The market going into July is accompanied by some interesting news from the Calgary Real Estate Board. Statistics show that inventory numbers for Calgary are so high, we haven’t seen anything close to them since 2021. In fact, at 6 941 units for sale in Calgary right now, the city’s numbers are over 83% higher than inventory levels at this time last year.
On average, Calgary’s residential benchmark price is at $586 200. With sales numbers just over 2 200 at the beginning of July, and more than 4 000 new listings, this summer is gearing up to be an exciting time in real estate! Fully-detached homes have an average price of $764 300, while semi-detached homes are at an average price of $696 400, which is almost 2% higher than prices for semi-detached homes at this time last year. If you are currently thinking of selling a semi-detached unit, jump on it now while average prices are still up! Townhouses in Calgary have a benchmark price of $450 300, while apartment prices average out around $334 000.
Let’s also take a look at regional real estate market developments. Airdrie’s prices have shifted to favour a buyer’s market at an average of $538 300, with sales lowered to 164 units in the beginning of July and 518 units for sale. Cochrane and Okotoks are displaying average home prices that are between 3 and 4 percent higher than prices this time last year. Cochrane’s benchmark price is $594 000, with an inventory of 299 units at the start of this month. Meanwhile, Okotoks’ average is at $632 800 with 128 units for sale in the town.
Whether the current average price for a semi-detached home has encouraged you to sell, or Airdrie’s buyer’s market is of interest to you, get in touch with the experts at the Dione Irwin Team to receive professional real estate counsel.