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 October 2024, which you can read in full by clicking here:
- "Sales gains for homes priced above $600,000 offset declines at the lower end of the market," (CREB).
- "As of October, 4,966 units were available, a significant improvement over the near-record low of 3,205 units reported last October" (CREB).
- "The inventory composition has changed as nearly half of all the residential inventory is now priced above $600,000" (CREB).
- Overall, the total residential benchmark price was $592,500 in October, over four per cent higher than last October and on a year-to-date basis, averaging over eight per cent higher than last year's levels" (CREB).
Calgary Real Estate Board Chief Economist Ann-Marie Lurie notes, "Housing demand has stayed relatively strong in our market as we move into the fourth quarter, with October sales rising over last month. However, activity would likely have been stronger if more supply choices existed for lower-priced homes. Supply levels in our market are improving relative to the ultra-low levels experienced last year, but much of the gains have been driven by higher-priced units for each property type. This results in conditions far more balanced in the upper end of the market versus the seller's market conditions in the lower to mid-price ranges of each property type.”
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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