In January, home sales rose significantly to 1,650 units, driven by a surge in new listings totaling 2,137 units. New listings increased, especially for homes priced above $700,000. However, this rise did little to alleviate the low inventory situation, with only 2,150 units available—49% below the long-term average.

Ann-Marie Lurie, Chief Economist at CREB®, highlighted persistent supply challenges. Although new listings supported sales growth, it didn't significantly impact supply, keeping conditions tight. The months of supply in January were 1.3 months, putting upward pressure on home prices, reaching $572,300, a 10% increase from last January.

In the detached sector, new listings boosted sales, but the sales-to-new-listings ratio of 77% had minimal impact on low inventory. Unadjusted detached prices in January reached $702,200, nearly 13% higher than last year.

Semi-detached properties experienced a shift with a sales-to-new-listings ratio of 59%, improving inventories slightly. The unadjusted benchmark price in January was $625,000, over 11% higher than last January.

For row properties, the high sales-to-new-listings ratio of 92% contributed to reduced inventory levels. The unadjusted benchmark price in January was $426,400, almost 20% higher than in January 2023.

Apartment condominiums had a significant sales increase, reaching 488 in January, a 54% YoY rise. Despite new listings, inventories remained 40% below long-term trends. The unadjusted benchmark price in January was $324,000, a 19% increase from last January, with the most substantial gains in the North East and East districts.

Key points for Calgarys Januray market. 

- January sales: 1,650 units, a significant gain over last year.
- New listings: 2,137 units in January, mostly for homes above $700,000.
- Inventory: 2,150 units, near record lows, 49% below long-term average.
- Months of supply: 1.3 months, contributing to upward pressure on home prices.
- Unadjusted benchmark price: $572,300 in January, 10% higher than last year.
- Detached sector: Sales-to-new-listings ratio 77%, inventory low at 1.4 months.
- Unadjusted detached price: $702,200 in January, nearly 13% higher than last year.
- Semi-detached: Sales-to-new-listings ratio fell to 59%, inventory below long-term trends.
- Unadjusted benchmark price: $625,000 in January, 11% higher than last year.
- Row properties: Sales-to-new-listings ratio 92%, inventory below one month.
- Unadjusted benchmark price: $426,400 in January, nearly 20% higher than last year.
- Apartment condominiums: Sales up 54% YoY, 682 units in inventory (40% below trends).
- Unadjusted benchmark price: $324,000 in January, 19% higher than last year.

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