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Calgary Real Estate Market Overview

BUYERS CONTINUE TO HAVE CHOICE AND AFFORDABILITY

Calgary, February 2, 2009 – MLS® sales activity of single family homes was 550 in the month of January 2009 showing an increase of 22 per cent from 449 sales in December 2008, according to figures released by the Calgary Real Estate Board (CREB®). This was a decrease of 49 per cent from January 2008 when single family home sales were 1,083.

The number of condominium sales for the month of January 2009 was 225, an increase of 9.8 per cent from the 205 condominium transactions recorded in December 2008. This was a decrease of 50 per cent from January 2008 when 454 condominiums changed hands.

“Indeed it is a tough market, but I am pleased to see sales picking up this month over December. Although our numbers are down from January 2008, we are seeing increased activity and more interest from buyers,” said Calgary Real Estate Board President, Bonnie Wegerich. “Buyers will continue to have choice and affordability in this slower market,” adds Wegerich.

The average price of a single family Calgary metro home in January 2009 was $413,049, showing a decrease of 1 per cent from December 2008, when the average price was $417,398, and showing a decrease of 9 per cent from January 2008 when the average price was $455,297.

The average price of a Calgary metro condominium was $270,940, showing a 1.4 per cent decrease from December 2008 when the average price was $274,919 and showing a decrease of 13 per cent over last year, when the average price was $311,232.

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 January totaled 2,068, compared to 836 new listings added in December 2008. This is a decrease of 32 per cent from January 2008, when new listings coming to the market were 3,023.

Calgary metro condominium new listings added in January 2009 were 941, compared to 431 new condominium listings added in December 2008. This is a decrease of 33 per cent from January 2008 when condominium listings were 1,406.

“While there’s still a good selection of homes to choose from, we are seeing a slow but steady decrease in our inventory,” remarked Wegerich. “As the inventory is reduced we will see a return to a more stable market.”

The median price of a single family Calgary metro home in January 2009 was $374,700, showing a decrease of 1.4 per cent from December 2008, when the median price was $380,000 and down 8.6 per cent from January 2008 when the median price was $410,000.

The median price of a condominium in January 2009 was $243,000 down 4.3 per cent from December 2008 when the median was $254,000 and down 16 per cent from January 2008 when the median price was $290,000.

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.

“It is definitely challenging times out there. Sellers need to price their homes competitively. But in talking to a number of REALTORS®, I am hearing that activity is picking up and there are buyers out there looking for homes once again,” said Wegerich.

The Calgary Real Estate Board is a professional body of 5,488 licensed brokers and registered associates, representing 252 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 2009 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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