FOUR MONTHS OF INCREASING INVENTORY AND SUBSEQUENT PRICE REDUCTIONS GIVE BUYERS A WELCOME EDGE
|Calgary, November 1, 2006 – MLS® listings remained strong in October 2006, providing buyers with more product to choose from, according to figures released by the Calgary Real Estate Board (CREB®).|
October combined residential sales totaled 2,122, showing a slight decrease of 2.66 per cent from last month's sales of 2,180 and showing a decrease of 17.69 per cent from October 2005 when the sales were recorded at 2,578. The following shows the breakdown of the October combined sales; 1,492 single-family residences, 619 condominium, and 11 mobile homes. October 2005 sales in the same categories were, 1,806, 760, and 12, respectively.
The average combined residential sale price for October 2006 was $374,067, showing a 46.90 per cent increase over October 2005, when the average price was $254,643, and a 1.12 per cent increase over last month's average price of $369,928. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of October 2006 over 2005: single-family $413,712 / $284,206; condominium $283,888 / $187,661; and mobile home $71,309 / $47,658.
October 2006 new residential combined listings totaled 4,257. This is a 51.44 per cent increase over October 2005, when 2,811 new listings came to the market and showing an 11 per cent decrease over the 4,783 homes listed in September.
Condominium sales in October totaled 619 showing a decrease of 18.55 per cent from October 2005's sales of 760 and a 7.20 per cent decrease over the 667 condominiums sold in September 2006. The average sale price of a condominium in October 2006 was $283,888 a 51.28 per cent increase from October 2005 when the average price was $187,661 and a 1.66 per cent decrease from last month's record breaking condominium average price of $288,676.
"Buyers have a welcome window of opportunity with this considerable increase of inventory", says CREB® President, Kevin Clark. "Sellers must be competitive to sell before Christmas and buyers may lose out by waiting until spring," he continued. "This is an unusual market, so confirm with your REALTOR® that you are making the best decisions."
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 October 2006 remained the same as September at $333,000; but showing a 49.33 per cent increase from October 2005, when the median price was $223,000.
The Calgary Real Estate Board is a professional body of 5,359 licensed brokers and registered agents, representing 259 Member offices.
Calgary Real Estate Market data supplied by CREB
Recommend this Calgary Real Estate Market Conditions page to a friend.
Copyright © 1998 - 2012 All rights reserved worldwide. Privacy, Disclaimer.