Calgary Housing Report-March

Calgary Housing Report - March

The real estate market in Calgary continues to show resilience and stability as we head into the spring season. In this month's market update, we will be discussing the latest statistics and trends in the Calgary housing market.

The benchmark price for a home in Calgary currently stands at $597,900. This price represents the typical home in the market and provides a useful measure for tracking changes in home values over time. Despite some fluctuations, the benchmark price has remained relatively steady over the past few months, indicating a balanced market.

In terms of sales activity, March saw a total of 2,664 homes sold in Calgary. This represents a slight increase compared to the previous month, indicating steady demand from buyers. The increase in sales can be attributed to a combination of factors, including low mortgage rates and an overall improvement in economic conditions.

New listings in Calgary also saw a rise in March, with a total of 3,172 properties hitting the market. This increase in inventory provides buyers with more options and flexibility when searching for their dream home. The rise in new listings is a positive sign as it helps to balance out the market and ensures a healthy level of competition among sellers.

With the increase in new listings, the overall inventory in Calgary now stands at 2,532 homes. This figure represents the total number of active listings on the market at any given time and is an important indicator of supply and demand dynamics. The rise in inventory suggests that there is a healthy supply of homes available for buyers to choose from.

To further understand the supply and demand dynamics in the market, we can look at the month's supply of homes. This figure represents the number of months it would take to sell all the current inventory at the current sales pace. In March, the month's supply stood at 0.95 months, indicating a seller's market. A balanced market typically has a month's supply between 4 and 6 months, so the current low supply suggests that homes are selling quickly.

On average, homes in Calgary spent approximately 20 days on the market before being sold. This figure represents the average length of time it takes for a home to sell from the date it is listed until it goes under contract. This relatively short time on the market is a testament to the strong demand for homes in Calgary and the competitive nature of the market.

The Calgary housing market continues to show stability and resilience. The benchmark price remains steady, sales activity is on the rise, and the inventory is increasing to meet buyer demand. The low month's supply and short time on the market indicate a competitive environment for buyers.