Calgary June 2024 (Y/Y) Sales Decline Amid Supply Challenges and Rising Prices

Overview

- June sales: 2,738, a 13% decline from last year's record high.

- Sales improved for homes priced above $700,000 but were offset by declines in lower price ranges.

- Sales remain 17% higher than long-term trends despite the decline.

Supply Challenges and Market Conditions

- Supply Issues: Limited inventory in lower price ranges.

- Competitive Market: Over 40% of homes sold above list price.

- New Listings: Eased relative to sales; sales-to-new-listings ratio at 72%.

- Inventory Levels: Improved but still 40% below long-term trends; 3,789 units available.

- Months of Supply: Increased to 1.4 months, favoring sellers.

- Prices: Unadjusted benchmark price at $608,000, up nearly 9% from last year.

Property Types

Detached Homes

- Sales Drop: 16% year-over-year decline.

- Inventory: 1,775 units, 45% below long-term trends.

- Price: Benchmark at $767,600, up 12% from last June.

Semi-Detached Homes

- Sales-to-New-Listings Ratio: 76%.

- Inventory Levels: Nearly half of traditional June levels.

- Price: Benchmark at $686,100, up over 12% from last year.

Row Homes

- Sales Decline: Slowdown from past two years' high levels.

- Tight Conditions: One month of supply.

- Price: Benchmark at $464,600, up nearly 17% from last year.

Apartment Condominiums

- Sales Drop: Nearly 8% decline.

- Inventory Gains: Due to higher-priced properties.

- Price: Benchmark at $344,700, up over 17% from last year.

Regional Market Facts

Airdrie

- Sales Stability: Levels well above long-term averages.

- New Listings: Boosted, sales-to-new-listings ratio at 78%.

- Price: Benchmark at $554,500, up 9% from last year.

Cochrane

- Sales Improvement: Year-to-date gain of 7%.

- Inventory Levels: Consistent with last year, 44% below typical June levels.

- Price: Benchmark at $571,100, up nearly 9% from last year.

Okotoks

- Sales Slowdown: Due to pullback in the detached sector.

- Inventory: 56% below typical June levels.

- Price: Year-to-date prices up nearly 9% from last year.