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Market Report – April 2024

March Madness 2024 Market Report

March Madness extends beyond NCAA tournaments and over to Calgary’s Real Estate Market! March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While buyers welcomed the uptick in new listings over last month, they were still below what we typically see in March. There was not nearly enough sales relative to new listings to put any dent in the current low supply situation. In March, the sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month which means one hot sellers market!

“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month,” said Ann-Marie Lurie, Chief Economist at CREB®. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.

In March’s unadjusted benchmark price had a 2% per cent gain over last month and nearly 11 per cent higher than last year. Prices have increased across all property types, with the most significant year-over-year gains occurring for the relatively more affordable row and apartment-style homes.

Additionally:

I’m noticing significant interest from both existing and new clients keen on entering the condo market for investment purposes. The affordability of products coupled with substantial increases in rental rates over the past two years make for attractive investment opportunities, with many options offering positive cash flow. However, amidst this enthusiasm, many clients considering upsizing or downsizing express concerns about the selling and buying process. To address these worries, we offer strategies like adding specific terms and conditions to contracts. Additionally, we advise clients that purchasing is currently more challenging than selling, emphasizing the importance of securing the right home first. We’re proactively preparing marketing materials for many of these listings, poised to go live as soon as clients secure a property. If you’re interested in navigating this market or exploring investment opportunities for your portfolio, I encourage you to reach out for a discussion and further information. Moreover, throughout April and May, we’ll be conducting equity check-ups for our homeowner clients, so keep an eye on your email for those updates.

Your Calgary & Area Residential Stats breakdown for March 2024.

Detached:

-Sales rose in March, but constrained by limited new listings.
-New listings: 1,386 units; Sales: 1,151 units; Sales-to-new listings ratio: 83%
-Inventories stable compared to last month, 24% lower than last year.
-71% of available inventory priced above $700,000.
-Months of supply dropped below one month.
-Unadjusted detached benchmark price: $739,700; monthly gain: nearly 3%; year-over-year gain: 14%.
-Largest gains in North East and East districts.

Semi-Detached:

-Sales-to-new listings ratio: 96%; preventing inventory improvement.
-Limited supply, growing demand drive price gains.
-Unadjusted benchmark price: $658,000; monthly gain: nearly 3%; year-over-year gain: 14%.
-Year-over-year gains across all districts.

Row:

-Sales and new listings increased, sales-to-new listings ratio: 84%.
-Inventory: 12% below last year’s levels.
-Inventory decline mainly in properties priced below $400,000.
-Unadjusted benchmark price: $448,700; monthly gain: nearly 3%; year-over-year gain: over 20%.
-Highest growth in most affordable districts.

Apartment Condominium:

-March sales: 814 units; Q1 sales record-high: 1,940 units.
-March sales-to-new listings ratio: 82%.
-Benchmark price: $337,700; monthly gain: over 2%; year-over-year gain: 17%.

Regional Market Facts:

Airdrie:

-Sales-to-new listings ratio: 93%; inventory levels 22% below last year.
-Benchmark price: $540,400; monthly gain: 2%; year-over-year gain: over 9%.

Cochrane:

-Sales-to-new listings ratio: 99%; months of supply just over one month.
-Total residential benchmark price: $555,300; monthly gain: over 1%; year-over-year gain: nearly 12%.

Okotoks:

Limited supply; sales matched by new listings.
-Inventory: 54 units; year-over-year decline: 10%.
-Months of supply below one month.
-Benchmark price: $610,700; monthly gain: 1%; year-over-year gain: 9%.

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