Calgary Real Estate Market Watch

MLS® MARKET SHOWS BALANCE

Calgary, June 4, 2007 – Calgary’s MLS® Sales and Listings for the month of May 2007, show a more balanced market for the frst time since the Spring of 2006, according to figures released by the Calgary Real Estate Board (CREB®).

“With the increase of listings this month, we are seeing a shift in the market giving it more balance,” says Calgary Real Estate Board President, Ron Stanners. “With this shift, it is more important than ever to price your home competitively, if you want it to sell quickly. If you miss a first competitive price point, your property may become subject to price reduction and will take much longer to sell than the current 25 day average, to sell a single family home”, concluded Stanners.

Single family Calgary metro new listings added for the month of May totaled, 3,652, a healthy 47.44 per cent increase over the 2,477 new listings added in May 2006. This is also an increase of 17.81 per cent over the 3,100 new listings added in April 2007.

Single family Calgary metro properties changing hands in May were 1,995, a decrease of 2.21 per cent from the 2,040 recorded in May 2006 and a decrease of 4.36 per cent from the 2,086 sales recorded last month.

The average price of a single family Calgary metro home in May 2007 was $487,523 showing a 17.25 per cent increase over May 2006, when the average price was $415,815 and showing a 2.80 per cent increase from last month when the average price was $474,250. These average price figures reflect the changes made from extracting mobile homes and condominiums from the previously reported category, Residential Combined. All Calgary Metro MLS® statistics include properties listed and sold only within Calgary’s City limits.

CREB® President, Ron Stanners says, “The Calgary Real Estate Board is committed to reporting the most useful MLS® statistical information as possible and we believe that the change from the Residential Combined figure, which included condominium and mobile homes, to Calgary metro, will better reflect the current growth in this very diverse market place.”

The Calgary metro Condominium market showed equal stability in May with new listings added totaling 1,332, an increase of 32.54 per cent from May 2006, when the new listings added were 1,005. This is a 15.13 per cent increase from last month when new listings added were 1,157. Calgary metro Condominium sales in May 2007 were 887, a decrease of 0.56 per cent form May 2006, when the sales were recorded as 892 and a 5.72 per cent increase form last month’s sales of 839.

The Calgary Real Estate Board is a professional body of 5,253 licensed brokers and registered associates, representing 254 Member offices. The Board does not generate statistics or analysis of any individual Member or company's market share. All MLS®active listings for Calgaryand area may be found on the Board’s website at www.creb.com.