DETACHED
New listings drop, inventory levels drop, sales are consistent and prices get pushed up. Another month but the same story. Detached home sales pulled back in April but the remaining demand is still more than the inventory level can handle. The sales-to-new-listing ratio pushed up over 88% and continues to put upward pressure on price growth. Benchmark price of detached homes in April hit a record high of $661,900, up almost 2% from last month, and 2.4% higher than last April. Prices in all Calgary districts saw new records with the exception of City Centre.
SEMI-DETACHED
The semi-detached market has often times rhymed with that of the detached sector - this is still one of those times. Sales improved by almost 8% from last month but only 264 new listings came to market in the month of April. Inventory levels are the lowest we've seen since 2007. Competing offers & high buyer bids pushed the benchmark price of a semi-detached home to $593,200, about 2% higher than last month and last year's April. Districts across the city hit new record-high prices. The East district saw the strongest gains and the most affordable areas this month were recorded in the city's East and NE districts.
ROWS & TOWNS
Multi-family property types deserve a "Rookie of the Year" award. After 4 months in a row of watching the benchmark price of townhomes climb, April reached a new record high of $387,400. The price increased by more than 7% in just twelve months. As the lending rates increased last year, buyers turned to more affordable property types. There were 416 recorded sales this month. At a glance, it is a 31% pullback from last year BUT! There are also 46% fewer townhome listings for buyers to choose from. The steepest price gains occurred in the most affordable districts of NE, East, and South parts of Calgary.
APARTMENT
It has been a good year for condo owners so far. Even if the apartment market is not as tight as the other property types, with only 1.5 months of inventory we are still well into sellers' market territory. Prices have been headed up since we opened the 2023 year. The benchmark price in April is more than 10% higher than same time last year. As the price touches $299,400, we are now just shy of 2014 highs (wow!). We did beat any city-wide records but the North, NW, and SE districts saw new highs for the month of April.
The real estate market is fast-paced for both sides right now - sellers & buyers have to be ready to make quick & informed decisions. Be proactive and have all your ducks lined up. Real estate does not wait for anyone!
Soure: creb.com
