Another Good Year Ahead!

The Calgary Real Estate Board’s Annual Forecast Conference and Tradeshow was held on Wednesday, January 16, at the Round-Up Centre with an exceptional attendance of 1,700 people.Ed Jensen spoke to the crowd about the Value of a Calgary REALTOR® and ended with his forecast for 2008.

What should we expect in 2008? The following provides some highlights of the 2008 forecast:

Listings in towns surrounding Calgary are expected to drop by 5 per cent over 2007, with an extimated total of 8,600. Sales in the same category will be 5 per cent lower than 2007, with an estimated sales number of 5,000. The average price of homes in the bedroom communities is expected to rise by 5 per cent to approximately $396,000.

Calgary’s condo market will see a 5 percent drop in listings from 2007, with an expected total of 12,400. Condominium sales will also see a 5 per cent drop coming in at approximately 7,700.

Single family listings in Calgary will come down 5 per cent over 2007, at around the 30,100 mark and single family properties changing hands in 2008 will drop 5 per cent with an expcted total of 17,500.

The average price of a condo in the city of Calgary for 2008 should rise by 6 per cent to approximately $335,300 with single family climibing 5 per cent to approximatey $495,800.

“I expect to see the first part of 2008 continue to be a bit of a roller coaster ride, with listing levels going up and down, until we get through the last part of this inventory adjustment period,” Jensen explained in his speech.

“Seeing a solid Alberta economy, strong employment, predictions of movement to past levels of net migration, I see the Calgary market moving closer to normal market conditions; as normal as Calgary can be. I predict that we will have

(Source: CREB)

Date: Friday, January, 18th 2008 @ 11:56:48 AM
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