July 2024 housing and rental statistics in Calgary, Airdrie, and Chestermere

As the bustling spring market winds down, July has brought some notable changes in Calgary’s real estate landscape. With 2,380 sales and 3,604 new listings, the sales-to-new listings ratio has decreased to 66%, contributing to an increase in inventory. For the first time in nearly two years, inventories have surpassed 4,000 units, reaching 4,158 units. This increase, mainly in homes priced above $600,000, has shifted the market away from the extreme sellers’ conditions experienced during the spring.

Sales and Inventory

Sales in July saw a 10% decrease compared to last year’s record high, yet they remain above long-term trends for the month. The decline in sales is mainly observed in homes priced below $600,000. Despite the slowdown in sales, the increase in inventory has led to a rise in the months of supply, now standing at 1.8 months. This level still favors sellers but marks a significant improvement from the under one month reported earlier this year.

Benchmark Price

The total residential benchmark price in July was $606,700, nearly 8% higher than last year and similar to last month. The increase in supply has helped to moderate the pace of monthly price growth across various property types.

Property Type Analysis:

• Detached Homes

Sales of detached homes in July fell by 8%, driven by a significant 50% decline in the lower price ranges. This drop reflects the limited availability of homes priced below $600,000, as inventories and new listings continue to decrease in this segment. Despite the decline in sales, the benchmark price for detached homes remained stable at $767,800, which is 11% higher than last July. The increase in inventory levels, reaching 1,950 units, helped push the months of supply up to nearly two months, providing some stability to prices.

• Semi-Detached Homes

The semi-detached sector continues to attract buyers due to its relative affordability. While sales have slowed slightly compared to last year, year-to-date sales reached 1,518 units, representing a 6% increase from the previous year. The growth in sales has been supported by an increase in new listings, although conditions remain relatively tight with a 76% sales-to-new listings ratio and 1.5 months of supply. The benchmark price for semi-detached homes increased to $687,900, nearly 12% higher than last year. The most significant price growth occurred in the city’s more affordable North East and East districts.

• Row Homes

An increase in new listings for row homes, combined with a pullback in sales, caused the sales-to-new listings ratio to drop to 73% in July. This shift supported gains in inventory levels and led to a rise in the months of supply to 1.3 months. While market conditions continue to favor sellers, this adjustment has prevented further monthly price gains. The benchmark price for row homes remained steady at $464,200, representing a 15% increase from last year. Year-over-year price gains ranged from 13% in the City Centre and North districts to over 20% in the North East and East districts.

• Apartment Condominiums

Sales of apartment condominiums in July slowed to 659 units, largely due to a significant drop in sales for properties priced below $300,000. Limited supply choices for lower-priced units hindered stronger sales activity. New listings for apartment condominiums reached 1,043 units in July, causing the sales-to-new listings ratio to fall to 63%. This increase in supply supported inventory gains and resulted in a months of supply of over two months. The improved supply relative to sales helped slow the pace of monthly price growth. However, the benchmark price for apartment condominiums still rose to $346,300, which is 17% higher than last year.

District-Specific Benchmark Prices in Calgary

Calgary’s real estate market continues to show diverse trends across its various districts. Here’s a detailed look at the benchmark prices and year-over-year changes for each district:

• North: The benchmark price in the North district rose to $579,500, marking a 7.9% increase year-over-year. This area continues to attract buyers due to its balance of affordability and availability of diverse housing options.
• North East: The North East district saw a significant year-over-year increase of 12.7%, bringing the benchmark price to $532,900. This area is experiencing high demand, particularly due to its more affordable housing compared to other districts.
• North West: With a 9.0% year-over-year increase, the benchmark price in the North West district reached $661,500. This district remains popular for its well-established communities and proximity to amenities.
• West: The West district saw a 7.4% increase year-over-year, with the benchmark price now at $732,900. This area is known for its higher-end properties and attractive residential neighborhoods.
• East: The East district experienced the highest year-over-year increase at 16.7%, bringing the benchmark price to $447,600. This district’s affordability and ongoing development projects make it a hot spot for buyers.
• South: The South district’s benchmark price increased to $597,400, up 8.8% year-over-year. This area continues to draw buyers due to its family-friendly environment and good schools.
• South East: In the South East district, the benchmark price rose to $594,700, representing a 7.8% increase year-over-year. This district offers a mix of new developments and established communities.
• City Centre: The City Centre district saw a more modest increase of 4.2%, with the benchmark price now at $612,900. Despite the smaller increase, this area remains desirable for its urban lifestyle and proximity to downtown amenities.

Rental Market Highlights

The rental market in Calgary is also experiencing notable fluctuations:

• Townhouses: One-bedroom units at $1,956 (up 7.5%), two-bedroom units at $2,442 (up 2.9%), and three-bedroom units at $2,735 (up 2.7%).
• Condos: Studio units at $1,554 (down 3%), one-bedroom units at $2,015 (up 0.6%), two-bedroom units at $2,494 (up 1.3%), and three-bedroom units at $2,837 (up 1.2%).
• Houses: One-bedroom units at $1,775 (down 3.4%), two-bedroom units at $2,293 (down 3.7%), and three-bedroom units at $2,944 (down 0.7%).

Regional Market Trends

Airdrie

In Airdrie, new listings in July rose to 287 units, the highest level ever reported for July. At the same time, sales slowed to 186 units, leading to gains in inventory levels. Despite the improvement in inventory, the 298 units are still 26% lower than typical levels for July. Inventory gains occurred across most price ranges in Airdrie, but conditions remain relatively tight, particularly in the lower price ranges of each property type. The unadjusted benchmark price in July was $553,900, which is similar to last month and 8% higher than last year’s levels.

Chestermere Market Snapshot

In July 2024, Chestermere’s real estate market showed a mixed performance. Sales totaled 55 units, down 6.8% from the previous year but up 15.9% year-to-date. New listings surged by 53.7% year-over-year and 26.8% year-to-date, reaching 126 units. Inventory also rose significantly by 63.1%, totaling 168 units. The benchmark price increased by 6.2% to $706,300. Months of supply jumped by 75.0% to 3.05, indicating a shift towards a more balanced market.

The Calgary real estate market is showing signs of stabilization with an increase in inventory and a slowdown in sales growth. This shift is expected to lead to more balanced market conditions and stability in home prices in the coming months. For buyers and sellers looking to navigate these changes, it is crucial to stay informed and make well-timed decisions.

If you are considering buying or selling a home in Calgary or its surrounding areas, reach out to Team Singh YYC for expert advice and personalized service. Our experienced team is here to help you make the most of the current market opportunities. Contact us today to get started!