How Long to Sell a Home in Calgary? July 2024 Real Estate Market Update

Summary

In this market update, Calgary's real estate trends from July to December of the previous year are analyzed, showing detached home prices fluctuating between $690,000 and $699,000. The current market is characterized by low inventory, with detached homes selling in 19 days and a 1.39 months supply, indicating a seller's market. Prices for all property types have risen since January, with condos seeing the smallest increase. The speaker offers insights, a free ebook on home value enhancement, and a personal consultation for potential sellers.

Takeaways

• 🏠 Detached home prices in Calgary from July to December last year remained stable between $690,000 and $699,000.
• 📈 June saw detached home prices rise to $767,600, an increase of $66,100 since January.
• 📉 Months of inventory is 1.39, indicating a seller's market.
• 🔔 A notable example included a home in Edgemont where the price increased from $685,000 to $750,000 after an email highlight.
• 🏡 Semi-detached home prices in June were $686,100, up $64,200 since January.
• ⏳ It takes about 18 days to sell a semi-detached home in Calgary.
• 🏘️ Townhome prices in June rose to $464,500, a $40,300 increase since January.
• 💼 Condos in June were priced at $344,700, up $30,000 since January.
• 🕒 It takes approximately 23 days to sell a condo in Calgary.
• 📊 Overall, property prices are rising across all types, with consistent days on market, indicating a stable and competitive market.

Q & A

What was the price range of detached homes in Calgary from July to December last year?

The detached home prices in Calgary stayed between $690,000 and $699,000 during that period.

What does 'months of inventory' or 'months of supply' represent in the context of the real estate market?

It is a measure used to gauge the type of market, indicating how many months it would take for the market to sell all of its existing inventory based on the previous month's sales.

What is considered a balanced market in terms of months of inventory in Calgary?

A balanced market in Calgary is indicated by between 2 and 1/2 and 4 months of inventory.

What was the average time it took to sell a detached home in Calgary in June, according to the script?

It would take an average of 19 days to sell a detached home in Calgary in June.

How much has the price of detached homes in Calgary increased since January of this year?

The price of detached homes in Calgary has increased by $66,100 since January of this year.

What was the price of a semi-detached home in Calgary in June, and how much has it increased since January?

The price of a semi-detached home in Calgary in June was $686,100, which is an increase of $64,200 since January.

What is the average time it takes to sell a semi-detached home in Calgary, and how does the inventory compare to the previous month?

It takes an average of 18 days to sell a semi-detached home in Calgary, and the months of inventory is 1.29, which is similar to the previous month.

What was the price of a townhome in Calgary in June, and how much has it increased since January?

The price of a townhome in Calgary in June was $464,500, which is an increase of $40,300 since January.

How long does it take on average to sell a condo in Calgary, and what is the current months of inventory for condos?

It takes an average of 23 days to sell a condo in Calgary, and the months of inventory is 1.54.

What is the current trend in property prices according to the script, and what does it mean for sellers and buyers?

The current trend shows that property prices are still going up for every property type, which is great for sellers but not so great for buyers, indicating a competitive market.

What advice does Felix Chan offer to homeowners considering selling their homes?

Felix Chan suggests downloading his free ebook on how to increase the value of a home with low-cost, high-impact improvements and offers a 15-minute call to discuss the home's worth and potential profit after selling expenses.