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Calgary Real Estate Market Overview

SUMMER MARKET STILL FAVOURS BUYERS; BUT FOR HOW LONG?

Calgary, August 1, 2008 – Calgary’s MLS® market remains steady for the month of July and still presents great opportunities for buyers, according to figures released by the Calgary Real Estate Board (CREB®).

Single family Calgary metro new listings added for the month of July totaled 2,559, a very slight increase of 0.4 per cent from July 2007, when new listing added totaled 2,548 and a decrease of 8.2 per cent from last month, when new listings coming to the market were 2,787. Calgary metro condominium new listings added in July 2008 were 1,183, showing an increase of 5.9 per cent from the 1,117 new condominium listings added in July 2007 and a decrease of 4.1 per cent from last month’s condominium listings of 1,234.

Single family Calgary metro sales for the month of July came in at 1,313, showing a decrease of 12.2 per cent from the 1,495 sales in July 2007 and showing a decrease of 8.8 per cent from last month’s sales of 1,439. Condominium sales for the month of July were 535, a decrease of 11.3 per cent from the 603 condominium sales recorded in July 2007 and showing a slight decrease of 3.8 percent over the 556 condominiums changing hands in June 2008.

“As we can see, the number of new listings coming to the Calgary market is down just slightly again in July. This may be due in part to the current time of year; home owners are more focused on family holidays during the summer months,” remarked CREB® President, Ed Jensen. “The market is presenting a good selection for home buyers, but waiting too long may present less opportunity in the future, as we continue to move into a normal market,” Jensen continued. “Buyers who wish to take advantage of the zero down mortgage program will need to hurry as this program, and the 40 year amortization program, are discontinuing shortly. Buyers can get more information about these programs from their REALTOR®.” concluded, Jensen.

The median price of a single family Calgary metro home in July 2008 was $408,500, showing a decrease of 6.1 per cent from July 2007, when the median price was $435,000 and down just $500 from last month when the median price was $408,000. 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.

“The single family median price in Calgary has come down over last year. This month alone we have seen 95 single family metro properties sell in the $200,000 to 300,000 price range as opposed to just 42 sales in that same category in July 2007. In addition to that, we had 60 properties that sold for over $1,000,000 in July of 2007 and only 30 this July. It just reinforces the fact that the craze of last year is over and sellers can no longer name their price; sellers must price their properties competitively the first time for a relatively quick sale.” explained Jensen.

The average price of a single family Calgary metro home in July 2008 was $456,380, showing a decrease of 9.8 per cent from July 2007, when the average price was $505,920. The average price of a Calgary metro condominium was $296,338, showing a 7 per cent decrease from July 2007 when the average price was $318,582. 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 5,803 licensed brokers and registered associates, representing 265 Member offices.

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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