As we begin another year, let's chat about what's been going on in our vibrant real estate scene. Whether you're a seasoned homeowner or just curious about the market, let's break down the jargon and see what's happening.
Current Market Overview
So, Calgary has been buzzing! Can you believe a whopping 253.1% of listed homes found new owners in just the last three months? The market clocked in at 1.19 months of inventory, with 2,516 homes up for grabs and 6,367 happy homes finding new families in the past 90 days.
Reflecting on 2023:
2023 had its share of surprises. Sales took a hit compared to the peak last year, but guess what? They were still way above the usual pre-pandemic levels. And here's the twist – people were leaning towards more affordable apartment-style homes. The average annual benchmark price growth slowed from 12% in 2022 to a still-rocking 6% in 2023.
A Closer Look
Detached Homes:
Detached homes had a bit of a rollercoaster – sales dipped, especially in the lower price ranges. But hey, that just pushed people to explore different styles. Prices grew steadily, though, almost 8% in 2023.
Semi-Detached Homes:
Sales in semi-detached homes took a little dip. But guess what? Prices still soared by 7%.
Row/Townhomes:
Limited supply choices in the lower price ranges affected sales, resulting in an annual decline of over 11%. The upper price ranges experienced more balanced conditions, contributing to an annual benchmark price gain of over 13%.
Apartments: The Bright Spot
Apartments were the real MVP, reporting a sales gain, reaching a record high of 7,884. Prices went up more than 13%, outpacing the growth of the previous year.
Calgary Real Estate: The Future Chat
Where is Calgary Headed?
The most notable challenge in the market has been interest rates and supply levels. The robust demand is met with a shortage in supply. Housing inventory levels have remained notably low across various segments, encompassing the resale, new home, and rental markets. Despite relatively strong new-home starts, these have not been sufficient to alleviate inventory constraints, primarily due to the influx of migrants. Resale supply has also encountered unexpected challenges, as higher lending rates and limited choices in supply have deterred existing homeowners from making changes. With signs that rates will drop in 2024, Calgary home prices will likely continue to rise.
Follow our YouTube channel for more insights and predictions.
Looking Ahead: Your Real Estate Adventure Awaits
As we navigate the twists and turns of Calgary's real estate journey, understanding these trends can be your secret weapon. Whether you're gearing up to buy, sell, or just curious, stay tuned for more updates. Sunland Real Estate is your local guide, here to turn your dreams into a reality. #WhereDreamsComeHome
Disclaimer: The details above are based on info up to December 1, 2023. Remember, markets can be as unpredictable as Calgary weather, so for personalized advice, chat with a real estate pro.