Detached
Detached sales totalled 1,035 units in March, a year-over-year
decline of 10 per cent. The decline in sales was met with improving new
listings, supporting inventory gains over last year's extremely low levels.
The improving supply compared to sales has caused the months of supply to
rise to just over two months, a significant improvement over the less than
one month reported last spring. However, the months of supply continue to
remain tight with less than two months of supply for homes priced below $700,000.
We are seeing a shift toward more balanced conditions for homes priced above
$800,000.
The unadjusted detached benchmark price reached $769,800 in March, a gain
over last month and over four per cent higher than last year's levels.
Limited supply options continue to support price gains for detached homes,
although the pace of growth has slowed from the double-digit gains reported
last year. Some of the largest gains occurred in the City Centre.
Semi-Detached
March sales slowed over last year's levels, contributing to
the first quarter decline of 11 per cent. The decline in sales has also been
met with a gain in new listings. While conditions still remained relatively
tight over the first two months of the year, the boost in new listings in
March relative to sales did support further gains in inventory levels,
causing the months of supply to push up to 2.2 months, the highest monthly
level reported since the end of 2022.
The shift to more balanced conditions is slowing the pace of price growth
compared to last year. However, with an unadjusted benchmark price of
$691,900 in March, prices are still over five per cent higher than last year
and above the unadjusted peak reached in July last year. Year-over-year gains
ranged across the city, with the largest gains occurring in the City Centre
and West districts.
Row
March reported a surge in new listings with 697 units. The
growth in new listings was met with 400 sales, causing the
sales-to-new-listings ratio to ease, and inventories to rise from the lower
levels reported last year. There were 826 units in inventory in March,
pushing above long-term trends, but remaining shy of some of the highs
reported prior to the pandemic. Supply levels improved across all price
ranges, with much of the gains occurring in the North East, North and South
East districts. Like other property types, improving inventory relative to
sales has shifted the market toward more balanced conditions, especially for
row homes priced above $500,000. This has also slowed the upward pressure on
home prices. In March, the unadjusted benchmark price was $454,000, two per
cent higher than last March, but nearly four per cent below peak levels
reported in June of last year.
Apartment
Condominium
After the first quarter, condo sales reported the largest
decline over last year compared to other property types. However, we achieved
record highs last year, and the 1,383 sales remain well above long-term
trends for the first quarter. Relatively strong demand has also been met with
significant gains in new listings, causing the sales-to-new-listings ratio to
fall below 50 per cent and driving inventory gains. As of March, there were
1,710 units in inventory, causing the months of supply to push up to just
over three months. While the months of supply have risen compared to the
exceptionally low levels seen over the previous three years, levels remain
well below the over six-month average seen throughout 2015 - 2020.
Nonetheless, more supply has slowed the pace of price growth. The unadjusted
benchmark price in March was $336,100, similar to last month and nearly three
per cent higher than last March. Despite the year-over-year gain, prices
remain below the peak reported last August. Prices are below peak across all
districts, but the largest declines have occurred in the North and North East
areas.
REGIONAL MARKET FACTS
Airdrie
With 160 sales in March, first quarter sales were 395 units,
11 per cent lower than levels reported at this time last year. Easing sales
were also met with a gain in new listings, causing the sales-to-new-listings
ratio to fall to 57 per cent in March and supporting further gains in
inventory levels. Last year at this time, there was limited supply available
in the market compared to the sales activity. While the 398 units in
inventory are much higher than the 164 units reported last year, with nearly
two and a half months of supply, conditions are still moving toward more
balanced conditions. Shifting away from the sellers’ market conditions has
taken some of the pressure off home prices. In March, the unadjusted detached
benchmark price was $651,300, up over last month and over two per cent higher
than prices reported last year. Recent gains have narrowed the gap from the
peak price of $657,400 reported in June 2024.
Cochrane
Sales in Cocrane remained consistent with last year's levels
in March. After the first quarter, activity remained slightly higher than
levels reported last year and well above long-term averages. New listings
also improved, but thanks to the level of sales, the sales-to-new-listings
ratio remained elevated at 67 per cent, slowing the growth in inventory
levels compared to some areas. The 213 units available in inventory in March
are a rise over last year's low levels, but are consistent with long-term trends
for the month. Improvements in inventory and stable sales did cause the
months of supply to trend toward more balanced conditions, especially
compared with the previous four years. This shift has slowed the pace of
price growth in the town. In March, detached benchmark prices reached
$686,800, a gain over last month and over five per cent higher than last
year. While price growth has slowed over last year, the current March price
does reflect a new unadjusted record high for the town.
Okotoks
After the first three months, sales in Okotoks totaled 129
units, down from the 155 units reported in the first quarter of last year.
New listings have started improving, but the sales-to-new-listings ratio
remained above 60 per cent, and inventory levels remain exceptionally low.
With 96 units in inventory and 53 sales in March, the months of supply
remained below two months, driving further monthly and year-over-year price
gains. While price growth has eased from last year, in March the unadjusted
detached benchmark price reached $715,500, a new unadjusted record high and
over five per cent higher than levels reported last year at this time.
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