Millrise Real Estate Market Summary – November 2024

Market Trends:

1. Detached Homes

   • Sales: 3 homes sold (down 25% year-over-year).

   • Inventory: 4 homes available (unchanged year-over-year).

   • Benchmark Price: $590,200 (10% increase year-over-year).

2. Semi-Detached Homes

   • Sales: 0 homes sold (100% decrease year-over-year).

   • Inventory: 0 homes available (unchanged).

   • Benchmark Price: $552,300 (11% increase year-over-year).

3. Row/Townhouses

   • Sales: 1 home sold (67% decrease year-over-year).

   • Inventory: 2 homes available (down 33% year-over-year).

   • Benchmark Price: $404,000 (12% increase year-over-year).

4. Apartments

   • Sales: 1 unit sold (down 80% year-over-year).

   • Inventory: 5 units available (unchanged year-over-year).

   • Benchmark Price: $339,600 (9.6% increase year-over-year).

Overall Market Performance

• Total Sales: 5 homes sold (down 58% year-over-year).

• New Listings: 9 (down 25% year-over-year).

• Total Inventory: 10 properties (up 67% year-over-year).

• Benchmark Price (All Property Types): $464,100 (9.6% increase year-over-year).

• Months of Supply: 2.00 months (trending toward a balanced market).

Community Features in Millrise

• Schools:
  Millrise is well-served by Our Lady of Peace School and Fish Creek School, offering both Catholic and public education options. Nearby high schools include Centennial High School and Dr. E.P. Scarlett High School.

• Transportation:
  The community has easy access to MacLeod Trail and Stoney Trail, making commuting convenient. Millrise LRT Station provides quick access to downtown Calgary.

• Shopping & Amenities:

  • Millrise Plaza offers grocery stores, restaurants, and local businesses.

  • Shawnessy Shopping Centre is nearby, featuring major retailers like Walmart, Canadian Tire, and Best Buy.

  • Southcentre Mall, a short drive away, offers a more extensive selection of shopping options.

• Recreation & Parks:

  • Fish Creek Provincial Park is just minutes away, providing walking trails, picnic areas, and nature experiences.

  • Millrise Community Association organizes local events and recreational programs.

  • Nearby Shawnessy YMCA and Cardel Rec South offer fitness facilities, swimming pools, and community activities.

Market Outlook for Millrise

• Continued Price Growth: Prices are rising across all property types, reflecting ongoing demand.

• Balanced Market Conditions: Increasing inventory and slowing sales suggest the market may shift away from a seller’s market.

• Stronger Demand for Affordable Housing: Apartments and townhouses remain attractive to buyers due to their relative affordability compared to detached homes.

• Impact of Interest Rates: If mortgage rates stabilize or decline, buyer activity may increase, supporting further price appreciation.

Millrise continues to be a desirable neighborhood due to its strong community amenities, transit options, and proximity to schools and shopping. While sales volume has slowed, prices remain on an upward trend, signaling a steady real estate market.