Calgary Real Estate Market Watch, October 2008

OPPORTUNITIES FOR BUYERS, NOW BETTER THAN EVER!

Calgary, October 1, 2008

â€“ The buyer's market trend continues, according to figures released by the Calgary Real Estate Board (CREB®).

In a news release issued yesterday, by the Canadian Real Estate Association (CREA), President, Calvin Lindberg said, We must remember that all markets go through cycles and remember that the national housing market is actually made up of different communities. Real estate markets are local and every community, and every area, is different in terms of trends and pricing.

CREB® President Ed Jensen concurred with Lindberg, saying, We can see these cyclical affects in our own local Calgary market. Some communities in our city are stabilizing, while others are in the midst of a market shift.

Single family Calgary metro new listings added for the month of September totaled 2,631, a decrease of 15.3 per cent from September 2007, when new listing added totaled 3,106 and an increase of 15.9 per cent from last month, when new listings coming to the market were 2,270. Calgary metro condominium new listings added in September 2008 were 1,186, showing a decrease of 9.8 per cent from the 1,315 new condominium listings added in September 2007 and a decrease of 12.5 per cent from last month's condominium listings of 1,054.

Single family Calgary metro sales for the month of September came in at 1,152, showing an increase of 8.3 per cent from the 1,064 sales in September 2007 and showing a decrease of 1.5 per cent from last month's sales of 1,170. Condominium sales for the month of September were 465, a decrease of 3.7 per cent from the 483 condominium sales recorded in September 2007 and showing a decrease of 6.1 per cent from August 2008 when 495 condominiums changed hands.

The number of single family homes selling in the $200,000 to $250,000 price range has increased this month by 50 per cent over last year. And while single family homes selling within the $350,000 to $450,000 price range have remained almost the same as they were in September 2007, another significant change is the price range of 450,000 to 550,000, seeing a 19 per cent decrease in the number of units sold, explained CREB® President, Ed Jensen. In short, more homes are selling in the lower price ranges, indicating that the favourable price range has shifted to one lower than that of 2007. Clearly, it's still a buyer's market and the opportunity for first time home buyers, to get into the market, is better than it's ever been, Jensen concluded.

The median price of a single family Calgary metro home in September 2008 was $395,000, showing a decrease of 6.1 per cent from September 2007, when the median price was $420,500 and down 0.8 per cent from last month when the median price was $398,000. 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 September 2008 was $444,048, showing a decrease of 5.7 per cent from September 2007, when the average price was $470,888. The average price of a Calgary metro condominium was $287,426, showing a 10.6 per cent decrease from September 2007 when the average price was $321,614. 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