Calgary Listings Surge Amidst Cooling Prices, Balancing Market
THE DAILY PULSE
Calgary's real estate market experienced a notable influx of supply yesterday, December 4th. New listings surged to 106, significantly outpacing daily sales of 58. This activity pushed active listings across the city to 5,486. The average price for homes sold yesterday settled at $611,275, with a median of $595,000.
Implication: Buyers are gaining more selection as new inventory hits the market faster than homes are selling, allowing more time for deliberation. Sellers should anticipate increased competition and adjust pricing strategies accordingly.
MONTHLY TRENDS
Early December data reveals an active start to the month, defying typical seasonal slowdowns. The first four days logged 216 total sales against a substantial 307 new listings. The monthly average price currently stands at $616,568, slightly below the year-to-date average. This trend aligns with a broader market cooling, as the monthly average price declined 4.2% from October.
Implication: Sellers planning to list soon should recognize the current environment is transitioning towards more balanced conditions. Strategic pricing is crucial to stand out amidst rising inventory, rather than relying on rapid appreciation.
YEAR-OVER-YEAR CONTEXT
The market is clearly softening, with overall housing inventory 28% higher than last November, and monthly home sales down 13.6% year-over-year. While November's average home price saw a marginal 0.05% year-over-year increase, resale detached homes experienced a 7% year-over-year price decrease. Current active listings of 5,486 units far exceed the 2,989 total inventory from December 2024. Despite record population growth maintaining underlying demand, elevated mortgage rates continue to impact affordability, particularly for first-time buyers.
Implication: Buyers benefit from increased choice and a less frenzied market. Focus on long-term value, as underlying population growth supports the market, but short-term price adjustments offer potential negotiation leverage in specific segments.
