Calgary Real Estate Market Report - September 2024
Happy October, everyone!
The leaves are changing, and the weather is absolutely gorgeous—such a lovely time of year! Let’s soak it all in before the snow hits.
Here’s a quick update on the September market. We’re seeing more listings, especially in the entry-level price range (up to $600,000). It’s a bit surprising to think of homes under $600,000 as “entry level,” but Calgary’s benchmark price has now topped $600,000!
We’re not in a buyer’s market just yet, but it’s definitely leaning more towards balance, with sellers still holding an edge—but nowhere near the extreme seller’s market we had this spring.
Interestingly, we’re also seeing some movement in the $700,000 to $1 million price range. Plus, with interest rates dropping and potentially another cut ahead, I’ll definitely be keeping an eye on how that affects things.
All in all, things are moving along smoothly. If you're looking to buy or sell, I'd love to help! Just give me a call.
And a quick reminder—October is Breast Cancer Awareness Month, so throw on your pink and support those who mean the most to you.
Rising sales in the upper price ranges were not enough to offset the pullback occurring in the lower price ranges, as sales in September were 2,003, 17 per cent below last year's record high. Despite the decline, sales this month were still over 16 per cent higher than levels traditionally achieved in September.
“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market. While the challenges in the lower price ranges are not expected to change, improved supply combined with lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that contributed to the rapid price growth earlier this year.”
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