Calgary Real Estate Market Overview - December 2024
As we step into 2025, the Calgary real estate market reflects a year of notable activity and price growth, despite some fluctuations in sales. Below is a comprehensive analysis of the market's performance in December 2024, highlighting key statistics and trends. CREB Calgary December 2024 Market Statistics PDF
Sales and Inventory Trends
In December 2024, Calgary recorded 1,322 sales, marking a 3% decline from the previous year. However, this figure remains 20% higher than long-term trends. The total inventory stood at 2,989 units, which is an improvement compared to last year but still below long-term averages. The market saw a total of 1,239 new listings, indicating a slight decrease of 1% year-over-year.
- Sales Overview:
- Detached Homes: 613 sales (up 3%)
- Semi-Detached Homes: 124 sales (up 7%)
- Row Homes: 228 sales (down 10%)
- Apartments: 357 sales (down 10%)
Price Growth
The overall benchmark price for residential properties increased by over 7% annually. Specific categories showed varying growth rates:
- Detached Homes: $747,500 (up 7%)
- Semi-Detached Homes: $677,600 (up 8%)
- Row Homes: $583,300 (up 3%)
- Apartments: $332,400 (up 7%)
This price growth reflects the impact of population gains and improved supply levels in higher-priced segments of the market.
Months of Supply
The months of supply for total residential properties was recorded at 2.90, indicating a balanced market condition. This metric varies across different property types:
- Detached: 2.01 months
- Semi-Detached: 2.09 months
- Row: 2.26 months
- Apartments: 1.59 months
Market Dynamics
The Calgary real estate market has been influenced by several factors:
- Population Growth: Continued population increases have supported higher sales activity.
- Supply Challenges: While there has been an improvement in inventory levels for higher-priced homes, lower-priced segments still face supply constraints.
- Economic Climate: The economic environment will play a crucial role in how supply impacts prices moving forward.
Graphical Representation
Below is a graphical representation of the benchmark prices across different districts in Calgary for December 2024:
| District | Benchmark Price | Year-over-Year Change |
|---|---|---|
| City Centre | $589,600 | +0.2% |
| North | $551,400 | +1.0% |
| North East | $512,100 | +4.3% |
| North West | $622,300 | +1.4% |
| West | $711,300 | +7.1% |
| East | $440,600 | +9.0% |
| South | $578,200 | +5.7% |
| South East | $575,200 | +3.9% |
Conclusion
As we move into the new year, the real estate landscape in Calgary appears poised for continued evolution influenced by supply dynamics and economic conditions. The upcoming forecast report from CREB® on January 21 will provide further insights into expectations and potential risks for the market in 2025. CREB® December 2024 Calgary Regional Housing Market Statistics (PDF)
If you would like more information or personalized assistance regarding your real estate needs in Calgary, please contact:
Diane Richardson
Phone: 403.397.3706
Stay informed and make educated decisions in your real estate journey!
All information herein deemed reliable, but not guaranteed. Copyright © 2025, Diane Richardson, all rights reserved.