Moving Towards a More Balanced Market: Calgary Real Estate Shifts in August 2024
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Moving Towards a More Balanced Market: Calgary Real Estate Shifts in August 2024
Overview of Calgary's Housing Market in August 2024:
As we transition away from the high-octane seller's market of early 2024, Calgary's real estate landscape is showing significant shifts. This August, we've witnessed a substantial easing in sales combined with an increase in inventory, bringing the months of supply to over two months — a balance not seen since late 2022.
Market Dynamics:
According to Ann-Marie Lurie, Chief Economist at CREB®, the increase in supply is supported by a rise in new home construction and a boost in new listings, signaling a move towards a healthier, better-supplied market. Despite these positive changes, supply levels, especially for lower-priced properties, remain below the levels needed for a fully balanced market. This suggests a gradual transition that buyers and sellers should monitor closely.
Sales and Inventory Insights:
In August, there were 2,186 property sales, marking a 20% decrease from the previous year's peak but still 17% higher than the average for this month. Notably, the decline was predominantly in homes priced below $600,000. Meanwhile, inventories rose to 4,487 units, 37% higher than last August, yet still below the long-term trends by about 25%.
Price Trends:
After robust gains earlier in the year, the pace of price growth is beginning to moderate. The total unadjusted residential benchmark price reached $601,800, up 6% from last year but showing a slight dip from the previous month. This trend reflects the evolving market dynamics and suggests a potential stabilization in pricing as supply continues to grow.
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📚 Video Chapters 📚
00:00 - Is Calgary's Real Estate Market Slowing Down?
00:22 - Meet Adam Fyfe, Calgary's Leading Realtor on YouTube
00:36 - Is the Bank of Canada Going to Lower Interest Rates?
00:59 - Yearly Changes, Calgary Real Estate Sales Decline and Inventory Rises
01:17 - Detailed Analysis from the Calgary Real Estate Board
03:23 - Current State of Calgary Real Estate Market
06:07 - Where are all the Real Estate Sales in Calgary?
07:16 - Calgary's Inventory Hits Highest Since 2022
07:45 - Calgary's Market Trends Compared to Last Year
10:03 - Price Analysis, Homes Across Calgary's Quadrants
10:23 - Analyzing Selling Prices in Calgary's Housing Market
11:15 - Determining Your Calgary Home's Market Value
11:40 - Sector by Sector Breakdown of Calgary Real Estate
13:21 - Future of Calgary Housing Market, Growth Expectations
15:08 - Closing Thoughts on the August 2024 Calgary Housing Report
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