Calgary Real Estate Market Watch, February 2008

MLS ® RESALE MARKET REMAINS BALANCED IN THE FIRST MONTH OF 2008

Calgary, February 4, 2008 - Calgary's MLS® Sales and Listings for the month of January 2008, show a steady and more stabilized market, according to figures released by the Calgary Real Estate Board (CREB®).

Single family Calgary metro new listings added for the month of January totaled, 3,023, an increase of 30.02 per cent over the 2,325 new listings added in January 2007. Single family Calgary metro properties changing hands in January 2008 were 1,083, a decrease of 27.66 per cent from the 1,497 recorded in January 2007 and an increase of 28.01 per cent over the 846 sales recorded in December.

The median price of a single family Calgary metro home in January 2008 was $410,000 showing an 7.89 per cent increase over January 2007, when the median price was $380,000 and showing a 0.8 per cent increase from December when the median price was $406,788. 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 January 2008 were 1,406, showing an increase of 40.04 per cent from the 1,004 new condominium listings added in January 2007. Calgary metro condominium sales in January 2008 were 454; a decrease of 38.32 per cent from January 2007 when 736 condominiums changed hands and an increase of 15.52 per cent from the 393 sales recorded in the month of December.

We experienced a slower market toward the end of December, which is expected during the holiday season, however, January has been a relatively good month for the resale market. This is the month when peoples lives are getting back on track, and consumers may be entertaining the idea of listing their home, remarked CREB® President, Ed Jensen. I think this first quarter of 2008 will pick up momentum, and I anticipate a more balanced and stabilized spring, concluded, Jensen.

The average price of a single family Calgary metro home in January 2008 was $455,297, showing a 2.37 per cent increase over December 2007, when the average price was $444,769. The average price of a metro condominium was $311,232, showing a 2.14 per cent increase over December 2007 when the average price was $304,719. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centers comprised of widely divergent neighborhoods or account for price differentials between geographical areas.

Source: CREB

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All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Disclaimer: Information herein deemed reliable but not guaranteed by the CREB and EREB.

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

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