CREB® reported on February 1, 2024 that January sales rose to 1,650, well above last year and long-term trends, helped by 2,137 new listings. The largest listing gains were for homes above $700,000.
Calgary benchmark price by type, January 2024
The main points
- Inventory was 2,150 units, near the January record low of 2006 and nearly 49% below the long-term average.
- Months of supply was 1.3 months, lower than last month and last year.
- The benchmark price reached $572,300, 10% higher than last January.
- CREB Chief Economist Ann-Marie Lurie said more listings supported sales but did not ease supply.
By type
- Detached: a 77% ratio and 1.4 months of supply. The price reached $702,200, up nearly 13%, with gains from 10% in the City Centre and South East to 27% in the East.
- Semi-detached: 131 sales on 223 new listings, a 59% ratio, the lowest since 2020. The price eased to $625,000 but is up over 11%.
- Row: 297 sales on 322 new listings, a 92% ratio and under one month of supply. The price reached $426,400, up nearly 20%.
- Apartment: 488 sales, up 54%. Inventory of 682 is 40% below normal. The price reached $324,000, up 19%.
What it means: 2024 starts the way 2023 ended: busy, tight and rising, just as CREB forecast for the spring.
More listings, more sales, same tight market
January’s new listings rose for homes priced above $300,000, with the biggest gains above $700,000. Buyers responded right away, so the 2,150 homes in inventory stayed near the January record low set in 2006 and nearly 49% below the long-term average for the month. Lurie said supply challenges have been a persistent problem since last year. The gain in new listings gave buyers options and supported sales growth, but the growth in sales prevented any significant adjustment in supply.
Compared with last year
The total benchmark of $572,300 is 10% higher than in January 2023, when it was $520,900. Months of supply fell to 1.3, lower than both December and January 2023. In other words, the market is starting 2024 tighter than it started 2023, even with more new listings.
Detached: gains from the East to the City Centre
A boost in new listings supported stronger detached sales, but the 77% ratio left inventory almost unchanged. New listings rose for all homes above $500,000, with the largest gains above $700,000. Supply of 1.4 months was lower than in December and a year ago. The benchmark is now above $700,000, at $702,200, up nearly 1% in a month. Annual gains ranged from 10% in the City Centre and South East to 27% in the East.
Semi-detached: a sudden easing
With 223 new listings and only 131 sales, the semi-detached ratio fell to 59%, the lowest since 2020 and far below the 2023 average of 82%. Inventory rose but remains well below long-term trends. The benchmark slipped to $625,000, mainly because of adjustments in the higher-priced West and City Centre districts.
Row: still under one month of supply
Row sales and listings both rose from December and last year, but the 92% ratio reduced inventory further and pushed supply back below one month. The benchmark rose to $426,400, nearly 20% higher than a year earlier. Prices are up in every district from last year, though the West and City Centre eased slightly from December.
Apartments: sales up 54%
Apartments again had the largest sales gain: 488 sales, up 54% from last January. More listings made that possible, but the 682 units in inventory were still 40% below long-term trends. The benchmark rose nearly 1% from December’s record $321,400 to $324,000, and annual gains were largest in the North East and East.
Practical takeaways
- Semi-detached buyers: a 59% ratio is the best opportunity in years; prices in the West and City Centre are softening.
- Row and condo buyers: competition remains intense; plan for multiple offers.
- Sellers above $700,000: most new listings are in your range, so expect more competition than last year.
