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Calgary Real Estate Market Overview

SALES AND LISTINGS REFLECT A BALANCED MARKET IN THE FIRST MONTH OF 2007

Calgary, February 2, 2007 – MLS® sales and new listings came in strong for the month of January 2007, according to figures released by the Calgary Real Estate Board.

January combined residential sales totaled 2,631, a 9.63 per cent increase over January 2006 when sales were recorded as 2,400, and a 30.57 per cent increase from December 2006 when the sales were 2,015. The breakdown of the January 2007 combined sales was, 1,787 single-family residences, 834 condominium, and 10 mobile homes. January 2006 sales in the same categories were, 1,762; 624; and 14, respectively.

January 2007 saw 4,010 new listings coming to the market, an increase of 34.56 per cent from January 2006, when the new listings were 2,980, and showing an increase of 140 per cent from last month’s 1,670 new listings.

The average combined residential sale price for January 2007 was $375,646 a 29.83 per cent increase over January 2006, when the average price was $289,328, and a 3.87 percent increase over the December 2006 average price of $361,640. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of January 2007 over 2006: single-family $419,324 / $322,764; condominium $285,918 / $200,668; mobile home $53,710 / $32,778.

Condominium sales in January maintained a steady pace with 834 condominiums changing hands. This is a 33.65 per cent increase over January 2006, when the condominium sales were 624 and a 40.64 per cent increase over last month’s sales of 593. The average price of a condominium in January 2007 was $285,918, an increase of 42.48 per cent from the same period last year, when the average price was $200,668, and a 1.58 per cent increase over December's average price of $281,459.

“Although it is very early in the year, the sales and listing activity in January is relatively strong and is showing a better balance than it did in January of 2006,” explained CREB® President, Ron Stanners. "This first quarter of 2007 will be telling in how the market will unfold, however, if you have, or are thinking of listing your property early this year, your best resource is your REALTOR®, who can give you sound advise in setting the best price point for a quick sale," concluded, Stanners.

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 for January 2007 was $337,000; up 32.16 per cent from January 2006, when the median price was $255,000 and up 0.90 per cent from last month’s median of $334,000.

The Calgary Real Estate Board is a professional body of 5,484 licensed brokers and registered associates, representing 254 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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