Calgary Real Estate Market Watch

MLS® SEES SEASONAL SLOW DOWN ACTIVITY

Calgary, December 3, 2007 - Typical season slow down comes to the MLS® during the month of November 2007, according to figures released by the Calgary Real Estate Board (CREB®).

Single family Calgary metro sales for November 2007 were 1,103, a decrease of 21 per cent from the 1,397 sales recorded in November 2006 and a slight decrease of 0.9 per cent from the 1,113 sales recorded in October 2007.

Single family Calgary metro new listings added for the month of November totaled, 1,949, a 39.5 per cent increase over the 1,397 new listings added in November 2006. This is a decrease of 24.6 per cent over the 2,586 new listings added in October 2007.

The median price of a single family Calgary metro home in November 2007 was $407,500 showing a 8.7 per cent increase over November 2006, when the median price was $375,000 and showing a 1.2 per cent decrease from October of this year when the median price was $412,500. All Calgary Metro MLS® statistics 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.

Calgary metro condominium new listings added in November were 890, showing a decrease of 26 per cent from the 1,203 new listings added last month. This is a 23.3 per cent increase from the 722 new listings coming to market in November 2006. Calgary metro condominium sales in November 2007 were 496; a decrease of 17.7 per cent from November 2006, when the sales were recorded as 603 and a 10 per cent decrease from the 501 condominium sales recorded in October 2007.

"November is typically a slower month for MLS® sales and listings, due to the approaching holiday season. However, November Single Family Calgary Metro sales are only down by 10 sales from October, so there is still a substantial amount of product selling," remarked, CREB® President Elect, Ed Jensen. "If you are in the market to purchase, there is a healthy selection of product available at the moment, giving buyers many choices. Also, sellers need to be listing their properties with a professionally licensed REALTOR®, who will help them achieve that all important competitive price point, and give them exposure to the MLS® system, and a network of over 5,600+ other REALTORS®," concluded Jensen.

The average price of a single family Calgary metro home in November 2007 was $462,134, and the average price of a metro condominium was $312,710.

Source: CREB

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Last updated on: 2012-02-04 00:18:34