Single-family new infills post a strong November while new infill townhome sales continue to ease.
Single-family new infills posted 31 sales during the month of November, very similar to the 30 sales posted last month however considerably better than the 20 sales recorded in November of last year.
Single-family new infill inventory has increased to 164 active listings for sale from 145 active listings recorded last month and is down from the 173 active listings recorded at this time last year.
New infill townhomes posted only one single sales during the month of November, down from 4 sales recorded last month, and also down from 3 sales recorded in November of last year.
New infill townhome inventory has declined slightly to 21 active units for sale from the 24 active units recorded last month and is up considerably from the 12 active units recorded at this time last year.
We expect sales activity to ease during the month of December as attention shifts towards seasonal festivities.
From all of us at the URBAN UPGRADE & NEWINFILLS team, we wish you all the best this Holiday Season.
CALGARY MARKET UPDATE (CREB)
City of Calgary, December 2, 2024 - As we transition into winter, Calgary's housing market is following typical seasonal trends, with activity slowing compared to the fall. However, year-over-year demand remains relatively strong. In November, increased sales in detached, semi-detached, and row homes offset a decline in apartment condominium sales. The 1,797 sales for November mirrored last year’s levels and remained 20 percent above long-term trends for the month.
The significant shift lies in supply. Inventory levels rose to 4,352 units in November, a notable increase from the 3,000 units reported last year. Despite the recent gains, inventory levels remain below long-term trends for the month.
“Housing supply has been a challenge over the past several years due to the sudden rise in population,” said Ann-Marie Lurie, Chief Economist at CREB®. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets. However, supply improvements vary significantly by location, price range, and property type.”
The months of supply have increased to over two months, representing a shift away from the extremely low levels seen earlier this year and in the past three Novembers, which reported under two months of supply. While these more balanced conditions are promising for potential buyers, many market segments still favour sellers.
Improved supply options have tempered the pace of price growth. Year-over-year gains range from nearly seven percent for row homes to nine percent for apartment-style units. The total residential benchmark price reached $587,900, reflecting a year-over-year increase of just under four percent. This slower growth reflects a shift toward more affordable row and apartment-style units. Seasonally adjusted prices have remained stable over the past four months despite unadjusted prices trending down in line with seasonal patterns.