The second quarter of 2024 in Mahogany, SE Calgary, has witnessed a dynamic real estate market, characterized by steady growth in home sales and prices. As one of Calgary's premier lake communities, Mahogany continues to attract a diverse range of buyers, from young families to retirees, drawn by its lifestyle offerings and community amenities.
Market Highlights
Sales Activity: There was a 10% increase in residential sales in Mahogany compared to Q1 2024, with approximately 125 homes sold between April and June. This reflects a strong demand and an active market.
Price Range:
65 detached homes were sold $575,000 - $3,500,000;
19 semi-attached homes were sold $530,000 - $1,042,900;
14 Townhomes were sold $467,900 - $589,000;
27 apartment units were sold $294,900 - $1,400,000 respectively.
Inventory Levels: The inventory in Mahogany remained tight, with around 90 active listings at the end of June, a slight decrease from the previous quarter. This limited supply has contributed to the competitive nature of the market.
Days on Market: Homes sold faster this quarter, with the average days on market dropping to 22 days. The quick turnover indicates a robust demand, especially for well-priced properties.
Buyer Trends
Demographics: The buyer demographic in Mahogany continues to diversify, with a notable influx of first-time buyers and families seeking the community's recreational amenities, including the lake and parks.
Property Preferences: Single-family homes continue to dominate sales, but there is a growing interest in townhouses, particularly among buyers looking for lower maintenance options and community living.
Lifestyle Appeal: Mahogany’s extensive outdoor amenities, including the lake, walking paths, and nearby shopping, have solidified its reputation as a desirable place to live, further enhancing its market appeal.
Economic Factors
Interest Rates: The stability of interest rates from the Bank of Canada has played a crucial role in maintaining buyer confidence. This has led to an increase in mortgage applications and activity in the housing market.
Employment Trends: With job growth in Calgary, particularly in sectors such as technology and healthcare, the local economy has strengthened, encouraging more individuals and families to invest in housing.
Outlook
The outlook for Mahogany’s real estate market for the remainder of 2024 appears optimistic. With continued demand and limited inventory, price growth is expected to persist. However, potential shifts in interest rates and overall economic conditions may influence buyer behavior as the year progresses.
Conclusion
Q2 2024 has been a positive quarter for Mahogany SE Calgary, characterized by increased sales, rising prices, and a competitive market environment. As the community continues to grow and attract diverse buyers, stakeholders should remain aware of market trends and economic factors that may shape the future landscape.
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