Pulse Of The City


The Beat Goes On: Calgary's March 2024 Real Estate Recap

Welcome to Calgary's housing market, where March 2024 has been buzzing! Sales are up, with a sweet 10% jump from last year. That's 2,664 homes finding happy new owners, which is quite a scoop compared to what we usually see. But hang on, there's a twist: while more people decided to sell their places this month, the total number of new listings didn't quite match up to the growing crowd of eager buyers. This means the competition got a bit spicy, pushing the sale-to-new listing ratio to a high 84%. It's been a hot minute (since 2006, to be exact) since we've seen the market this snug.

Ann-Marie Lurie, the Chief Economist at CREB®, says it's like we've time-traveled to 2006, with bustling moves across provinces and a super lean supply that hasn't been this lean in ages. "It's no shocker prices are on the up," she says, with people still buzzing in and homes in a bit of a squeeze. The most noticeable drop in the number of homes up for grabs has been in those with price tags under $500,000.

This has nudged the benchmark price for residential homes up to $597,600 — that's 2% more than last month and 11% more than this time last year. It seems like the best deals are being snapped up, with more budget-friendly row houses and apartments getting a lot of love.

Now, let's get ready to zoom in and check out what's hot and what's not in different corners of Calgary's real estate scene.

March 2024 Market Performance

Rolling into March, Calgary’s real estate tune played to a rhythm that got both buyers and sellers on their feet. Sales took the spotlight with a lively leap, setting a tempo that kept the market buzzing all month long.

The city's homes were like the season's must-have tickets – in high demand and snapped up quickly by an eager crowd, driving the sales-to-new listings ratio into the spotlight. It's clear that Calgary's real estate show was one not to be missed, with performances that had everyone talking.

As the curtain rises on the prices, they've stepped into the limelight with a graceful rise, with the benchmark price taking a bow at $597,600. The crowd's favorite? Those cozy row houses and apartments, where affordability meets demand, stole the show with their impressive price moves.

With the stage set and the audience eager, let's shine a spotlight on the sectors that made the most noise in Calgary's housing market last month.

We’ll spotlight each housing sector for a deep dive into the details.

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Detached Homes: Spotlight on Standalone Gems
In the world of detached homes, March was like a premiere with a standout performance. Although the number of new listings (1,386 units) was like a fresh script, sales (1,151 units) took center stage, making the sales-to-new listings ratio a star at 83%. Inventory took a cue, maintaining a stable scene from last month but with a notable 24% dip from last year's cast, spotlighting the demand for these standalone gems.

Semi-Detached Sector: The Rising Duo
Moving over to the semi-detached scene, it was a close act with 260 new listings taking their place, and 250 sales not far behind, pushing the sales-to-new listings ratio up to a high 96%. The months of supply, scarce and precious, reflected a market that's keen on these pairs, making the semi-detached stage one of high drama and demand.

Row Houses: Ensemble Cast Shines
The row house market saw a bustling ensemble of 536 new listings. The sales, though, took a bow with 449 units, pushing the sales-to-new listings ratio to a strong 84%. The inventory echoed last year's narrative with a slight 12% decrease, setting the stage for a tight performance that's likely to continue.

Apartment-Style Condos: Urban Living in the Limelight
For the urbanites, the apartment-style condos were like a hit show with 814 units sold, contributing to the quarter’s top record sales. The listings, though plentiful, didn't dampen the demand, with a sales-to-new listings ratio of 82% and a one-month supply echoing a seller's market script.

These highlights provide a sneak peek into the detailed performances of each housing type in Calgary's real estate market for March 2024. If you’re ready for the regional market facts, we can keep the momentum going!

Regional Market Insights: A Tour Through Local Scenes

Airdrie's Ascent: A Rise in Demand
In Airdrie, the real estate stage was set with 203 sales, a true testament to the area's growing appeal. New listings made a notable entrance with 218 units, but with a sales-to-new listings ratio of 93%, the inventory spotlight dimmed 22% from last year, echoing the citywide theme of a seller's market.

Cochrane's Harmony: A Balanced Performance
Cochrane struck a chord with sales rising to nearly match the new listings, pushing the sales-to-new listings ratio to an applause-worthy 99%. The outcome? A near-perfect balance in the market's rhythm, and with inventory levels stepping down, the area's benchmark price took the stage with an overture of growth.

Okotoks' Ovation: A Struggle for Spotlight
Okotoks faced a tight script with new listings (71 units) just shy of the sales (65 units), keeping the inventory in the wings and below the long-term trend by nearly 70%. This rarity in availability made the market's cadence brisk, leading to a rise in the benchmark price and a market that's fiercely competitive.

With a spotlight on different regions, we can see how each area plays a unique role in the grand scheme of Calgary's real estate market. Now let’s proceed to the forecast, wrapping up with what the future might hold for this vibrant marketplace?

Anticipating the Future Notes of Calgary's Real Estate Symphony

As we gaze into the crystal ball for the Calgary real estate market, the rest of 2024 looks to continue the melody of the first quarter. Sales are expected to keep tempo, potentially even accelerating as the year progresses. With the spotlight on new listings, a harmony between supply and demand could stabilize the rhythm.

Market shifts are on the horizon, with factors like economic health and migration patterns waiting in the wings to influence the next act. These elements could bring new dynamics to the stage, affecting everything from first-time buyer scripts to investor strategies. For those making their debut or seasoned in the market, this could mean a variety of new scenes to navigate.

With all eyes on the market's direction, there's a mix of anticipation and excitement for what's to come. Will it be a crescendo to new heights or a steady allegro? The answer lies in the interplay of variables that define Calgary's unique market composition.

And that brings us to the final curtain of our March market update. Now, let's gather the key takeaways and actionable insights to ensure you leave the theater of real estate informed and ready to take on your roles in the market.

The Encore of Calgary’s March Market Melodies

As the final notes of March's real estate performance resonate, it’s clear that the Calgary market is humming a tune of growth and vitality. From the bustling activity in detached homes to the lively pace in apartment-style condos, each segment has played its part in this dynamic composition.

Key takeaways ring out: demand is high, supply is tight, and prices are on a steady climb. This market is a stage where preparation meets opportunity, and the savvy are rewarded. For those considering a debut in buying or selling, the time is ripe for action. Understanding the tempo of the current market is crucial in making your move with confidence.

Reflecting on the long-term health of the Calgary real estate market, one can hear the underlying strength in its steady beat. It’s a market that’s resilient, vibrant, and full of potential for those ready to join the dance of real estate.

Join the Rhythm of Calgary's Real Estate Market

Ready to make your move in Calgary's real estate market? Don’t sit in the audience — jump into the action! Whether you’re stepping onto the market stage for the first time or you’re a seasoned performer, we’re here to guide your every step. Connect with us to fine-tune your real estate strategy, find your perfect property, or command the best price for your home. Let's orchestrate your success together.

Reach out today and let's make your real estate dreams a standing ovation-worthy reality!

Mike Abou Daher
Real Broker
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