Every month the Calgary Real Estate Board releases a report detailing what has been happening in the real estate market. These reports provide valuable information to sellers, buyers, and investors alike. Real estate requires strategic decision making, so staying informed is crucial to ensure you are making the best moves possible.
Here are the highlights from The The Calgary Real Estate Board's market report for August 2024, which you can read in full by clicking here:
- "Easing sales, combined with gains in supply, pushed the months of supply above two months in August, a level not seen since the end of 2022" (Calgary Real Estate Board).
- "Inventory levels in August reached 4,487 units, 37 per cent higher than last August" (Calgary Real Estate Board).
- "There were 2,186 sales in August, representing a 20 per cent decline from last year's record high but still 17 per cent higher than long-term averages for the month" (Calgary Real Estate Board).
- "In August, the total unadjusted residential benchmark price was $601,800, six per cent higher than last year and just slightly lower than last month" (Calgary Real Estate Board).
Calgary Real Estate Board Chief Economist Ann-Marie Lurie notes, "as expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market. This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions."
Are you ready to make your move? Contact Ken Richter directly today at 403-630-6363 or email Ken@KenRichter.com. In every market, Ken's experience is your advantage.
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