January 2023_Cranston Market Update

Happy New Year and Welcome to 2023!  I hope you and your families had a wonderful holiday season and that the year ahead is filled with joy and happiness. 

For my first market update of the year, I'll be discussing what you can expect to see in Cranston/Riverstone for 2023. If you are curious about what happened in the month of December, or how 2022 numbers compared to previous years, I’ll have more information on my blog post at  https://scottglover.realestate/blog  

We are starting 2023 with a total of 37 homes for sale. This number is for the entire community, Riverstone included, and is the 2nd lowest total to the start of a year going back to 2010. This number is up slightly from the historic lows of 2021, but well below the long-term trends we saw pre-pandemic. In each of the 3 years from 2018 to 2020, Cranston started the year with close to 100 homes for sale, with both the city and community in a strong buyer’s market. 

These low inventory numbers have helped keep the market in Calgary and Cranston balanced, with demand softening in the back half of the year as a result of rapidly increasing interest rates.  

The September to December months of supply numbers for Cranston have remained below 2.3 (Meaning it would take 2.3 months to sell all the available inventory at current sales levels.) resulting in only a slight decline in prices from the peak we saw in May.  While benchmark prices for Cranston have dropped by about 5% since May, they have ended the year 11% ahead of December 2021. This is pretty good considering what is happening in other parts of the country.

So, all in all, it’s good news to start the year. The sky isn’t falling in Calgary which is a welcome relief after what we went through from 2015 to 2020.  With demand levels stronger than pre-pandemic, and inventory at almost record lows, the stage is set for a healthy real estate market in 2023 despite current interest rates and inflation numbers.

If you would like more information on the local market, you can reach me at sglover@redlinerealestate.ca

Top December Statistics:

$653,383

In December the benchmark price for a Detached Home in Cranston was $656,383, up 15% from December 2021

1.50 

The Months of Supply for the Apartment Segment. This is down from 13.00 in December 2020. (for reference, a balanced market is around 3. Below that is considered a seller’s market, and above is considered a buyer’s market)

5

In Cranston there were 5 sales in the $700-$999k range in December. It is 2nd highest sales total for the month behind $200-$299k price range

17

The average days on market for a condo in December. This was as high at 71 going back to December 2019