The second quarter of 2024 in Auburn Bay, SE Calgary, has shown a continued resilience in the housing market, reflecting broader trends in the Calgary real estate landscape. As we move further into the year, various factors, including interest rates, economic stability, and buyer sentiment, have shaped the market dynamics.
Market Highlights
Sales Activity: The total number of residential sales in Auburn Bay increased by 12% compared to the previous quarter. 147 properties were sold in Apr-Jun. 30.61% in apartment section, 17% in Townhouse section, 10.2% in Duplex section, 42.18% in Detached section. This uptick indicates strong buyer demand and a competitive market environment.
Price Range:
Detached houses, 62 SOLD, $600,000 - $2,600,000;
Duplex houses, 15 SOLD, $511,500 - $666,000;
Townhouses, 25 SOLD, $292,500 - $540,000;
Apartments, 45 SOLD, $270,000 - $430,000.
Inventory Levels: Inventory levels remained relatively stable, with approximately 85 active listings by the end of June. This represents a slight decrease of 8% from the previous quarter, indicating a tightening market.
Days on Market: Homes in Auburn Bay sold faster this quarter, with the average days on market decreasing to 25 days. This reflects heightened buyer activity and competitive bidding situations for desirable properties.
Buyer Trends
Demographics: The buyer profile in Auburn Bay continues to evolve, with an increasing number of first-time homebuyers and young families drawn to the community’s amenities and recreational opportunities.
Preferred Property Types: Single-family homes remain the most sought-after property type, though townhouses are gaining traction due to their affordability and lower maintenance requirements.
Lifestyle Appeal: Auburn Bay's appeal lies in its community features, including parks, walking trails, and proximity to schools, which resonate well with families looking for quality living environments.
Economic Factors
Interest Rates: The Bank of Canada maintained interest rates this quarter, contributing to a favorable borrowing environment for buyers. This stability has encouraged many to enter the market, driving demand.
Job Growth: Calgary’s economy has shown signs of recovery with job growth in various sectors, further boosting consumer confidence and spending power in the housing market.
Outlook
Looking ahead, the Auburn Bay real estate market is expected to remain robust through the summer months. Continued demand, coupled with limited inventory, may lead to further price increases. However, potential fluctuations in interest rates and economic conditions could introduce variability in buyer sentiment.
Conclusion
Overall, the second quarter of 2024 in Auburn Bay SE Calgary has demonstrated a positive trajectory, characterized by increased sales activity, rising home prices, and a competitive market landscape. Stakeholders should remain attentive to emerging trends and economic factors that could impact the market in the coming months.
This report serves as a snapshot of the current real estate landscape in Auburn Bay and aims to provide valuable insights for buyers, sellers, and investors alike.
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