MARKET UPDATE FOR CALGARY REAL ESTATE IN JUNE 2024
Bigger picture, sales for the year are up 6% versus last year, but this month, sales were down 13% versus last June. Another trend that reversed a bit this month was new listings: Until this month, the rate of new listings was growing as compared to each respective month last year. In June however, new listings were down 6% versus June 2023. What is happening?
Well, perhaps some buyers have sidelined themselves expecting lower rates, and some sellers have done the same in expectation of (higher prices) because of those expected (future) lower rates. There's also the argument that sales have been curtailed because of low inventory itself, especially in the lower price ranges. We'll want to monitor this going forward to see the effect on overall inventory. Last month, it looked like we might be entering a slow recovery of inventory levels, but with new listings having since slowed, so we think it's too early to make that call.
A little more inventory appeared in the higher price ranges ($900k & up), making those less unpleasant than late for buyers. That being said, it's still hot up there, prices are still rising, and approximately 50% of sales went through for over the list price. More balanced conditions (still a seller's market) have appeared in the luxury sector.
Apartments continue to grow the most in value (in percentage terms), particularly at the entry level, as well as townhomes and more affordable geographic areas.
Of the outlying communities, Okotoks is the hottest right now, followed by Cochrane and Airdrie (tied) then lastly, but still in a seller's market, Chestermere.