Calgary Real Estate Market Watch

MLS® SEES A STEADY FOURTH QUARTER AHEAD

Calgary, November 2, 2007 - The market remains steady during the first part of the fourth quarter of 2007, according to figures released by the Calgary Real Estate Board (CREB®).Single family Calgary metro sales for October 2007 were 1,113, a decrease of 10.3 per cent from the 1,241 sales recorded in October 2006 and an increase of 4.6 per cent from the 1,064 sales recorded in September 2007.

Single family Calgary metro new listings added for the month of October totaled, 2,586, a 2.9 per cent increase over the 2,513 new listings added in October 2006. This is a decrease of 16.7 per cent over the 3,106 new listings added in September 2007.

The median price of a single family Calgary metro home in October 2007 was $412,500 showing a 10 per cent increase over October 2006, when the median price was $375,000 and showing a 1.9 per cent decrease from September of this year when the median price was $420,500. 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 October were 1,203, showing a decrease of 8.5 per cent from the 1,315 new listings added last month. This is a 13.2 per cent increase from the 1,063 new listings coming to market in October 2006. Calgary metro condominium sales in October 2007 were 501; a decrease of 6.4 per cent from October 2006, when the sales were recorded as 535 and a 3.7 per cent increase from the 483 condominium sales recorded in September 2007.

"As we move through the fourth quarter of 2007, we are seeing a normal amount of market activity. The good news is that our October sales have increased somewhat over September sales, showing consumer confidence in the real estate market as well as in Calgary's over all strong economy," remarked CREB® President Ron Stanners. "This is also a reflection of Albertan's belief in the strength of our energy industry. With the broad selection of properties available today, buyers can select their dream home through the MLS®. Home owners, by pricing their homes competitively with the guidance of their REALTOR®, can anticipate a quicker sale," Stanners continued.

Source: CREB

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