March Real Estate Market Update 2024

March Market Update

When the market it this hot, be careful you don’t get burned.

Temperatures are rising (for now anyways) and so is the real estate market. Although we have seen an increase of inventory coming to the market, it is getting snatched up just as quick preventing inventory growth. With only 1.1 months of supply, the market is facing unprecedented challenges, and buyers and sellers alike must tread carefully.

The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.

The current market frenzy sees buyers making offers without conditions, and homes with issues are selling too easily, often without inspections. This unchecked intensity has the potential future of regret for many buyers.

Rushing into a purchase is comes with an abundance of risk. Instead, it’s crucial to take your time, conduct thorough research, and seek sound advice. Prices are skyrocketing, and all indicators point to this trend persisting. Whether you’re in the market to buy, sell, or invest, aligning yourself with experienced professionals willing to go the extra mile is paramount.

For buyers, it’s about buying smart without succumbing to pressure and having a strategy for competing offers. Sellers must navigate this upward surge with savvy pricing strategies, early marketing efforts, and the guidance of a competent real estate team to maximize their returns.

Amidst the chaos, it’s essential to remember that support is available. From seasoned real estate agents to financial advisors, there are professionals ready to guide you through this scorching market.

Ultimately, the real estate market’s heat can be both a blessing and a curse. It’s a time of great opportunity, but also one of considerable risk. By proceeding with caution, diligence, and the right support system in place, you can navigate this hot market with confidence – reach out anytime, we’re here to help!

Detailed market update statistics from the Calgary Real Estate Board for February 2024 are available HERE.