This spring has brought with it some great new developments in the market. There has been a big spike in new listings as the weather has warmed and the flowers have bloomed. Since prices have gone down a bit over the last few months, now is a great time to both buy and sell. Buyers have more options now than six months ago, and the busy spring months are normally when homes sell the quickest. Having a real estate professional to guide you through the whirlwind that is the springtime market is a huge advantage! Now, let’s talk numbers.
Calgary’s benchmark price coming into May is at $591 100, with 4 038 new listings and a total of 5 867 units for sale in Calgary. As of now, there are large regional price variations within the city. For example, the benchmark price for East Calgary is around $429 000, while West Calgary has a benchmark of $717 000. On average, the Northeastern areas of the city offer the lowest prices for housing, and the Southwest areas have the highest prices on average. While prices for all unit types are slightly higher than they were at this time last year, they have decreased over the course of the winter. Detached homes have an average price of $769 000, and semi-detached homes are at $691 700. Meanwhile, townhouses and apartments have averages of about $457 000 and $336 000, respectively.
Inventory in the regions around Calgary have also skyrocketed since last year, while prices remain similar to the last few months. Airdrie’s inventory has increased 170% since last year and is now up to 433 available units, and the benchmark price in the city is just under $545 000. Available units in Cochrane and Okotoks have also gone up about 70%. The benchmark in Cochrane is at $592 000, while Okotoks is around $627 000.
This spring market is looking like it is going to be super busy this year! Whether you are considering buying or selling, taking advantage of the spring season can be a great opportunity for finding your dream home.