Calgary Real Estate Market Watch

APRIL MLS® SALES AND LISTINGS REMAIN STEADY

Calgary, May 1, 2007 – MLS® sales and new listings soared for the month of April 2007, according to figures released by the Calgary Real Estate Board.

April combined residential sales totaled 3,505, a 3.88 per cent increase over April 2006 when sales were recorded as 3,374, and a 11.01 per cent decrease from March 2007, when the sales were 3,939. The breakdown of the April 2007 combined sales was, 2,529 single-family residences, 960 condominium, and 16 mobile homes. April 2006 sales in the same categories were, 2,440; 912; and 22, respectively.

April 2007 saw 5,118 new listings coming to the market, an increase of 43.36 per cent from April 2006, when the new listings were 3,570, and showing a decrease of 1.48 per cent from last month’s 5,195 new listings.

The average combined residential sale price for April 2007 was $420,807 a 23.29 per cent increase over April 2006, when the average price was $341,302, and a 1.32 percent increase over the March 2007 average price of $415,321. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of April 2007 over 2006: single-family $458,668 / $375,818; condominium $326,884 / $256,151; mobile home $71,812 / $42,968.

Condominium sales in April saw 960 condominiums changing hands. This is a 5.26 per cent increase over April 2006, when the condominium sales were 912 and a 17.74 per cent decrease over last month’s sales of 1,167. The average price of a condominium in April 2007 was $326,884, an increase of 27.61 per cent from the same period last year, when the average price was $256,151 and a 6.07 per cent increase over March’s average price of $308,187.

"This is a stabilizing month for MLS®. Sales and listings are down moderately from March; however new listings in April are approximately 1,550 ahead of April 2006", remarked CREB®President, Ron Stanners. "The average sale price in April for a single family home has declined moderately from March, from $462,000 to $458,000. Accurate pricing is becoming even more important in this stable market; contact a REALTOR®for professional assistance", continued Stanners.

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. The median price is determined by selecting the middle number of total sale prices – the combined residential median for April 2007 was $388,000; up 24.32 per cent from April 2006, when the median price was $312,107 and up 3.19 per cent from last month’s median of $376,000.

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.