The Legacy real estate market in December maintained steady growth, with prices continuing to increase despite seasonal slowdowns in sales and new listings. The benchmark price for total residential properties was $969,000, reflecting a 5.8% year-over-year (Y/Y) increase.
Key Market Statistics:
Sales: 20 transactions (unchanged Y/Y).
New Listings: 11 listings (+57% Y/Y).
Inventory: 34 active listings (unchanged Y/Y).
Months of Supply: 1.70 months, indicating a seller’s market.
Median Price: $567,625 (+8.1% Y/Y).
Average Price: $508,043 (-2.3% Y/Y).
Sales-to-New Listings Ratio (S/NL): 1.82, suggesting high demand relative to new supply.
Property Type Breakdown:
Detached Homes: $1,022,200 benchmark price (unchanged Y/Y).
Row/Townhouses: $426,000 benchmark price (+5.8% Y/Y).
Apartments: $338,100 benchmark price (+5.5% Y/Y).
Semi-Detached: No sales recorded this month.
2024 Annual Market Summary
Overall Market Performance
Legacy’s real estate market experienced strong growth in 2024, with rising home prices and increased sales activity.
Total Sales: 336 transactions (+9% Y/Y).
New Listings: 450 listings (+16% Y/Y).
Inventory: Averaged 49 active listings (+26% Y/Y).
Average Benchmark Price: $980,808 (+9.7% Y/Y).
Median Price: $580,000 (+13.7% Y/Y).
Average Price: $564,333 (+13.1% Y/Y).
Annual Market Trends
Strong Price Growth:
Benchmark prices increased by 9.7% over 2023, reflecting continued demand and limited supply.
Detached homes remained above $1M, maintaining a high-value trend.
Sales Activity Increased Despite Inventory Growth:
Sales rose by 9%, showing strong buyer demand.
New listings were up 16% Y/Y, helping to balance the market.
Low Months of Supply Throughout the Year:
Averaged 1.80 months, indicating a seller’s market for most of 2024.
Best & Worst Performing Months:
Peak Price: May 2024 – Benchmark price at $1,004,200.
Lowest Price: December 2024 – Benchmark price at $969,000.
Highest Sales: May 2024 – 40 sales recorded.
Lowest Sales: December 2024 – 20 sales recorded.
The Legacy real estate market had a strong 2024, with rising prices, high demand, and increased inventory. While December saw a seasonal slowdown, overall home values remained stable, making Legacy a top-performing community in Calgary.
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