Calgary Real Estate Market Update – November 2024
As the cooler weather sets in, Calgary’s housing market is reflecting the typical seasonal trends. While activity has slowed compared to the bustling fall months, demand remains strong, and November brought some interesting developments. Whether you’re a buyer, seller, or just keeping an eye on the market, here’s a detailed look at Calgary’s real estate scene for November 2024. CREB November 2024 stats (pdf)
Key Statistics
- Sales: 1,797 homes sold, steady with last year and 20% above long-term averages.
- Inventory: 4,352 homes, up from 3,000 last year but still below long-term trends.
- Benchmark Price: $587,900, reflecting a 4% increase year-over-year.
Trends in the Market
Balanced Supply Levels: Inventory has grown across most property types, leading to a more balanced market. The months of supply have increased to over two months, up from under two in recent years. This shift gives buyers more options while still favoring sellers in many segments.
Affordability Driving Demand: Row homes and apartment condos continue to attract buyers looking for affordable alternatives to detached homes. The affordability of apartments, with most gains in the $300,000–$500,000 range, is particularly noteworthy.
Price Stabilization: While prices are up year-over-year, the growth rate has tempered, reflecting seasonal adjustments. Seasonally adjusted prices have remained stable over the past four months.
District Highlights
| District | Benchmark Price | Year-over-Year Change |
|---|---|---|
| City Centre | $595,200 | +0.3% |
| North | $557,700 | +2.3% |
| North East | $513,600 | +5.7% |
| North West | $635,500 | +3.9% |
| West | $715,200 | +10.5% |
| East | $438,600 | +6.0% |
| South | $580,100 | +3.6% |
| South East | $577,400 | +4.5% |
Visual Insights
Benchmark Prices by Property Type – November 2024
Sales vs Inventory by Property Type –November 2024
Looking Ahead
As supply continues to stabilize and prices moderate, the market is becoming more accessible for buyers, while sellers still benefit from favorable conditions in many segments. Whether you’re buying your first home or considering selling, now is an excellent time to assess your options. Is It a Good Time to Buy a House in Calgary in 2025?
Contact Diane Richardson
For personalized advice and expert guidance in Calgary’s real estate market, reach out to Diane Richardson at 403-397-3706 or visit www.dianerichardson.ca. Let’s make your real estate journey a success! email:diane@mypadcalgary.com
All information herein deemed reliable, but not guaranteed.Copyright © 2024, Diane Richardson, all rights reserved.
Comments:
Post Your Comment: