The update is in for how the February real estate market performed here in Calgary; here's the snapshot (CREB):
In February, there was a notable uptick in new listings, BUT these were zapped up VERY quickly from existing and continued demand for housing across the city. As you have probably noticed in my last few updates - new listings equalled sales, with about 50% more of those in pending status; and even as of right now - there is no change...
Last 7 Days (All Residential) in Calgary:
• New Listings: 999
• Solds: 1,102
• Pending: 1,036
As noted by CREB's Chief Economist, "purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market". The biggest challenge continues to be properties under $500,000, seeing a 31% shortage of inventory when compared to the same time last year.
February Statistics:
Detached Homes
• New Listings: 1,195 (75% of these were listed for over $600K; +20% YoY)
• Sales: 954 (+20% YoY)
• Benchmark Price: $721,300 (+13% YoY)
Semi-Detached Homes
• New Listings: 223 (+16% YoY)
• Sales: 191 (+36% YoY)
• Benchmark Price: $639,100 (+13% YoY)
Townhomes
• New Listings: 457 (+27% YoY)
• Sales: 352 (+12% YoY)
• Benchmark Price: $436,500 (+13% YoY)
Apartments
• New Listings: 836 (+20% YoY)
• Sales: 638 (+30% YoY)
• Benchmark Price: $329,600 (+17% YoY)
If you're thinking about selling - it could not be a better time to take some money off the table. There won't be enough supply to feed the existing demand for quite some time.. Current days on market across all properties: 24 days (down 27% from last year, 33 days).
Some additional headlines from this week:
• Average asking rental prices reached $2,193 last month
• Calgary housing market more competitive due to increased migration, low inventory
• Downtown Calgary is on the rebound: CBRE Canada Market Outlook 2024