Calgary Real Estate Market Watch, June 2008

BUYERS NEED TO PAY ATTENTION - HOMES ARE ON SALE TODAY!

Calgary, June 2, 2008 – Now is not the time to wait until the sale is over and then decide to buy; after you read a headline, the best time to buy has passed, cautioned, CREB® President, Ed Jensen. Home inventories are high; buyers are reaping the benefit ts of selection and are able to negotiate the best sale price and terms. Today's market presents buyers with great purchasing opportunities, according to information released by the Calgary Real Estate Board.

Single family Calgary metro new listings added for the month of May totaled 3,432, a decrease of 6 per cent from May 2007 when new listing added totaled 3,652 and an increase of 1.6 per cent from last month, when new listings coming to the market were 3,377. Calgary metro condominium new listings added in May 2008 were 1,538, showing an increase of 15.5 per cent from the 1,332 new condominium listings added in May 2007 and an increase of 3.0 per cent from last month's condominium listings of 1,493.

Single family Calgary metro sales for the month of May came in at 1,368, showing a decrease of 31.4 per cent from the 1,995 sales recorded in May 2007 and showing an increase of 0.4 per cent from last month's sales of 1,363. Condominium sales for the month of May were 577, a decrease of 35 per cent from the 887 condominium sales recorded in May 2007 and showing a slight decrease of 0.7 percent over the 581 condominiums changing hands in April 2008.

The conditions today are perfect for buyers. We have a surplus of homes on the market, there are many great mortgage products available to fi t the needs of every buyer, and interest rates have never been better, remarked CREB® President, Ed Jensen. Some buyers are waiting and trying to time the next market shift, which is almost impossible to do, a crystal ball is not a great forecasting tool. New listing numbers dropped slightly in May, sales remain steady and our economy remains very solid. Buying real estate is the best long term investment available to us as consumers; maybe today is the day to make a buying decision. A professional REALTOR® understands what is going on in the market and can help the buyer make an informed buying decision, Jensen concluded.

The median price of a single family Calgary metro home in May 2008 was $419,000 showing a decrease of 3.7 percent over May 2007, when the median price was $435,000 and showing a decrease of just 0.2 per cent from last month when the median price was $420,000. All Calgary Metro MLS® statistics include properties listed and sold only within Calgary's City limits. The median 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 May 2008 was $479,564, showing a very slight decrease of 1.6 per cent from May 2007, when the average price was $487,523. The average price of a Calgary metro condominium was $311,816, showing a 6.2 per cent decrease from May 2007 when the average price was $332,237. 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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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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• Joe, Thank you for your assistance in helping us sell our home on time. You provided us with exceptional customer service and your analysis of the market was insightful as well as accurate. We will recommend you to others and call upon you again when needed. Thanks again.
• Mike & Laura Holemar