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Calgary Real Estate Board -
Calgary MLS®
August 2008
Sellers Are Waiting Too
Long to Make a Desirable Sale
Calgary's MLS® market
remained steady for the month of August however the numbers tell
the story of a continuation in buyers market trend, according to figures released by the
Calgary Real Estate Board (CREB®).
Single family Calgary
metro new listings added for the month of August totaled 2,359 a
decrease
of 16.8% from August 2007 when new listings added totaled 2,837 and
a decrease of 0.0% from last month when new listings coming to the
market were 2,559.
Calgary metro
condominium new listings added in August 2008 were 1,088 showing an
decrease of 8.3% from the 1,186 condominium listings added in
August 2007 and a
decrease of 8.0% from last month's condominium listings of 1,183.
Single family Calgary
metro sales for the month of August came in at 1,157 showing a
decrease of 11.9% from the 1,314 sales in August 2007 and showing a
decrease of 11.9% from last month's sales of 1,313.
Calgary metro condominium sales in August 2008 were 499, a decrease of
16.5% from the 598 condominium sales recorded in August 2007 and
showing a decrease
of 6.7% from July 2008 when 535 changed hands.
"The market is
different now than it was two years ago, or even on year ago.
Sellers really need to be aware of their price point in this
market; that critical first listing price must be competitive, or
the property will remain on the market longer than expected and
may be subject to price reductions. The median price is under
$400,000 for the first time since January 2007, when it was
$380,000, which may indicate that properties are being reduced in
price and that some sellers have waited too long. The benefits are
still in favor of the buyer at the moment, so if you're looking at
buying, you will be pleased of the selection of homes and
reasonable prices" explained Ed Jensen, President of the Calgary
Real Estate Board.
The median price of a
single family Calgary metro home in August 2008 was $398,000
showing a decrease of 7.4% from August 2007 when the median price was
$430,000 and down 2.6% from last month when the median
price was $408,500.
All Calgary Metro MLS Statistics include properties
listed and sold only within Calgary's City Limits. The median
price is the best price that is midway between the least expensive
and the 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 average price of a
single family metro Calgary home in August 2008 was $442,385 showing
a decrease of 8.9% from August 2007 when the average price
was $485,914. The average price of a metro Calgary condominium was
$288,056 showing a 7.4% decrease from August 2007 when the average
price was $320,790. 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.
The Calgary Real
Estate Board is a professional body of 5,803 licensed brokers and
registered associates, representing 265 Member offices. The Board
does not generate statistics or analysis of any individual member
or company's market share. All MLS® active listings for Calgary
and area may be found on the Board's website at
www.creb.com.
Calgary Single
Family (Calgary Metro):
|
August |
2008 |
2007 |
% |
|
Month End Inventory |
5,541 |
4,821 |
14.93 |
|
New Listings Added |
2,270 |
2,837 |
-19.99 |
|
Sales |
1,170 |
1,314 |
-10.96 |
|
Average Sale Price |
440,625 |
485,914 |
-9.32 |
|
Median Price |
398,000 |
430,000 |
-7.44 |
|
Sales $ / List $ % |
96.38 |
97.35 |
-0.99 |
Calgary Condominiums (Calgary
Metro):
|
August |
2008 |
2007 |
% |
|
Month End Inventory |
2,699 |
1,855 |
45.50 |
|
New Listings Added |
1,054 |
1,186 |
-11.13 |
|
Sales |
495 |
598 |
-17.22 |
|
Average Sale Price |
287,832 |
320,790 |
-10.27 |
|
Median Price |
268,500 |
301,000 |
-10.80 |
|
Sales $ / List $ % |
96.60 |
97.93 |
-1.35 |
Calgary Towns (Outside Calgary):
|
August |
2008 |
2007 |
% |
|
Month End Inventory |
2,779 |
1,763 |
57.63 |
|
New Listings Added |
757 |
848 |
-10.73 |
|
Sales |
317 |
455 |
-30.33 |
|
Average Sale Price |
371,479 |
395,301 |
-6.03 |
|
Median Price |
350,000 |
362,000 |
-3.31 |
|
Sales $ / List $ % |
96.56 |
97.43 |
-0.89 |
Calgary Country Residential
(Acreages):
|
August |
2008 |
2007 |
% |
|
Month End Inventory |
1,006 |
743 |
35.40 |
|
New Listings Added |
187 |
239 |
-21.76 |
|
Sales |
63 |
79 |
-20.25 |
|
Average Sale Price |
818,934 |
825,859 |
-0.84 |
|
Median Price |
790,000 |
749,000 |
5.47 |
|
Sales $ / List $ % |
95.01 |
95.27 |
-0.27 |
Calgary Rural Land:
|
August |
2008 |
2007 |
% |
|
Month End Inventory |
570 |
404 |
41.09 |
|
New Listings Added |
74 |
88 |
-15.91 |
|
Sales |
16 |
34 |
-52.94 |
|
Average Sale Price |
569,398 |
313,924 |
81.38 |
|
Median Price |
354,375 |
240,000 |
47.66 |
|
Sales $ / List $ % |
89.82 |
93.17 |
-3.59 |
Total Calgary MLS*:
|
August |
2008 |
2007 |
% |
|
Month End Inventory |
12,673 |
9,634 |
31.54 |
|
New Listings Added |
4,364 |
5,230 |
-16.56 |
|
Sales |
2,069 |
2,501 |
-17.27 |
|
Average Sale Price |
404,536 |
435,008 |
-7.00 |
|
Median Price |
360,000 |
386,900 |
-6.95 |
|
Sales $ / List $ % |
96.28 |
97.29 |
-1.04 |
* Total MLS includes Mobile
Listings
Calgary, Alberta, Canada - August
2008
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