-priced segments offer more balanced options, while lower- and mid-priced properties remain competitive. Understanding these trends can help buyers navigate their choices and allow sellers to strategize around market timing.
Stay tuned for more updates, and feel free to reach out if you have any questions or need further information.