Every month the Calgary Real Estate Board releases a report detailing what has been happening in the real estate market. These reports provide really 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 July 2024, which you can read in full by clicking here:
- "With 2,380 sales and 3,604 new listings, the sales-to-new listings ratio fell to 66 per cent, supporting a gain in inventory" (The Calgary Real Estate Board).
- "The gain in inventory combined with slower sales caused the months of supply to rise to 1.8 months, still low enough to favour the seller but a significant improvement from the under one month reported earlier this year" (The Calgary Real Estate Board).
- "In July, the total residential benchmark price was $606,700, similar to last month and nearly eight per cent higher than last year's levels" (The Calgary Real Estate Board).
Calgary Real Estate Board Chief Economist Ann-Marie Lurie says, "while we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month. This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices.”
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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