New infills post strong sales activity during the month of February, signalling an early start to the Spring selling season.
Single-family new infills posted 43 sales during the month of February, up considerably from the 31 sales recorded last month and 30 sales recorded in February of last year.
Single-family new infill inventory has declined to 130 active listings for sale from 137 active listings recorded last month and 165 active listings recorded at this time last year.
New infill townhomes posted 6 sales during the month of February, up considerably from the single sale recorded last month and on par with the 6 sales recorded in February of last year.
New infill townhome inventory has increased slightly to 14 active units for sale, from 13 active units recorded last month, but down from 17 active units recorded at this time last year.
With warm weather around the corner and sales activity expected to be strong this season, new infills are expected to perform well despite ongoing limitations in inventory levels in the general market.
CALGARY MARKET UPDATE (CREB)
City of Calgary, March 1, 2024 - New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23 percent compared to last year for a total of 2,135 units. The shift in sales and new listings kept the sales-to-new listings ratio exceptionally high at 79 percent, ensuring inventories remained near historic lows. Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year.
“Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market," said Ann-Marie Lurie, Chief Economist at CREB®. “It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 percent 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.”
In February, the unadjusted detached benchmark price was $585,000, an over two percent gain compared to last month and over 10 percent higher than levels reported at this time last year. Our most affordable East district is experiencing the highest year-over-year price growth at 25 percent, while the relatively better-supplied City Centre has reported the slowest price growth in the city at under five percent.