As we approach the end of 2024, the Calgary real estate market has shown dynamic trends throughout the year. With a mix of rising benchmark prices, fluctuating inventory, and steady interest rates, the housing market continues to adapt to economic conditions. Let’s dive into the month-by-month performance and key insights from the data
Market Highlights:
- Benchmark Price (B.M.): Steady increases year-over-year (Y/Y), reaching $587,900 in November 2024, up 4% from 2023.
- Sales-to-New-Listings Ratio: Indicating a seller’s market in most months, peaking at 83.98% in March 2024.
- Inventory Levels: Declined from 4,352 in November to 2,532 in March, reflecting high demand and limited supply.
- Days on Market (DOM): Improved significantly, dropping from 34 days in January to a low of 19 days in May.
January 2024: A Slow Start
- Sales: 1,650 units.
- Benchmark Price: $572,300 (+10% Y/Y).
- DOM: 34 days.
The year began with slower sales activity, typical for the season. However, the 10% increase in benchmark prices reflects strong demand carrying over from 2023.
Spring Surge (March – May 2024): High Demand, Low Supply
- Sales-to-New-Listings Ratios: Consistently above 70%, indicating robust buyer activity.
- Benchmark Prices: Peaked in May at $605,300, a 10% Y/Y increase.
- DOM: Dropped to a record low of 19 days in May.
Spring is traditionally a busy time for real estate, and 2024 was no exception. Limited inventory and high demand drove quick sales, particularly in the row and apartment segments.
Summer Stability (June – August 2024): Balanced Growth
- Inventory: Decreased steadily, reaching 3,787 in June.
- Benchmark Prices: Rose to $608,000 in June (+9% Y/Y).
- Row Homes: Saw a consistent price increase, peaking at $464,600 in June (+17% Y/Y).
The summer months offered a relatively balanced market, with stable inventory and steady price appreciation. Row homes remained a favorite among buyers for affordability and functionality.
Fall Adjustments (September – November 2024): Shifts in Buyer Behavior
- Sales-to-New-Listings Ratio: Dropped to 54.33% in September before rebounding to 77.26% in November.
- Benchmark Prices: Slight correction, with a 0.73% monthly decline in September.
- Interest Rates: Held steady at 5.45% in November, keeping mortgages accessible.
As interest rates stabilized, buyer activity picked up again in November after a slower September. Apartments became increasingly popular, with a 9% Y/Y price increase in November.
Segment Analysis
- Detached Homes:
- November Price: $750,100 (+7% Y/Y).
- Consistently strong performance with minor monthly fluctuations.
- Semi-Detached Homes:
- November Price: $675,100 (+8% Y/Y).
- Steady growth as buyers sought more space within city limits.
- Row Homes:
- November Price: $454,300 (+7% Y/Y).
- Popular among first-time buyers and downsizers.
- Apartments:
- November Price: $337,800 (+9% Y/Y).
- Highest Y/Y growth, reflecting demand for affordable options.
Economic Factors Shaping the Market
What to Expect in 2025?
- Continued demand for row homes and apartments due to affordability.
- Potential inventory shortages could sustain price growth.
- Interest rate stability may encourage more buyers to enter the market.
For a personalized analysis of the Calgary real estate market or help navigating your buying or selling journey, contact us for a free consultation. Our local expertise ensures you make smart, informed decisions every step of the way!
