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Calgary Real Estate News
GREAT DEALS FOR REAL ESTATE BARGAIN HUNTERS
November 3, 2008
MLS® sales activity slowed in Calgary during the month of October, but continued to present excellent buying opportunities, according to fi gures released by the Calgary Real Estate Board (CREB®). Single family Calgary metro sales for the month of October came in at 820, showing a decrease of 26.3 per cent from the 1,113 sales in October 2007 and showing a decrease of 28.8 per cent from last month’s sales of 1,152.
Condominium sales for the month of October were 399, a decrease of 20.4 per cent from the 501 condominium sales recorded in October 2007 and showing a decrease of 14.2 per cent from September 2008 when 465 condominiums changed hands.
“Sales have slowed during October; partly due to normal seasonal third quarter adjustments. Other factors may be that consumers are feeling a sense of uncertainty at the moment with the volatility of the stock market and the global economy. People are being careful, but being too careful may mean missed opportunities,” said CREB® President, Ed Jensen. In a recent Calgary Herald article, Jensen said, “We may be in for some continued slower times for this quarter, but I believe this is the kind of market where real estate bargain hunters can fi nd those great deals, but if you’re not out there looking you can’t fi nd the best deal. And it’s hard to negotiate the best deal when the market has turned the corner and everybody’s buying.”
The average price of a single family Calgary metro home in October 2008 was $449,100, showing a decrease of 0.7 per cent from October 2007, when the average price was $452,254, but showing an increase of 1.1 per cent from September’s average price of $444,048. The average price of a Calgary metro condominium was $289,148, showing a 12.8 per cent decrease from October 2007 when the average price was $331,617, but again showing a slight increase of 0.6 per cent over last month, when the average price was 287,426. 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 October totaled 2,322, a decrease of 10.2 per cent from October 2007, when new listing added totaled 2,586 and a decrease of 11.7 per cent from last month, when new listings coming to the market were 2,631. Calgary metro condominium new listings added in October 2008 were 1,071, showing a decrease of 11 per cent from the 1,203 new condominium listings added in October 2007 and a decrease of 9.7 per cent from last month’s condominium listings of 1,186.
The median price of a single family Calgary metro home in October 2008 was $390,000, showing a decrease of 5.5 per cent from October 2007, when the median price was $412,500 and down 1.3 per cent from last month when the median price was $395,000. 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.
For more information, please visit creb.com.
Previous Real Estate News
- October 2008: GREAT DEALS FOR REAL ESTATE BARGAIN HUNTERS
- September 2008: OPPORTUNITIES FOR BUYERS, NOW BETTER THAN EVER
- August 2008: SUMMER MARKET STILL FAVOURS BUYERS; BUT FOR HOW LONG?
- July 2008: THE MARKET REMAINS STEADY DURING THE MONTH OF JUNE
- June 2008: BUYERS NEED TO PAY ATTENTION – HOMES ARE ON SALE TODAY!
- May 2008: SELLERS NEED TO PAY ATTENTION TO THE CURRENT MARKET
- April 2008: MLS® REPORTS VARIETY IN THE REAL ESTATE MARKET IN MARCH 2008
- March 2008: MLS® RESALE MARKET PICKS UP MOMENTUM IN FEBRUARY 2008
- February 2008: MLS® RESALE MARKET REMAINS BALANCED IN THE FIRST MONTH OF 2008
- January 2008: MLS® SALES HELD STEADY IN 2007
- December 2007: MLS® SEES SEASONAL SLOW DOWN ACTIVITY