A boost in new listings helped support stronger sales in January. The number of homes sold increased significantly to 1,650 units, compared to January last year. A total of 2,137 new listings came to market in January. The increase in new listings was mainly for homes priced above $300,000, with the largest gains seen for homes priced above $700,000.
However, despite the rise in new listings, there is still a shortage of available homes in the city keeping it a seller’s market. Currently, there are 2,150 homes in inventory, which is close to the record lows set in January 2006 and almost 49% below the long-term average for this month.
Supply challenges have been a persistent issue since last year while we are sitting at record low levels. While the increase in new listings has provided more options for potential buyers and supported sales growth, it hasn’t significantly improved the overall supply situation. This tight supply condition has kept the market conditions tight and contributed to further growth in home prices despite the lack of change in interest rates many are waiting for.
In January, the months of supply were 1.3 months, lower than the levels of the previous month and last year. This persistent tightness in the market has led to an increase in home prices, with the unadjusted benchmark price reaching $572,300 in January – a gain over the previous month and a 10% increase compared to January of the previous year.
Detailed market update statistics from the Calgary Real Estate Board for January 2024 are available HERE.