If you're a homeowner in Calgary or considering becoming one, buckle up for a deep dive into the latest real estate market trends from February 2024.

2024 Market Update: Calgary Alberta Real Estate Insights

  • February witness a surgeon new listings, hitting a remarkable 2,711 units
  • Despite the increase in listings, sales skyrocketed by nearly 23% compared to the previous year, to the previous year, totalling 2,135 sales, maintaining a high sales to new listings ratio of 79%

Month of Supply:

Calgary’s monthly supply stands at 1.1, indicating a drop of 30.2% from last year, signaling either fewer homes available or quicker sales, a trend worth monitoring closely.  

Average Home Selling Price:

The average benchmark price in Calgary rose to $585,000 in February, marking a significant increase of over 10% compared to the same period last year.

Notably, the East district experienced a substantial 25% spike in prices, highlighting varied rates of escalation across the city.

Property Type Trends:

February showcased a highly competitive market with rising prices and swift sales, offering opportunities for both buyers and sellers.

The importance of understanding micro-level market dynamics within Calgary’s diverse neighborhoods was emphasized.

Detached Homes: Average prices surged to $721,300, with notable jumps in the North East and East districts.

Semi-Detached Homes: Prices reached $639,100, with the East district leading in price increases.

Multi-Family complex in Midnapore, Calgary, AB

Row Units: Prices climbed to $436,500 on average, with significant rises seen across all areas, especially in more affordable districts.

Condo Units: Prices hit $329,600, with strong demand leading to a 39% increase in sales, albeit with tightening inventory.

48 Inverness Gate

List to Sale; Days on Market & Interest Rates

List to Sale Price Ratio:

  • Homes sold for 100% of the list price in February, indicating robust seller strategies and a competitive market.

Days on Market:

  • Properties spent an average of 14 days on the market, indicating swift sales and continued market activity.

Interest Rates:

  • Mortgage rates ranged from 4.74% to 6.95%, depending on financing type and lender, crucial information for prospective buyers.

 

 

February Market Wrap Up

Your real estate journey is unique, and while market updates provide valuable insights, personalized analysis is essential. Reach out for a free market evaluation or a no-pressure conversation about your options.

Stay tuned for next month’s report!

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