January Real Estate Report: Calgary Sees Strong Sales Amidst Rising Prices

Dated: February 15 2024

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City of Calgary, Feb. 1, 2024
<a href=Calgary’s January 2024 Real Estate Recap" width="1140" height="760" />

January saw a robust surge in real estate activity in Calgary, with sales climbing to 1,650 units, marking a substantial increase over previous years. This surge was fueled by a boost in new listings, the most significant growth in homes priced above $300,000, with the most substantial gains observed in homes priced above $700,000.

Despite the rise in new listings, Calgary continues to grapple with low inventory levels. Currently, inventory is nearly 49 per cent below the long-term average for the month and close to record lows set in 2006. The increase in new listings has provided more options for buyers, however, the persistent supply challenges have kept market conditions tight, fueling sellers favourable market conditions and supporting further price growth.

The unadjusted benchmark price for January reached $572,300, marking a significant increase from both the previous month and 10% higher than the same period last year.

Detached homes saw notable price gains, with the unadjusted benchmark price reaching $702,200 in January, up nearly one per cent from the previous month and nearly 13 per cent higher than prices reported last year. Year-over-year price gains varied across districts, ranging from 10 per cent in the City Centre and South East to a substantial 27 per cent gain in the East district.

In the apartment-style property segment, sales activity surged to 488 units in January, reflecting a year-over-year increase of 54 per cent. However, despite the growth in new listings, inventories remained 40 per cent below long-term trends, contributing to continued price appreciation. The unadjusted benchmark price for apartments reached $324,000 in January, up nearly one per cent from the previous month and 19 per cent higher than prices reported last January.

As the real estate market in Calgary remains dynamic and competitive, buyers and sellers alike should stay informed about these ongoing trends. Whether you're considering buying or selling, understanding the current market conditions is crucial for making informed decisions.

Feel free to contact us for personalized insights and assistance tailored to your real estate goals!

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Kowall Boutique Real Estate

Welcome to Kowall Boutique Real Estate, your go-to Calgary realtors for all your real estate needs. Led by Daniel Kowall and Tali Kowall, our team is proud to be part of EXP Realty in Calgary, AB, Can....

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