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Calgary Real Estate Market Overview

OPPORTUNITY REMAINS STRONG FOR BOTH BUYERS AND SELLERS

Calgary, December 4, 2006 – Sales numbers continue to reflect Calgary's economy, while listings show a slight decrease, possibly due to the approaching holiday season, according to figures released by the Calgary Real Estate Board (CREB®).

November combined residential sales totaled 2,313, showing an increase of 9.0 per cent from last month's sales of 2,122 and showing a decrease of 11.45 per cent from November 2005 when the sales were recorded at 2,612. The following shows the breakdown of the November combined sales; 1,632 single-family residences, 670 condominium, and 11 mobile homes. November 2005 sales in the same categories were, 1,837, 764, and 11, respectively.

The average combined residential sale price for November 2006 was $360,674, showing a 36.40 per cent increase over November 2005, when the average price was $264,432, and showing a 3.58 per cent decrease from last month's average price of $374,067. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of November 2006 over 2005: single-family $394,712 / $295,627; condominium $282,680 / $192,836; and mobile home $61,227 / $27,490.

November 2006 new residential combined listings totaled 2,850. This is a 16.47 per cent increase over November 2005, when 2,447 new listings came to the market and showing a 33.05 per cent decrease over the 4,257 homes listed in October.

Condominium sales in November totaled 670 showing a decrease of 12.30 per cent from November 2005's sales of 764 and an 8.24 per cent increase over the 619 condominiums sold in October 2006. The average sale price of a condominium in November 2006 was $282,680, an increase of 46.59 per cent from November 2005 when the average price was $192,836 and a very slight decrease of 0.43 per cent from October's average price of $283,888.

"REALTORS® are continuing to achieve successful sales for competitively priced, well presented properties", says CREB® President, Kevin Clark. "Prudent buyers too are keeping their REALTORS® busy trying to buy while inventories remain strong." concluded Clark.

Average price information can be useful in establishing trends over time, but does not indicate actual prices in centers comprised of widely divergent neighborhoods 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 November 2006 was $334,000. This is an increase of 45.22 per cent from November 2005, when the median price was 230,000 and a 0.30 per cent increase over October's median of 333,000.

The Calgary Real Estate Board is a professional body of 5,394 licensed brokers and registered agents, representing 255 Member offices.

Average Calgary Real Estate Prices for last 13 months

Average Calgary Real Estate Yearly Prices for 1985 to 2006 YTD

 Calgary Real Estate Market data supplied by CREB

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