MLS® SALES REMAIN STRONG AS THE END OF SUMMER APPROACHES
Calgary, September 4, 2006 – MLS® sales remained almost on par with July, but dropped significantly from last year's record breaking August sales numbers, according to figures released by the Calgary Real Estate Board (CREB®).
August combined residential sales totaled 2,516, showing a 9.46 per cent decrease over August 2005 when the sales were recorded as 2,779 and showing just a slight decrease of 2.71 per cent from last month’s sales of 2,586. The following shows the breakdown of the August combined sales; 1,684 single-family residences, 812 condominium, and 20 mobile homes. August 2005 sales in the same categories were, 1,953, 814, and 12, respectively.
The average combined residential sale price for August 2006 was $365,732, showing a 49.61 per cent increase over August 2005, when the average price was $244,456, and a 2.21 per cent increase over July 2006’s average price of $357,831. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of July 2006 over 2005: single-family $412,331 / $272,438; condominium $276,536 / $180,339; and mobile home $63,415 / $39,516.
August 2006 residential combined listings totaled 4,271. This is a 28.72 per cent increase over August 2005, when 3,318 listings came to market and showing a 4.43 per cent decrease over the 4,469 homes listed in July.
Condominium sales remained steady with 812 units changing hands. Sales for condominiums for the same period last year were 814 showing a very slight decrease of just 0.25 per cent. The average condominium price in August 2006 was $276,536, the highest August recorded on the MLS®, compared to the $180,339 in August 2005 and showing a 53.34 per cent increase and a 1.8 per cent increase over the July average price of $271,641.
"August has been an interesting month for the MLS® with various opinions as to if and how much, the market may be cooling off. The theories behind the opinions are equally varied but include construction completions and typical seasonal slow-downs. Whatever the reasons, the most important thing is still to remember to prepare and price one’s property competitively. Your REALTOR® is the best person to look to for help in showing off the features of your property, and for accurate pricing within a given market,” says CREB® President Kevin Clark. "Often times we hear of sellers who are frustrated at how long their property has been on the market; this is commonly either because of presentation or pricing. It is very important to look to your REALTOR® throughout the listing period, for up-to-date and sound advice."
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 price for August 2006 was $328,000; up 49.43 per cent from August 2005, when the median price was $219,500 and down 0.61 per cent from the median price in July of $330,000.
The Calgary Real Estate Board is a professional body of 5,375 licensed brokers and registered agents, representing 258 Member offices.
Calgary Real Estate Market data supplied by CREB
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