Courtesy of Ryan Torris

SUPPLY LEVELS IMPROVE TAKING SOME PRESSURE OFF PRICES

CALGARY

AIRDRIE

BENCHMARK PRICE Current: $601,800 Last Mo.: -0.7 % Last Yr.:6.3 %

BENCHMARK PRICE Current: $553,300 Last Mo.: -0.1% Last Yr.: 7.8%

City of Calgary, September 3, 2024 Housing activity continues to move away from the extreme sellers’ market conditions experienced throughout the spring. Easing sales, combined with gains in supply, pushed the months of supply above two months in August, a level not seen since the end of 2022. “As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,” said Ann Marie Lurie, Chief Economist at CREB ® . “This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.” Inventory levels in August reached 4,487 units, 37 per cent higher than last August but nearly 25 per cent lower than long-term trends for the month. Higher-priced properties mostly drove the supply gains, as the most affordable homes in each property type continued to report supply declines. The supply gains were made possible by both an increase in new listings in August and a pullback in sales activity. There were 2,186 sales in August, representing a 20 per cent decline from last year’s record high, but still 17 per cent higher than long-term averages for the month. The sales declines were driven by homes priced below $600,000. Source: CREB ®

DAYS ON MARKET

DAYS ON MARKET

25

27

NEW LISTINGS

NEW LISTINGS

3,536

242

ACTIVE LISTINGS

ACTIVE LISTINGS

4,487

310

SOLD LISTINGS

SOLD LISTINGS

2,186

172

Stats Reflective of August 2024 Source: CREB ®

Stats Reflective of August 2024 Source: CREB ®

Market values stated are of the average of Calgary. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Market values stated are of the average of Airdrie. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Please spread the word! Have friends or family moving? Don’t hesitate to pass them my info. P.S. I always take good care of my referring clients!

R yan T orris REALTOR ® - TOP PRODUCER - OWNER Real Estate Agent, 1forAll Charity Contributor 403.710. SOLD (7653) concierge@blackrockre.ca www.blackrockre.ca @blackrockre

201, 120 2nd Ave NE Airdrie, AB T4B 2N2

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