The latest CREB stats for May 2024 indicate notable trends across the entire Calgary residential market. Here are the key highlights:
1. Sales Growth:
Sales slightly decreased to 3,092 units in May 2024 from 3,117 units in May 2023.
Year-to-date (YTD) sales have increased, with 12,412 sales in 2024 compared to 11,162 in 2023.
2. New Listings and Inventory:
New listings have grown significantly, with 4,333 new listings in May 2024 compared to 3,650 in May 2023.
The total inventory has increased to 3,402 units in May 2024 from 3,214 in May 2023.
3. Days on Market:
The average days on market have decreased, indicating a faster-paced market. In May 2024, it stands at 19 days, down from 24 days in May 2023.
4. Pricing Trends:
The benchmark price for residential homes has risen to $605,300 in May 2024, compared to $552,700 in May 2023.
The median price increased from $507,000 in May 2023 to $562,500 in May 2024.
The average price saw a significant increase, reaching $612,772 in May 2024 from $552,412 in May 2023.
5. Price Range Sales:
There has been notable growth in sales across higher price ranges. For example, sales in the $700,000 - $749,999 range increased from 163 units in May 2023 to 186 units in May 2024.
Higher price brackets, such as $1,000,000 - $1,299,999, also saw substantial growth, with sales rising from 84 units in May 2023 to 132 units in May 2024.
6. Market Trends:
The average price, median price, and benchmark price have all seen a year-over-year increase, indicating overall price appreciation in the market.
The months of inventory have trended downward, suggesting a tightening market with increased demand relative to supply.
In summary, the Calgary residential market is experiencing robust growth with increased new listings, higher prices, and a quicker turnover rate, reflecting strong demand and a healthy market environment.
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