Calgary Real Estate Market Watch, July 2008

THE MARKET REMAINS STEADY DURING THE MONTH OF JUNE

Calgary, July 2, 2008 – Calgary’s MLS® market remains steady with a slight increase in metro single family and condominium sales over last month, which may indicate that more homes are being priced to fit the current market conditions.

Single family Calgary metro new listings added for the month of June totaled 2,787, a decrease of 15.9 per cent from June 2007 when new listing added totaled 3,313 and a decrease of 18.8 per cent from last month, when new listings coming to the market were 3,432. Calgary metro condominium new listings added in June 2008 were 1,234, showing a slight decrease of 1.5 per cent from the 1,253 new condominium listings added in June 2007 and a decrease of 19.8 per cent from last month’s condominium listings of 1,538.

Single family Calgary metro sales for the month of June came in at 1,439, showing a decrease of 18.1 per cent from the 1,757 sales in June 2007 but showing an increase of 5.2 per cent from last month’s sales of 1,368. Condominium sales for the month of June were 556, a decrease of 29.8 per cent from the 792 condominium sales recorded in June 2007 and showing a slight decrease of 3.6 percent over the 577 condominiums changing hands in May 2008.

At this mid-point in the year, Calgary metro single family new listings added year-to-date were 19,086, an increase of 7.7 per cent from the 17,723 new listings added during the first half of 2007. Respectively, Condominium new listings added were 8,473 an increase of 23.1 per cent over the 6,884 new condominium listings added at the mid-point in 2007.

Sales year-to-date for Single family Calgary metro were recorded as 7,902, a decrease of 31.4 per cent from the 11,526 sales recorded in 2007. Calgary metro Condominiums changing hands during the first half of 2008 totaled 3,286 a decrease of 36.4 per cent over the 5,170 sales recorded in 2007. If we look at the average price year-to-date, there is very little change in single family and condominium Calgary metro. The Single family average price for the first half of 2008 was $472,163 and in 2007 for the same period, it was $471,218, a difference of just 0.2 per cent. Respectively, the condominium average price was $312,460 this year and $314,851 last year, down just 0.8 per cent.

“The Calgary metro month end inventory number has decreased slightly and the Calgary metro sales numbers have increased over last month. That tells me that perhaps sellers are listening to their REALTORS® and pricing their homes with today’s market in mind. We’re seeing the sales numbers reflect that | more buyers are finding a home that fits their family’s needs. As we move into the summer months, it’s an excellent time for buyers to capitalize on the wide selection of homes, rather than waiting for the fall when things start to pick up again”, remarked CREB® President, Ed Jensen.

The median price of a single family Calgary metro home in June 2008 was $408,000 showing a decrease of 7.1 percent over June 2007, when the median price was $439,000 and showing a decrease of 2.6 per cent from last month when the median price was $419,000. All Calgary Metro MLS® statistics I include properties listed and sold only within Calgary’s City limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

The average price of a single family Calgary metro home in June 2008 was $473,774, showing a decrease of 4.7 per cent from June 2007, when the average price was $496,890. The average price of a Calgary metro condominium was $315,042, showing a 2.5 per cent decrease from June 2007 when the average price was $323,269. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differentials between geographical areas.

Source: CREB

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