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Calgary Real Estate Market Overview

MLS® RESALE MARKET PICKS UP MOMENTUM IN FEBRUARY 2008

Calgary, March 3, 2008 – Calgary’s MLS® Sales for the month of February show signs of increased market pace, according to figures released by the Calgary Real Estate Board (CREB®).

Single family Calgary metro properties changing hands in February 2008 were 1,252, an increase of 15.6 per cent over the 1,083 sales reported in January 2008 but showing a decrease of 35.5 from the same period last year, when the sales were 1,942.

Single family Calgary metro new listings added for the month of February totaled, 2,981, a decrease of 1.4 per cent from January’s new listing of 3,023 and an increase of 35.1 per cent over the 2,206 new listings added in February 2007.

The median price of a single family Calgary metro home in February 2008 was $428,000 showing a 4.9 per cent increase over February 2007, when the median price was $408,000 and showing a 4.4 per cent increase from last month when the median price was $410,000. All Calgary Metro MLS® statistics include properties listed and sold only within Calgary’s City limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

Calgary metro condominium new listings added in February 2008 were 1,244, showing an increase of 39.9 per cent from the 889 new condominium listings added in February 2007. This is an 11.5 per cent decrease from last month, when the new listings added were 1,406.

Calgary metro condominium sales in February 2008 were 562; a decrease of 37.2 per cent from February 2007 when 895 condominiums changed hands and an increase of 23.8 per cent from the 454 sales recorded in the month of January 2008.

“It appears as though things are picking up, as we move into the final month of the first quarter. I don’t anticipate we’ll see the blistering market that we experienced in the early parts of 2006 and 2007, but I do anticipate stability in this now corrected market,” remarked CREB® President, Ed Jensen. “Calgary is
a very desirable place to live at the moment, with our strong economy, low unemployment rates, strength in the oil and gas industry; people are still moving here and that’s great for real estate.” concluded, Jensen.

The average price of a single family Calgary metro home in February 2008 was $471,696, showing a 5.2 per cent increase over February 2007, when the average price was $448,557. The average price of a metro condominium was $311,812, showing a 3.3 per cent increase over February 2007 when the average price was $301,812.

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 Calgary Real Estate Board is a professional body of 5,756 licensed brokers and registered associates, representing 262 Member offices.

Calgary Real Estate Board

Source: Calgary Real Estate Board

Calgary real estate price increases:

Average Calgary Real Estate Prices for last 13 months

 

Average Calgary Real Estate Yearly Prices for 1985 to 2008 YTD

Please note - statistics reporting changed in May 2007 - comparing present data to data from before May 2007 is not accurate for the 2 graphs directly above. Graphs and data are for illustrative purposes, please check with a realtor for current Calgary real estate market conditions.

 Calgary Real Estate Market data supplied by CREB

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