Calgary’s January 2024 Real Estate Recap: Trends and Insights
The first month of the year brought significant momentum to Calgary’s real estate scene. Let’s delve into the key highlights, explore sector-wise performances, and gain insights into the trends that are shaping our dynamic market.
City-Wide Snapshot: In January, a robust surge in sales, totalling 1,650 units, marked a noteworthy gain from the previous year. This upward trajectory was fuelled by an influx of new listings, reaching a substantial 2,137 units. Despite this increase, the low inventory situation persisted, with only 2,150 units available—nearly 49% below the long-term average.
Expert Commentary: Ann-Marie Lurie, Chief Economist at CREB®, observed, “Supply challenges have been a persistent problem since last year. This month’s gain in new listings has helped provide options to potential purchasers, supporting sales growth. However, the growth in sales prevented any significant adjustments in supply, keeping conditions tight and supporting further price growth.”
Market Dynamics by Property Type:
1. Detached Homes: The detached sector experienced a boost in new listings, particularly in the over $700,000 segment. The low inventory levels compared to sales continued to exert upward pressure on prices. January saw the unadjusted detached price reach $702,200, nearly 13% higher than the previous year.
2. Semi-Detached Homes: While the sales-to-new listings ratio fell slightly in this sector, inventory levels improved. The unadjusted benchmark price in January was $625,000, over 11% higher than the same month in the previous year.
3. Row Properties: With a sales-to-new listings ratio of 92%, row properties contributed to a reduction in inventory levels. The unadjusted benchmark price reached $426,400, a substantial 20% increase from January 2023.
4. Apartment Condominiums: The apartment-style segment saw a remarkable 54% YoY increase in sales. However, inventories remained 40% below long-term trends, sustaining upward pressure on prices. The unadjusted benchmark price in January reached $324,000, reflecting a 19% YoY gain.
Regional Market Highlights:
1. Airdrie: The Airdrie market showcased strength in detached and row sales, supported by an increase in new listings. Despite the tight conditions, the unadjusted benchmark price remained stable but almost 10% higher than January 2023.
2. Cochrane: Cochrane experienced a shift in the sales-to-new listings ratio, keeping inventory levels stable. The unadjusted benchmark prices across all property types remained over 10% higher than last January.
3. Okotoks: Sales and new listings rose in Okotoks, impacting the sales-to-new listings ratio positively. With just over one month of supply, conditions remained tight, propelling benchmark prices to $589,600 in January. In our ever-evolving real estate landscape, staying informed is key. If you have any questions or need personalized insights, feel free to reach out.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
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