Calgary Real Estate Market Watch, May 2008

SELLERS NEED TO PAY ATTENTION TO THE CURRENT MARKET

Calgary, May 1, 2008 – Calgary's MLS® listings are taking twice as long to sell over last year, according to figures released by the Calgary Real Estate Board (CREB®). Calgary's MLS® listings remain elevated for April indicating two things: Calgary is in a buyer's market, and secondly, sellers need to pay attention and price their homes appropriately for today's market and ensure that their homes are well staged and well kept in order to encourage buyers.

Single family Calgary metro new listings added for the month of April totaled 3,377, an increase of 8.9 per cent from April 2007 when new listing added totaled 3,100 and a decrease of 3.3 per cent from last month, when new listings coming to the market were 3,493. Calgary metro condominium new listings added in April 2008 were 1,493, showing an increase of 29 per cent from the 1,157 new condominium listings added in April 2007 and a decrease of 4.4 per cent from last month's condominium listings of 1,561.

Single family Calgary metro sales for the month of April came in at 1,363, showing a decrease of 34.7 per cent from the 2,086 sales in April 2007 and showing a decrease of 3.9 per cent from last month's sales of 1,418. Condominium sales for the month of April were 581, a decrease of 30.8 per cent from the 839 condominium sales recorded in April 2007 and showing a slight increase of 2.8 percent over the 565 condominiums changing hands in March 2008.

Given the hectic pace of the resale market in the last few years, many buyers are breathing a sigh of relief. There are more listings on the market, which means more choice for the buyers, with more inventory, buyers are taking their time to fi nd the home that is right for them at the price that is right for them. What that means however, for a seller; you now need to pay more attention to how you price your home. The market is no longer bearing the prices that it did a year ago. A professional REALTOR® who understands what is going on in the market can help the seller with all of these issues in order to more effectively sell a home, said Calgary Real Estate Board President, Ed Jensen.

The median price of a single family Calgary metro home in April 2008 was $420,000 showing a decrease of 2.8 percent over April 2007, when the median price was $432,000 and showing no change from last month when the median price was also $420,000. 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.

The average price of a single family Calgary metro home in April 2008 was $474,564, showing almost no change from last year, up just 0.1 per cent from April 2007, when the average price was $474,250. The average price of a Calgary metro condominium was $312,586, showing a 5.1 per cent decrease from April 2007 when the average price was $329,429. 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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Last updated on: 2012-02-04 00:18:34