The latest CREB stats for May 2024 indicate notable trends in the Calgary detached home market. Here are the key highlights:
1. Sales Growth:
Sales slightly decreased to 1,385 units in May 2024 from 1,485 units in May 2023.
Year-to-date (YTD) sales have increased, with 5,538 sales in 2024 compared to 5,283 in 2023.
2. New Listings and Inventory:
New listings have risen significantly, with 2,036 new listings in May 2024 compared to 1,795 in May 2023.
The total inventory has increased to 1,596 units in May 2024 from 1,484 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 18 days, down from 22 days in May 2023.
4. Pricing Trends:
The benchmark price for detached homes has risen to $761,800 in May 2024, compared to $674,000 in May 2023.
The median price increased from $657,464 in May 2023 to $730,000 in May 2024.
The average price saw a significant increase, reaching $822,873 in May 2024 from $733,230 in May 2023.
5. Price Range Sales:
Sales have increased in higher price ranges. For example, sales in the $700,000 - $749,999 range increased from 143 units in May 2023 to 168 units in May 2024.
Higher price brackets, such as $1,000,000 - $1,299,999, also saw substantial growth, with sales rising from 70 units in May 2023 to 106 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 detached home 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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