08/08/2024
🏡 July Market Update: What’s Happening in the Market? 📊
Sales in July reached 2,380, with 3,604 new listings, pushing the sales-to-new-listings ratio down to 66%. This led to an inventory rise to 4,158 units—though still 33% below typical July levels, it’s the first time in nearly two years that inventory has surpassed 4,000 units.
🔑 KEY POINTS
📊 SALES TRENDS
• Majority of supply growth in homes priced above $600,000.
• Easing of extreme sellers’ market conditions seen in the spring.
• Sales dropped 10% from last year’s record high but remain above long-term trends.
📈 MARKET CONDITIONS
• Inventory increased, signaling a shift towards more balanced market conditions.
• Months of supply rose to 1.8 months, offering more choices for buyers.
• Challenges persist for lower-priced homes, but increased options are easing price pressures.
💰 PRICE TRENDS
• Residential benchmark price in July was $606,700.
• Prices are nearly 8% higher than last year but stable compared to last month.
"The increase in inventory and the shift in market conditions are bringing more balance, especially for homes priced above $600,000."
For more insights and tailored advice, feel free to reach out!
PEAK REAL ESTATE GROUP | Your Trusted Real Estate Experts
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🏆 Award-Winning Realtors
📱 587-575-6957
📍 Calgary, AB
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