CALGARY RESIDENTIAL REAL ESTATE MARKET RESTORING BALANCE
Calgary, March 2, 2009 – MLS® sales activity of single family Calgary metro homes was 825 in the month of February 2009 showing an increase of 50 per cent from 550 sales in January 2009, according to fi gures released by the Calgary Real Estate Board (CREB®).
This was a decrease of 34 per cent from February 2008 when single family home sales were 1,252. The number of condominium sales for the month of February 2009 was 343, an increase of 52 per cent from the 225 condominium transactions recorded in January 2009 and a decrease of 39 per cent from February 2008 when 562 condominiums changed hands.
“Undoubtedly the global economic downturn has battered consumer confidence. But there are promising signs we are moving towards a more balanced and stable market,” said Calgary Real Estate Board President, Bonnie Wegerich. “Sales are making some modest gains this month, prices are stabilizing and our inventory absorption rate is improving,” adds Wegerich.
The average price of a single family Calgary metro home in February 2009 was $415,568, showing an increase of 0.6 per cent from January 2009, when the average price was $413,049 and showing a decrease of 12 per cent from February 2008 when the average price was $471,696.
The average price of a Calgary metro condominium was $268,971, showing a 0.7 per cent decrease from January 2009 when the average price was $270,940 and showing a decrease of about 13 per cent over last year, when the average price was $311,812.
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.
“Affordability is the silver-lining in this market. With low interest rates, broad selection and improved affordability, buying opportunities have not been this strong in years,” said Wegerich. “And this is good news particularly for first-time homebuyers who may have felt pushed out of the market,” adds Wegerich. “First time homebuyers can take advantage of improved affordability along with the federal government’s First-Time Home Buyers Tax Credit and new increases to the Home Buyers’ Plan.
Single family Calgary metro new listings added for the month of February totaled 2,057, down just 0.5 per cent from the 2,068 new listings added in January 2009 and showing a decrease of 31 per cent from February 2008, when new listings coming to the market were 2,981.
Calgary metro condominium new listings added in February 2009 were 892 down 5.2 per cent from January 2009 when the MLS® saw 941 condo listings coming to the market. This is a decrease of 28 per cent from February 2008 when condominium listings were 1,244.
The median price of a single family Calgary metro home in February 2009 was $375,000, showing an increase of 0.1 per cent from January 2009, when the median price was $374,700 and down 12 per cent from February 2008 when the median price was $428,000.
The median price of a condominium in February 2009 was $249,900 up 3 per cent from January when the median was $243,000 and down 15 per cent from February 2008 when the median price was $295,000.
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.
“Indeed the shift in the market has been challenging,” said Calgary Real Estate Board President, Bonnie Wegerich. “But I am encouraged by the improved affordability for buyers and signs that we are slowly but surely returning to a more balanced market,” said Wegerich.
The Calgary Real Estate Board is a professional body of 5,209 licensed brokers and registered associates, representing 252 member offices.
Source: Calgary Real Estate Board
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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