2025 Market Kickoff: Resilience, Record Highs, and Real Estate Wins!

Hello Real Estate District,(Click here if you want to watch the video instead of reading)2024 is officially in the books, and what a year it was!  December closed out with 1,322 sales, down a modest 3% from last year, but still 20% higher than long-term trends. That’s like finishing second in a marathon but still beating 80% of the field—pretty darn good!2024 Market Recap:

• Higher-priced homes stole the spotlight, with supply finally catching up in the second half of the year.
• Inventory in December hit 2,989 units, still below long-term trends but leaps and bounds better than last year’s Scrooge-like numbers.
• Rental options and new home activity swooped in like Santa’s reindeer, boosting inventory levels in the resale market.
• After spring prices skyrocketed like fireworks, they cooled off and stabilized in the second half, with benchmark prices ending the year up over 7%.

Ann-Marie Lurie, CREB®’s Chief Economist, said it best: “Sales would likely have been higher if there was more supply choice, especially in the lower price ranges.” So, for 2024, it’s less "if you build it, they will come" and more "if you list it, they will buy."2025: A Fresh StartThe new year kicked off a little slow—blame it on the holiday hangover or leftover eggnog. 

• Showing activity in Alberta had its second slowest start in five years, but Calgary is stirring, with 4.8 showings per listing, up slightly.
• The $500K to $700K range continues to dominate like the Tom Brady of price points, with over 7 showings per listing.
• New listings are on track to hit average January levels, and inventory is starting the year at its highest since 2021.
• Days on market climbed to 59, but that’s still way below the typical 80 days for January—buyers are clearly not hibernating!