CREB® reported on March 1, 2024 that February sales rose nearly 23% from last year to 2,135, as new listings climbed to 2,711.
Calgary benchmark price by type, February 2024
The main points
- The sales-to-new-listings ratio was 79%, so inventory stayed near historic lows.
- Months of supply fell to just over one month, nearly as tight as last spring.
- The benchmark price was $585,000, up over 2% from January and over 10% from last February.
- “Purchasers are acting quickly when new supply comes onto the market,” said CREB Chief Economist Ann-Marie Lurie.
By type
- Detached: 954 sales (+20%) on 1,195 new listings, 75% of them over $600,000. The price reached $721,300, up nearly 3% in a month and over 13% in a year.
- Semi-detached: 191 sales on 223 new listings, an 86% ratio. The price reached $639,100, up 13%.
- Row: 457 new listings and under one month of supply for a second month. The price reached $436,500, up nearly 19%.
- Apartment: 638 sales; year-to-date sales up 39%. The price reached $329,600, up 17%.
What it means: the spring market has started early. Buyers should be ready to act on the first day a suitable home is listed.
Buyers act as soon as homes are listed
New listings rose again, to 2,711, but buyers kept pace. Sales of 2,135 were nearly 23% higher than last February, and the 79% ratio kept inventory near historic lows. Months of supply fell to just over one month, nearly as tight as last spring. “Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth,” Lurie said. She added that the biggest challenge is homes priced under $500,000, where inventory fell 31% from a year earlier, while supply is starting to rise for higher-priced homes, bringing more balance at the top.
Compared with January
January had 1,650 sales on 2,137 new listings and a benchmark of $572,300. In February, the benchmark rose over 2% to $585,000, a big monthly jump for winter. The East district, the most affordable, had the highest annual price growth at 25%, while the relatively better-supplied City Centre had under 5%.
Detached: 75% of new listings over $600,000
Of 1,195 detached new listings, 75% were priced over $600,000. Listings improved from January, in line with the season, but remained below typical February levels. Sales rose 20% from a year earlier to 954, mostly where listings grew, and the ratio of nearly 80% kept inventory near record lows for February. The benchmark rose nearly 3% from January’s $702,200 to $721,300. Every district gained, with the strongest annual gains in the North East and East.
Semi-detached: January’s easing did not last
In January, the semi-detached ratio fell to 59%. In February, 223 new listings met 191 sales, pushing the ratio to 86% and supply down to just over one month. The benchmark rose over 2% from January’s $625,000 to $639,100. Annual gains ranged from 10% in the City Centre to over 26% in the East.
Row and apartment
Row new listings rose to 457, and year-to-date row listings are up 22%. Sales rose too, so supply stayed below one month for the second month in a row. The row benchmark rose over 2% from $426,400 to $436,500. Apartment sales reached 638, and year-to-date sales are up 39%. Inventory rose from January with the season but was 12% lower than last year, leaving just over one month of supply. Apartment prices have risen steadily since January 2023 and reached $329,600. Every district except the City Centre had annual gains above 19%; the City Centre had 13%.
Practical takeaways
- Buyers under $500,000: supply is 31% lower than a year ago; consider expanding the search to row homes or condos in more districts.
- Buyers over $600,000: three of every four new detached listings are in your range.
- Sellers: spring conditions have arrived early; well-priced homes are selling fast.
