That's a wrap for Q1 2024 – what an incredible quarter for real estate here in Calgary! We've seen record activity, specifically 2,664 properties SOLD in the month of March (+10% MoM) and significantly higher than long term trends.
We did see new listings come alive (~3,170 units), but materially lower that what we'd see seasonally in March – no change to the supply story. Sales to new-listings in March rose to 84%; total month of supply fell BELOW one month.
https://s.followupboss.com/public_attachments/b19e0626-a75a-4f49-abd9-0557e92164a0/March%202024s.png" alt="March%202024s.png" class="CToWUd a6T" data-bit="iit" style="cursor: pointer; outline: 0px;" tabindex="0" />All Residential
• Benchmark Price: $597,600 (+11% YoY)
• Total Sales: 2,664 (+10% YoY)
• Total New Listings: 3,172 (-4% YoY)
• Sales-to-New Listings: 84%
• Months of Supply: 0.95 Months (-29% YoY)
• Comment: Incredible restriction of supply with less than 1 month of total supply driven by influx of migration across provinces and internationally (see last week's dive into that discussion); 2% month-over-month gain in pricing as a result with the lower priced market seeing the most appreciation given demand. We're also now seeing properties over $1,000,000 move quicker than usual as well (anecdotally).
Detached
• Benchmark Price: $739,700 (+14% YoY)
• Total Sales:1,151 (+1% YoY)
• Total New Listings: 1,386 (-14% YoY)
• Sales-to-New Listings: 83%
• Months of Supply: 0.97 Months (-29% YoY)
• Days On Market: 20 (-24% YoY)
• Comment: Sales were strong, gaining 1% since last year, but could be stronger if there were detached homes to buy/sell. If you're thinking about selling, now couldn't be a more perfect time. We would expect May/June to roll over in inventory, but given this demand - it could very well last a while... You've seen a 14% price increase on detached homes (very strong), even more on an equity-basis.
Semi-Detached
• Benchmark Price: $658,000 (+14% YoY)
• Total Sales: 250 (+15% YoY)
• Total New Listings: 260 (-7% YoY)
• Sales-to-New Listings: 96%
• Months of Supply: 0.82 Months (-38% YoY)
• Days On Market: 21 (-27% YoY)
• Comment: As we work 'downstream' into more affordable product, we're seeing an increase in sales activity. Note, semi-detached properties in Calgary represent properties from two different eras. We have those older 1970's half duplex homes and also brand new infill product (which are priced near the $1,000,000 mark - some even more depending on location). Basically close to 100% absorption in this bucket.
Townhomes
• Benchmark Price: $448,700 (+20% YoY)
• Total Sales: 449 (+16% YoY)
• Total New Listings: 536 (+6% YoY)
• Sales-to-New Listings: 84%
• Months of Supply: 0.79 Months (-24% YoY)
• Days On Market: 17 (-18% YoY)
• Comment: An incredible pace of appreciation in townhomes... with an eye-popping 20% since last year, this is THE YEAR OF TOWNHOMES. We saw some increase in inventory last month (likely due to the season), but at just 0.79 months of supply - this property type represents more size at a reasonable budget upgrading from condo-type lifestyle.
Apartments
• Benchmark Price: $337,700 (+17% YoY)
• Total Sales: 814 (+20% YoY)
• Total New Listings: 990 (+8% YoY)
• Sales-to-New Listings: 82%
• Months of Supply: 1.06 Months (-29% YoY)
• Days On Market: 23 (-28% YoY)
• Comment: Another eye-popping return figure of 17% since last year. As expected in this group, more supply relative to the other property types but at only 1 month of product available, this is a very tight sellers market (more balanced market is ~2.5 months of supply).
