Calgary Real Estate Market for November 2023
Calgary Real Estate Market Update: Surge in Listings, Robust Sales, and Price Surge
The Calgary real estate market experienced a substantial boost in new listings during November, totaling 2,227 units, marking a remarkable 40% increase compared to the unusually low figures recorded at the same time last year. The uptick in new listings spanned various price brackets, with the most noteworthy surge observed in homes priced above $600,000. Despite the considerable year-over-year surge in new listings, inventory levels remained relatively scarce, thanks to the sustained strength in sales. November witnessed 1,787 successful sales, maintaining a robust sales to new listings ratio of 80%. Additionally, the months of supply stayed below two months. Addressing the market dynamics, CREB® Chief Economist Ann-Marie Lurie commented, "Similar to other major cities, Calgary has seen a rise in new listings. However, the increase has not been sufficient to alleviate the low inventory scenario due to persistent strong demand. The market continues to favor sellers, propelling further upward pressure on prices." As of November, the benchmark price stood at $572,700, registering an increase from the previous month and a substantial 11% surge compared to November 2022. The year-to-date analysis reveals a noteworthy over five percent climb in the average benchmark price, emphasizing the sustained growth in the Calgary real estate market.
Calgary Houses for Sale: Limited Supply Challenges Below $700,000 Impact Detached Home Sales
The primary factor contributing to the decline in detached home sales in the Calgary houses for sale market is the limited supply choice for homes priced below $700,000. While November reported a marginal gain over last year, year-to-date sales have witnessed a 20% decline. Despite a rise in new listings compared to the previous year in November, the majority of gains were driven by higher-priced homes. Consequently, the detached market faces exceptionally tight conditions for prices below $700,000 and more balanced conditions for higher-priced homes. Overall, the month of supply remains exceptionally low at under two months.
Persistently tight conditions persist, leading to further price gains in the detached market. As of November, the unadjusted benchmark price reached $699,500, indicating a slight increase over the previous month and a substantial 13% surge compared to the same period last November. While detached home prices have significantly risen across all districts compared to last year, the year-to-date gains are most pronounced in the North East and East, which are the most affordable districts.
Persistent tight market conditions persistently fuel upward movements in prices within the detached housing market. By the end of October, the unadjusted benchmark price had reached $697,600, reflecting a modest uptick from the previous month and an impressive year-over-year increase of 12 percent. Price trends exhibited an upward trajectory over the last month across all districts, with the exception of the South East. It's important to highlight that year-to-date benchmark prices experienced the most significant increases in the North East and East districts.
Semi Detached Calgary Homes
Calgary Semi Detached Homes for Sale: November Witnesses Surge in New Listings
In the realm of Calgary semi-detached homes for sale, November marked a notable increase in new listings compared to the previous year, successfully preventing a year-over-year decline in inventory levels. Nevertheless, inventory levels still lag over 40% below the typical benchmarks observed in November. The sales-to-new-listings ratio stands at 77%, coupled with a month-of-supply below two months, maintaining exceptionally tight conditions, particularly for homes priced below $700,000.
Despite these tight conditions, benchmark prices demonstrated stability when compared to the previous month. However, the unadjusted benchmark price, resting at $628,700, reflects a significant over 12% increase compared to the same period last year. The year-to-date average benchmark price has surged by almost seven percent, with the most substantial gains concentrated in the North East and East districts of Calgary.
Calgary Townhomes for Sale: Notable Increase in New Listings
In the realm of Calgary townhomes for sale, this month witnessed another significant rise in new listings compared to the same period last year. The infusion of 370 new listings encountered a response of 267 sales, marking the first instance since 2021 where the sales-to-new-listings ratio dropped below 75 percent. The upswing in new listings played a pivotal role in supporting an increase in inventory levels when compared to both last month and the previous year. Although inventories still hover at nearly half the traditional levels, this shift did contribute to the months of supply reaching 1.6 months—a substantial improvement from the less than one month of supply that persisted over the past seven months. However, in the lower price ranges, there remains less than one month of supply for homes priced below $500,000, indicating continued scarcity.
Despite the transition from exceptionally tight conditions, prices continued to ascend over the last month and year. As of November, the unadjusted benchmark price reached $429,100, marking a substantial 21% increase compared to the same period last November and an average year-to-date gain of nearly 13%.
Calgary Apartment Condos for Sale: Record-Breaking Sales Sustained by Affordability
Regional Market Real Estate Statistics
Airdrie Real Estate Update: November Sales Struggle to Offset Earlier Declines
Despite gains in November sales, they proved insufficient to counteract previous pullbacks, resulting in year-to-date sales plummeting by over 26% compared to last year's record levels. The brunt of this decline has been borne by the detached market, grappling with supply issues, particularly in the lower price ranges. Although new listings in November showed improvement over last year's figures, the surge in sales elevated the sales-to-new listings ratio to 96%, thwarting any substantial shift from the prevailing low inventory levels.
Persisting with less than two months of supply, the Airdrie real estate market maintains upward pressure on home prices. November witnessed the unadjusted benchmark price surpassing the previous month, reaching $524,500—a notable year-over-year gain of 11%. Year-to-date price increases have been most pronounced in the apartment sector, recording a robust 17% surge, while detached and semi-detached prices have risen by nearly six percent
Cochrane Real Estate Market Update: November Struggles to Offset Previous Declines
Despite advancements in November sales, they failed to fully counteract earlier pullbacks, resulting in year-to-date sales decreasing by over 26% compared to the record levels seen last year. The detached market, primarily in lower price ranges, has been a significant contributor to this decline due to ongoing supply challenges. Although there was an improvement in new listings in November compared to the previous year, the surge in sales elevated the sales-to-new listings ratio to 96%, preventing any substantial shift from the persisting low inventory levels.
With less than two months of supply, the Cochrane real estate market continues to exert upward pressure on home prices. In November, the unadjusted benchmark price surpassed the previous month, reaching $524,500—an 11% year-over-year gain. The highest year-to-date price increases were observed in the apartment sector, showing a robust 17% surge, while detached and semi-detached prices recorded an increase of nearly six percent.