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Calgary Real Estate Market Overview

CONDO SALES CONTINUE TO REMAIN STRONG; PRICES STEADY

Calgary, March 1, 2007 – MLS® sales and new listings came in strong for the month of February 2007, according to figures released by the Calgary Real Estate Board.

February combined residential sales totaled 3,348, a 9.66 per cent increase over February 2006 when sales were recorded as 3,053, and a 27.25 per cent increase from January 2007, when the sales were 2,631. The breakdown of the February 2007 combined sales was, 2,319 single-family residences, 1,011 condominium, and 18 mobile homes. February 2006 sales in the same categories were, 2,152; 895; and 6, respectively.

February 2007 saw 3,731 new listings coming to the market, an increase of 15.62 per cent from February 2006, when the new listings were 3,227, and showing a decrease of 6.96 per cent from last month’s 4,010 new listings.

The average combined residential sale price for February 2007 was $393,307 a 29.14 per cent increase over February 2006, when the average price was $304,550, and a 4.7 percent increase over the January 2007 average price of $375,646. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of February 2007 over 2006: single-family $435,802 / $342,412; condominium $301,777 / $215,301; mobile home $59,556 / $37,417.

Condominium sales in February maintained a steady pace with 1,011 condominiums changing hands. This is a 12.96 per cent increase over February 2006, when the condominium sales were 895 and a 21.22 per cent increase over last month’s sales of 834. The average price of a condominium in February 2007 was $301,777, an increase of 40.17 per cent from the same period last year, when the average price was $215,301 and a 5.55 per cent increase over January’s average price of $285,918.

“With February statistics now on record, it is clear that our strong balanced market is going to continue,” explained CREB® President, Ron Stanners. “With sales 9% above February 2006 numbers, it would appear that we are heading into a stronger market than last year. Our saving grace is that we have almost twice as many residential listings at the end of February this year as compared to February 2006. This should keep our market balanced, but anticipate prices moving up through March. This is where the true value of a REALTOR® can help you whether you are buying or selling. Contact your REALTOR® for professional assistance,” 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 February 2007 was $363,000; up 35.45 per cent from February 2006, when the median price was $268,000 and up 7.72 per cent from last month’s median of $337,000.

The Calgary Real Estate Board is a professional body of 5,506 licensed brokers and registered associates, representing 256 member offices.

Average Calgary Real Estate Prices for last 13 months
Calgary real estate price increases February 2006 to February 2007

Average Calgary Real Estate Yearly Prices for 1985 to 2007 YTD

 Calgary Real Estate Market data supplied by CREB

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