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Moving Towards a More Balanced Market: Calgary Real Estate Shifts in August 2024
Overview of Calgary's Housing Market in August 2024:
As we transition away from the high-octane seller's market of early 2024, Calgary's real estate landscape is showing significant shifts. This August, we've witnessed a substantial easing in sales combined with an increase in inventory, bringing the months of supply to over two months — a balance not seen since late 2022.
Market Dynamics:
According to Ann-Marie Lurie, Chief Economist at CREB®, the increase in supply is supported by a rise in new home construction and a boost in new listings, signaling a move towards a healthier, better-supplied market. Despite these positive changes, supply levels, especially for lower-priced properties, remain below the levels needed for a fully balanced market. This suggests a gradual transition that buyers and sellers should monitor closely.
Sales and Inventory Insights:
In August, there were 2,186 property sales, marking a 20% decrease from the previous year's peak but still 17% higher than the average for this month. Notably, the decline was predominantly in homes priced below $600,000. Meanwhile, inventories rose to 4,487 units, 37% higher than last August, yet still below the long-term trends by about 25%.
Price Trends:
After robust gains earlier in the year, the pace of price growth is beginning to moderate. The total unadjusted residential benchmark price reached $601,800, up 6% from last year but showing a slight dip from the previous month. This trend reflects the evolving market dynamics and suggests a potential stabilization in pricing as supply continues to grow.
Stay Informed:
For the latest updates, detailed analysis, and strategic insights into Calgary's real estate market, subscribe to our channel. Whether you are buying, selling, or simply keeping an eye on the market trends, we provide the information you need to make informed decisions in this shifting landscape.
#CalgaryRealEstate #MarketUpdate #HousingMarket #RealEstateTrends #CalgaryHomes #PropertyMarket #RealEstateInvesting #Calgary2024
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📚 *Video Chapters* 📚
00:00 - Is Calgary's Real Estate Market Slowing Down?
00:22 - Meet Adam Fyfe, Calgary's Leading Realtor on YouTube
00:36 - Is the Bank of Canada Going to Lower Interest Rates?
00:59 - Yearly Changes, Calgary Real Estate Sales Decline and Inventory Rises
01:17 - Detailed Analysis from the Calgary Real Estate Board
03:23 - Current State of Calgary Real Estate Market
06:07 - Where are all the Real Estate Sales in Calgary?
07:16 - Calgary's Inventory Hits Highest Since 2022
07:45 - Calgary's Market Trends Compared to Last Year
10:03 - Price Analysis, Homes Across Calgary's Quadrants
10:23 - Analyzing Selling Prices in Calgary's Housing Market
11:15 - Determining Your Calgary Home's Market Value
11:40 - Sector by Sector Breakdown of Calgary Real Estate
13:21 - Future of Calgary Housing Market, Growth Expectations
15:08 - Closing Thoughts on the August 2024 Calgary Housing Report
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Contact Adam Fyfe:
🏢 eXp Realty Canada
💻 Email: Realty@AdamFyfe.com
📱 Phone: 403-561-8747
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