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Calgary Real Estate Market Overview

SALES AND NEW LISTINGS FOR SINGLE FAMILY AND CONDO BREAK ALL TIME MLS® RECORDS

Calgary, April 2, 2007 – MLS® sales and new listings soared for the month of March 2007, breaking all time MLS® records, according to figures released by the Calgary Real Estate Board.

March combined residential sales totaled 3,939 (the highest MLS® sales number ever recorded), a 12.99 per cent increase over March 2006 when sales were recorded as 3,486, and a 17.65 per cent increase from February 2007, when the sales were 3,348. The breakdown of the March 2007 combined sales was, 2,755 single-family residences, 1,167 condominium, and 17 mobile homes. March 2006 sales in the same categories were, 2,481; 990; and 15, respectively.

March 2007 saw 5,195 new listings coming to the market (an all time MLS® record), an increase of 31.55 per cent from March 2006, when the new listings were 3,949, and showing an increase of 39.24 per cent from last month’s 3,731 new listings.

The average combined residential sale price for March 2007 was $415,321 a 27.63 per cent increase over March 2006, when the average price was $325,399, and a 5.60 percent increase over the February 2007 average price of $393,307. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of March 2007 over 2006: single-family $462,811 / $363,361; condominium $308,187 / $234,600; mobile home $73,591 / $39,093.

Condominium sales in March saw 1,167 condominiums changing hands. This is a 17.88 per cent increase over March 2006, when the condominium sales were 990 and a 15.43 per cent increase over last month’s sales of 1,011. The average price of a condominium in March 2007 was $308,187, an increase of 31.37 per cent from the same period last year, when the average price was $234,600 and a 2.12 per cent increase over February’s average price of $301,777.

"This is an interesting month for the MLS®. Sales and new listings have broken records and are the highest they have ever been in the MLS® history. This year, MLS® new listings are up by 32 per cent over last year, giving the consumer much more product to choose from", remarked CREB® President Elect, Ed Jensen. "With an increase in properties for sale, it should keep the average price steady. It's still very important to work with your REALTOR® for advice on pricing your property competitively, to ensure a quick sale", continued Jensen.

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 March 2007 was $376,000; up 31.93 per cent from March 2006, when the median price was $285,000 and up 3.58 per cent from last month’s median of $363,000.

The Calgary Real Estate Board is a professional body of 5,508 licensed brokers and registered associates, representing 255 member offices.

Calgary real estate price increases:

Average Calgary Real Estate Prices for last 13 months

Average Calgary Real Estate Yearly Prices for 1985 to 2007 YTD

 Calgary Real Estate Market data supplied by CREB

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