February 2024 | Calgary Real Estate Housing Market Update

February 2024 | Calgary Real Estate Housing Market Update
Low inventory and high demand drive price gains in February! New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23% compared to last year for a total of 2,135 units.

The shift in sales and new listings kept the sales to new listings ratio exceptionally high at 79% ensuring inventories remained near historic lows.

Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year.

It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31% compared to last February.

At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.

In February, the unadjusted benchmark price was $585,000, an over 2% gain compared to last month and over 10% higher than levels reported at this time last year.

Our most affordable East district is experiencing the highest year-over-year price growth at 25%, while the relatively better-supplied City Centre has reported the slowest price growth in the city at under 5%.

Secure your dream home or investment property today! Connect with me today to take advantage of the current market conditions.


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