The latest CREB stats for May 2024 indicate a strong performance in the Calgary condo market. Here are the key highlights:
1. Sales Growth:
Sales have increased to 908 units in May 2024, up from 857 units in May 2023.
Year-to-date (YTD) sales have also risen, from 3,077 in 2023 to 3,669 in 2024.
2. New Listings and Inventory:
New listings have grown significantly, with 1,249 new listings in May 2024 compared to 1,025 in May 2023.
The total inventory has also increased to 1,110 units in May 2024, from 1,090 in May 2023.
3. Days on Market:
The average days on market has decreased, indicating a faster-paced market. In May 2024, it stands at 22 days, down from 29 days in May 2023.
4. Pricing Trends:
The benchmark price for condos has risen to $340,500 in May 2024, compared to $288,900 in May 2023.
The median price has slightly decreased from April 2024 ($330,000) to May 2024 ($327,550), but overall, it shows an increase from May 2023 ($277,500).
The average price saw an increase, reaching $349,154 in May 2024 from $307,504 in May 2023.
5. Price Range Sales:
There has been a notable increase in sales across higher price ranges. For instance, sales in the $300,000 - $349,999 range increased from 151 units in May 2023 to 225 units in May 2024.
Higher price brackets, such as $400,000 - $449,999, also saw substantial growth, with sales rising from 37 units in May 2023 to 83 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 condo market is experiencing robust growth with increased sales, higher prices, and a quicker turnover rate, reflecting a strong demand and a healthy market environment.
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