Sales Activity
According to the report, the Calgary real estate market saw a total of 2432 sales in March 2023, which is a 41% decrease compared to the same month last year. The decrease in sales activity can be attributed to the incredibly low amount of inventory (# of homes listed for sale) we have on the market.
New Listings
The number of new listings in March 2023 was 3318, a 40% decrease compared to the same month last year. The decrease in new listings is likely due to the higher lending rates than we’ve seen over the past few years. Many people are choosing not to put their home on the market right now as they are not wanting to move due to higher than “normal” interest rates.
Inventory
The total inventory of homes for sale in Calgary was 3233 in March 2023, which is a 26% decrease compared to the same month last year. Existing homeowners may be reluctant to list as they struggle to find an acceptable housing alternative in this market.
Prices
The benchmark price of a home in Calgary in March 2023 was $541,800, which is a 1% increase compared to the same month last year. While conditions are not as tight as last March, low inventory levels leave purchasers with limited choice, once again driving up home prices.
Months of Supply
We are still in seller’s market territory with only 1.33 months of supply. This means if no new listings came to the market, it would take only 1.33 months to sell all of the homes listed for sale right now based on how much demand there is in the Calgary real estate market.
Conclusion
Overall, Calgary's real estate market continues to be strong, with strong demand for homes. The spring market is historically the busiest time, with typically the highest prices. Buyers may choose to hold off on buying until the summer months (when the market is likely to slow down a bit).
If you're considering buying or selling a property in Calgary, it's essential to work with an experienced real estate agent who can help you navigate the market and make the best decisions for your situation. As always, let me know how I can help you achieve your real estate goals!
Source: Calgary Real Estate Board Market Statistics