January Sees Strong Sales Fueled by Boost in New Listings

Overview: January sales rose to 1,650 units, driven by a surge in new listings totaling 2,137 units. Despite this increase, low inventory levels persisted in the city.

Supply and Demand: Ann-Marie Lurie, Chief Economist at CREB®, noted that while new listings provided options to buyers, tight market conditions continued, supporting further price growth.

Market Trends: The months of supply in January was 1.3 months, contributing to upward pressure on home prices. The unadjusted benchmark price reached $572,300, a ten per cent increase year-over-year.

Detached Properties

Sales Support: Stronger sales were supported by a boost in new listings, particularly in the over $700,000 market segment. However, low inventory levels continued to drive further price growth.

Price Trends: Unadjusted detached prices reached $702,200, nearly one per cent higher than last month and nearly 13 per cent higher than prices reported last year.

Semi-Detached Properties

Market Shift: The sales-to-new listings ratio fell to 59 per cent, improving inventory levels slightly. However, they remain below long-term trends, with the unadjusted benchmark price at $625,000, over 11 per cent higher than last January.

Row Properties

High Demand: New listings and sales rose, maintaining a high sales to new listings ratio of 92 per cent. Limited supply and strong demand contributed to further price increases, with the unadjusted benchmark price at $426,400.

Apartment Condominiums

Sales Growth: Sales increased by 54 per cent year-over-year, driven by new listings. However, inventories remained 40 per cent below long-term trends, leading to continued price growth. The unadjusted benchmark price reached $324,000.

Regional Market Facts

Airdrie: Total residential sales increased, supported by stronger detached and row sales. Despite tight conditions, the unadjusted benchmark price remained stable and showed significant gains for apartment-style homes.

Cochrane: The sales-to-new listings ratio remained high, causing the months of supply to fall below two months. Despite recent tightening, benchmark prices remained over 10 per cent higher than last January.

Okotoks: Sales and new listings rose, but inventory levels remained low. Tight conditions drove prices up, with the benchmark price reaching $589,600, showing growth across all property types.