How’s the Townhome Market in Calgary?

How’s the Townhome Market in Calgary?

The latest CREB stats for May 2024 indicate important trends in the Calgary townhome market. Here are the key highlights:

1. Sales Growth:

  • Sales have increased to 540 units in May 2024, up from 496 units in May 2023.

  • Year-to-date (YTD) sales have risen, from 1,822 in 2023 to 2,119 in 2024.

2. New Listings and Inventory:

  • New listings have grown significantly, with 688 new listings in May 2024 compared to 562 in May 2023.

  • The total inventory has increased to 424 units in May 2024 from 406 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 18 days, down from 20 days in May 2023.

4. Pricing Trends:

  • The benchmark price for townhomes has risen to $462,500 in May 2024, compared to $387,800 in May 2023.

  • The median price increased from $386,750 in May 2023 to $457,500 in May 2024.

  • The average price saw an increase, reaching $473,913 in May 2024 from $406,597 in May 2023.

5. Price Range Sales:

  • There has been notable growth in sales across higher price ranges. For example, sales in the $450,000 - $499,999 range increased from 55 units in May 2023 to 122 units in May 2024.

  • Higher price brackets, such as $500,000 - $549,999, also saw substantial growth, with sales rising from 43 units in May 2023 to 76 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 townhome 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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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.