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Calgary Real Estate Market Overview

CALGARY METRO HOME SALES SHOW SIGNS OF STRENGTH
Market continues to rebound during slow summer months

Calgary, August 4, 2009 - The number of single family homes and condos sold in July in Calgary metro are both up from the same time a year ago according to figures released by the Calgary Real Estate Board (CREB®).

MLS® sales activity of single family Calgary metro homes was 1,585 in the month of July 2009, showing an increase of 21 per cent from July 2008, when single family home sales were 1,313. This is a decrease of 14 per cent from 1,837 sales in June of this year.

The number of condominium sales for the month of July 2009 was 702, an increase of 31 per cent from July 2008 when 535 condominiums changed hands. This was a decrease of 5 per cent from the 738 condominium transactions recorded last month.

“We are continuing to see market improvement in Calgary home sales,” says Bonnie Wegerich, President of the Calgary Real Estate Board. “These are healthy sales numbers in a month when we typically expect a summer slowdown.” “Confidence has definitely returned to the housing market,” noted Wegerich. “Buyers’ moods have been buoyed by news that an economic recovery, albeit gradual, seems to be underway.”

The average price of a single family Calgary metro home in July 2009 was $436,782, showing a decrease of 2 per cent from June 2009, when the average price was $447,142, and showing a decrease of 4 per cent from July 2008, when the average price was $456,380.

The average price of a Calgary metro condominium was $285,032 showing no significant change from June 2009, when the average price was $285,595 and a decrease of 4 per cent over last year, when the average price was $296,338.

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.

“We’ve also seen prices start to lift gradually from their lows. Although year-over-year prices are still down, average prices have come up since the beginning of the year,” said Wegerich. “It is the first-time homebuyers that continue to fuel this recovery,” added Wegerich. “We expect more and more move-up buyers will follow suit as consumer confidence grows and economic fundamentals continue to get better. Improvements in employment and oil prices will continue to be a key concern for the Calgary market.”

Single family Calgary metro new listings added for the month of July totaled 2,089, a decrease of 7 per cent from June 2009 when 2,244 new listings were added, and showing a decrease of 18 per cent from July 2008, when 2,559 new listings came to the market.

Calgary metro condominium new listings added in July 2009 were 918, down 1 per cent from June 2009, when the MLS® saw 927 condo listings coming to the market. This is a decrease of 22 per cent from July 2008, when condominium listings were 1,183.

“Remarkably, our listing count continues to trend lower,” said Wegerich. “We have shifted from a market that favoured the buyer to one that is far more balanced. We may begin to see modest price appreciation as inventories are drawn down by sales.”

The median price of a single family Calgary metro home in July 2009 was $390,000, showing an decrease of 2 per cent from June 2009, when the median price was $399,000, and down 5 per cent from July 2008, when the median price was $408,500.

The median price of a condominium in July 2009 was $263,000, down 1 per cent from June 2009, when the median was $265,500, and down 4 per cent from July 2008, when the median price was $273,500.

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.

CREB® is a professional body of 5,440 licensed brokers and registered associates, representing 256 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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