REALTOR® Calgary Gives a May Market Update!

calgary real estate update may 2024

REALTOR® Calgary Gives a May Market Update!

At the beginning of June, the Calgary Real Estate Board (CREB) released its market report for May, highlighting key insights from the previous month. This report covers important aspects such as market trends, the impact of various economic factors on housing, and historical sales data. In this blog post, I’ll break down everything you need to know from the report and its implications for the coming months. Read on to learn more!

Looking Back on May 2024 and the Future of Calgary Real Estate

During the month of May, the Calgary real estate market continued to favour sellers. Home sales reached 3,092 this past month, indicating a 1% decrease from the previous year. However, this stat was still 34% higher than historic sales trends. Experts note that the small decrease in year-over-year sales is due to less purchases in the single-family home sector. This decline has stemmed largely from a shortage of inventory for affordable detached houses. 

Recently, Calgary has experienced inventory growth primarily in higher price ranges. Despite this trend, the strong economy is bolstering sales of higher-priced homes. However, the increased activity in this segment hasn’t been sufficient to offset the declines in lower price ranges. New listings hit a whopping 4,333 homes, marking a 19% increase in year-over-year gains. 

With the market continuing to favour sellers, price growth has been rampant across Calgary. All districts experienced a jump in the average home price during May. This caused the unadjusted aggregate benchmark home price to reach $605,300. The highest aggregate benchmark price was in the west end at $727,100. If seller’s market conditions persist, it is likely that home prices will continue to go up city-wide. 

Contact Your REALTOR® Calgary Today!

Those looking to buy or sell property in Calgary should consider hiring a REALTOR® Calgary! For more information about buying or selling in this awesome city, contact me today. I’d be happy to help you achieve your 2024 real estate goals. Don’t forget to visit my social media for the latest updates and more. If you want to stay informed about Calgary real estate news, be sure to check back with me next month for more real estate-related information.