Round & around we go! I’m here to report that March was another record-breaking month in Calgary & Area real estate!
Two months in a row now we’ve broken the all-time record for sales in that month!
As you can see on the following graph, sales are in a completely different stratosphere than we are accustomed to. For reference, in our prior peak of March 2014 – for those that remember those years, it felt busy at the time – we sold 1,500 more homes this March than during the same period back then. That’s 50 more homes a day! It’s truly hard to believe.
Sales continue but – I may sound like a broken record – but we are listing a whole whack of homes on the market, too. You can see we are consistently outpacing our typical listing count by about 25%!
But… Yes, there is a BUT. A big one.
Despite record new listings, we are still near record low total “homes on the market” to look at.
It’s this dynamic that continues in our market and continues to have us nestled way into a sellers’ market!
When we are in a sellers’ market we see that the “Months of Supply” is very low. This describes how – if we didn’t list another house on the market – how long would it take to sell through everything on the market.
Our city-wide Months of Supply number is 1. Just 1 month and –POOF! – all homes would be sold, period.
You can see that the Months of Supply numbers vary across the types of home and the areas of the city, but everywhere we are in a sellers’ market. Now, even our apartment market sits comfortably in one, where just a few months ago it was balanced, and before that for over a decade it was a strong buyers’ market.
Calgary’s satellite markets are also seeing extremely low months of supply. For instance:
Airdrie – 0.7 Months of Supply
Cochrane – 0.55
Okotoks – 0.88
And it continues like that around all the counties, too!
And you’ve likely guessed it… with all of these things going on, our pricing is experiencing tremendous positive gains.
Calgary Proper has seen 17% year-over-year price growth, now up to a benchmark average of $518,000!
We had 20% growth to $620k in our Detached market, 16% in our Semi-Detached market, 16% in our Row homes, and even now 6% in our Apartments! It’s happening everywhere.
And it’s happening across all regions, as well. In many communities the price growth is even stronger than Calgary’s, such as the 33% improvement in Airdrie & Canmore and 26% in Cochrane.
And we are seeing this mostly in the last 3-ish months, as displayed in the following graph. We are in true “hockey stick” mode right now, shooting upwards.
People may be thinking that this is just a “one-time” uptick, but this is certainly not the case in our region.
As Months of Supply has changed over the last 5 years to get to this point, we are now experiencing the “crux” of the re-direction upwards.
When this happens, it is not a temporary thing – especially not in the way we got here. We got here through a long-term transition of our market as we slowly emerged out of the depths of a long-stagnant era for Alberta real estate.
And it’s also happening across all price ranges. You can see in this chart that all the red bars – representing 2022 – are drastically higher than all the other preceding years, and across every price range.
So, in Summary…
No matter which local market you are living in, and whether you are planning to buy or sell, you are in one of the hottest sellers’ markets we’ve ever experienced.
And, as we push towards spring, which is our main selling season, all indicators are pointing to it continuing to be as busy as ever.
So, buckle up, and if you are trying to get into the market, DO IT, as prices are climbing every month and I foresee a month-over-month increase for the next 2-3 years at the very least. March over February, alone, saw prices grow by 4%.
If you need advice on your specific situation, please reach out so we can connect you to one of Calgary’s top-selling Redline realtors, so you know you have an agent that truly understands this dynamic market.
