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:
- "Rising sales in the upper price ranges were not enough to offset the pullback occurring in the lower price ranges, as sales in September were 2,003" (CREB).
- "New listings in September rose to 3,687 units, the highest September total since 2008" (CREB).
- "September inventory levels pushed up to 5,064 units, nearly double the exceptionally low levels reported in the spring, but remain below the 6,000 units we typically see in September" (CREB).
- "Conditions are still tilted in favour of the seller" (CREB).
- "In September, the unadjusted benchmark price was $596,900, slightly lower than last month but over five per cent higher than last year’s levels" (CREB).
Calgary Real Estate Board Chief Economist Ann-Marie Lurie notes, "We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges. While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market. While the challenges in the lower price ranges are not expected to change, improved supply combined with lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that contributed to the rapid price growth earlier this year.”
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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