While inventory and sales have dipped, home prices have increased in both month-over-month and year-over-year numbers.
April 2023
Home Prices
April’s benchmark sales price sits at $550,800, a 1.6% increase from March and a 1.2% increase compared to 2022.
What is a benchmark price? The benchmark price is the estimated value of a “typical” home in a community, based on the most popular combination of features, e.g. age, size, number of bedrooms and bathrooms.
Sales and Inventory
April clocked in 2,690 sales which is around 20% lower than April of 2022. Inventory also decreased by nearly 34% compared to April 2022.
Conclusion
Although April’s inventory has remained on the lower end, buyers are making higher offers, contributing to the “stronger than expected gains in home prices.”
Data provided by the Calgary Real Estate Board. For more information, visit their website.
