Seller's Market Continues into Spring Season

Seller's Market Continues into Spring Season

Sales volumes on MLS® jumped 23% with 2135 properties sold in February.  Prices were up 10% year-over-year.  Inventory of properties for sale in Calgary remain at historic lows, with just over one month of listing supply.  Meanwhile, new home builders are playing catch-up to meet demand, with total housing starts up 48% compared to last year.  If the pace continues, Calgary is expected to end the year with 25,000 new housing starts.  The February 2024 CREB® Sale Statistics include the following enchmark prices for February:

Detached $721,300     Semi-Detached $639,100     Apartment $329,600 

For buyers, especially those looking for properties in affordable price segments, the competition is fierce.  The province continues to attract strong migration.  Competing offers are commonplace, with some buyers foregoing conditions and paying 5 to 10% over the list price.   It is extremely important to have a focused buying strategy, with the ability to respond quickly when a property of interest comes to market.  Having deposit monies and approvals for financing in place  are critical to successfully purchasing a property in a seller's market.   Similarly, sellers must carefully prepare, present, and strategically price a property to optimize outcomes.  

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.