Here are the highlights from The Calgary Real Estate Board's market report for February 2024, which you can read in full by clicking here:
- "March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends" (Calgary Real Estate Board).
- "While new listings did pick up over last month, the 3,172 units were still below what we typically see in March" (Calgary Real Estate Board).
- "Months of supply fell below one month" (Calgary Real Estate Board).
- "Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000." (Calgary Real Estate Board).
- "The unadjusted total residential benchmark price rose to $597,600" (Calgary Real Estate Board).
Calgary Real Estate Board Chief Economist Ann-Marie Lurie says, "We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month. Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.”
Are you ready to make your move? Contact Ken Richter directly today at 403-630-6363 or email Ken@KenRichter.com.
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