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Calgary Real Estate Market Overview

MARKET SHOWS SEASONAL DECLINE

Calgary, December 1, 2008 – MLS® sales activity shows typical seasonal slowdown, as the end of 2008 approaches, according to figures released by the Calgary Real Estate Board (CREB®).

Single family Calgary metro sales for the month of November totaled 670, showing a decrease of 39.3 per cent from the 1,103 sales in November 2007 and showing a decrease of 18.3 per cent from last month’s sales of 820.

Condominium sales for the month of November were 284, a decrease of 42.7 per cent from the 496 condominium sales recorded in November 2007 and showing a decrease of 29 per cent from October 2008 when 399 condominiums changed hands.

“We’re coming into the homestretch, with just one month left in 2008. Market activity typically slows down during the end of any year, however, this isn’t a typical market, so the slow down that we’re seeing is somewhat magnified. This is due to uncertainty amongst consumers and it isn’t just affecting real estate, it’s affecting all consumer spending,” commented President, Ed Jensen. “I’ve said it before and I’ll say it again, now is a great time to buy for bargain hunters and buyers who intend to buy long term; it is not a market for home flip buyers. Prices have come down and there are excellent deals to be had.” Jensen, concluded.

The average price of a single family Calgary metro home in November 2008 was $435,471, showing a decrease of 5.8 per cent from November 2007, when the average price was $462,134, and showing a decrease of 3 per cent from October when the average price was $449,100.

The average price of a Calgary metro condominium was $285,820, showing an 8.6 per cent decrease from November 2007 when the average price was $312,710, and showing a decrease of 1.2 per cent over last month, when the average price was $289,148.

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.

Single family Calgary metro new listings added for the month of November totaled 1,567, a decrease of 19.6 per cent from November 2007, when new listing added totaled 1,949 and a decrease of 32.5 per cent from last month, when new listings coming to the market were 2,322.

Calgary metro condominium new listings added in November 2008 were 741, showing a decrease of 16.7 per cent from the 890 new condominium listings added in November 2007 and a decrease of 30.8 per cent from last month’s condominium listings of 1,071.

The median price of a single family Calgary metro home in November 2008 was $387,300, showing a decrease of 5 per cent from November 2007, when the median price was $407,500 and down 0.7 per cent from last month when the median price was $390,000.

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 Calgary Real Estate Board is a professional body of 5,498 licensed brokers and registered associates, representing 249 Member offices.

Source: Calgary Real Estate Board

Calgary real estate price increases / decreases:

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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