Real Estate Statistics August 2024
Posted by REPYYC ® on
August 2024 Calgary Real Estate Statistics Recap
In August, inventory reached 4,487 units, a 37% increase compared to the same time last year, though still 25% lower than the typical levels for August. The increase in supply was largely driven by higher-priced properties, as more affordable homes across all property types continued to see a drop in availability. 
Ann-Marie Lurie, Chief Economist at CREB®, explained, "New home construction and additional listings are helping ease supply constraints in the housing market. However, while this trend may continue for the rest of the year, overall supply remains tight, especially for lower-priced homes. It will take time for the market to reach more balanced…
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July levels, but the first time they've surpassed 4,000 units in nearly two years. While most of the supply growth occurred in homes priced above $600,000, this rise has helped shift the market away from the extreme sellers’ market conditions experienced in the spring.
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March saw a surge in sales, reaching 2,664 units, marking a 10% increase compared to last year, surpassing long-term trends. Although new listings slightly increased to 3,172 units from the previous month, they remained below March averages, failing to impact the supply situation significantly. With the sales-to-new listings ratio hitting 84%, and months of supply falling below one month, the market hasn't experienced such tight conditions since 2006, coinciding with high levels of interprovincial migration.
comes to condominiums, even seasoned professionals might miss critical details present in condo documents. This is where condo review specialists come into play, functioning as the equivalent of a home inspector for resale homes. Their role is pivotal in preventing unexpected future expenses, potential increases in condo fees, or, worst-case scenario, hefty special assessment notices for unforeseen costs not initially covered in the condo documents.
hether you're a seasoned investor, a first-time buyer, or someone considering selling your home, these statistics offer invaluable insights into the current market trends.
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