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Calgary Real Estate Board -
Calgary MLS®
December 2008
Real Estate Market Cools
As 2008 Comes To A Close
MLS® sales activity
slowed considerably at the end of 2008, according to figures released by the
Calgary Real Estate Board (CREB®).
Single family Calgary
metro sales for the month of December totaled 449, showing a decrease of
47.0% from the 846 sales in December 2007 and showing a
decrease of 33.0% from November's sales of 670.
The year end number of
Calgary metro single family sales was 13,455 showing a decrease of
27% from the 18,438 sales recorded in 2007.
Calgary metro condominium sales in
December were 205, a decrease of
48.0% from the 393 condominium sales recorded in December 2007 and
showing a decrease
of 28.0% from November 2008 when 284 changed hands.
In 2008, a total of
5,661 condominium sales transpired, showing a 31% decrease over
the 8,236 condominium sales recorded in 2007.
"Overall I think 2008
was a reasonable year for real estate in Calgary, however our
third quarter really hurt us for unit sales," said CREB® President, Ed Jensen.
"If we look back over the past few years, 2006 was an anomaly that
presented the opportunity to the seller. Things started off the
same in 2007, but began to shift toward the end of the second
quarter, as we watched the supply versus demand gap widen;
suddenly all the opportunities were now shifting over to the
buyer. 2008 basically stayed on that path, with high supply and
moderate to low demand. Currently there are still great
opportunities available to the buyer, but how long that will last
remains to be seen. Consumers are sitting tight at the moment,
watching their dollars and the media at the same time. I look
forward to 2009 and seeing what kind of market we will be
presented with. I don't have a crystal ball, but I know one thing
for certain, your REALTOR® is your best asset in a shifting
market." Jensen, concluded.
The average price of a
single family metro Calgary home in December 2008 was $417,398
showing a decrease of 6.0% from December 2007 when the average
price was $444,769, and showing a decrease of 4.0% from November
when the average price was $435,471.
The average price
year-to-date was $460,327 down 3% from the 2007 year-to-date
average price of $472,230.
The average price of a
metro Calgary condominium was $274,219 showing a 10.0% decrease
from December 2007 when the average price was $304,719 and
showing a decrease of 4.0% over last month, when the
average price was $285,820.
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 December totaled 836 a
decrease
of 15.0% from December 2007, when new listings added totaled 984
and a decrease of 37.0% from November, when new listings coming to
the market were 1,567.
Overall in 2008, new
listings coming to market for single family metro were 31,259,
almost on par with 2007 when the total number of listings were
31,722; a very slight decrease of just 1%.
Calgary metro
condominium new listings added in December 2008 were 431 showing an
decrease of 8.0% from the 468 condominium listings added in
December 2007 and a
decrease of 42.0% from last month's condominium listings of 741.
The median price of a
single family Calgary metro home in December 2008 was $380,000
showing a decrease of 7.0% from December 2007 when the median
price was $406,788 and down 2.0% from last month when the median
price was $387,300.
Year-to-date, the
single family Calgary metro median price came in at $409,000 just
3.0% lower than the 2007 median of $421,000.
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 Calgary Real
Estate Board is a professional body of 5,509 licensed brokers and
registered associates, representing 252 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):
|
December |
2008 |
2007 |
% |
|
Month End Inventory |
3,860 |
3,364 |
14.74 |
|
New Listings Added |
836 |
984 |
-15.04 |
|
Sales |
449 |
846 |
-46.93 |
|
Average Sale Price |
417,398 |
444,769 |
-6.15 |
|
Median Price |
380,000 |
406,788 |
-6.59 |
|
Sales $ / List $ % |
95.37 |
96.78 |
-1.46 |
Calgary Condominiums (Calgary
Metro):
|
December |
2008 |
2007 |
% |
|
Month End Inventory |
1,863 |
1,535 |
21.37 |
|
New Listings Added |
431 |
468 |
-7.91 |
|
Sales |
205 |
393 |
-47.84 |
|
Average Sale Price |
274,919 |
304,719 |
-9.78 |
|
Median Price |
254,000 |
286,000 |
-11.19 |
|
Sales $ / List $ % |
94.65 |
96.82 |
-2.24 |
Calgary Towns (Outside Calgary):
|
December |
2008 |
2007 |
% |
|
Month End Inventory |
2,107 |
1,582 |
33.19 |
|
New Listings Added |
330 |
301 |
9.63 |
|
Sales |
113 |
212 |
-46.70 |
|
Average Sale Price |
329,951 |
404,581 |
-18.45 |
|
Median Price |
315,000 |
349,800 |
-9.95 |
|
Sales $ / List $ % |
96.11 |
97.24 |
-1.16 |
Calgary Country Residential
(Acreages):
|
December |
2008 |
2007 |
% |
|
Month End Inventory |
608 |
487 |
24.85 |
|
New Listings Added |
80 |
86 |
-6.98 |
|
Sales |
25 |
38 |
-34.21 |
|
Average Sale Price |
726,195 |
852,641 |
-14.83 |
|
Median Price |
745,000 |
755,000 |
-1.32 |
|
Sales $ / List $ % |
93.29 |
94.54 |
-1.32 |
Calgary Rural Land:
|
December |
2008 |
2007 |
% |
|
Month End Inventory |
348 |
302 |
15.23 |
|
New Listings Added |
35 |
34 |
2.94 |
|
Sales |
4 |
15 |
-73.33 |
|
Average Sale Price |
347,500 |
566,870 |
-38.70 |
|
Median Price |
300,000 |
380,000 |
-21.05 |
|
Sales $ / List $ % |
86.96 |
97.23 |
-10.56 |
Total Calgary MLS*:
|
December |
2008 |
2007 |
% |
|
Month End Inventory |
8,854 |
7,325 |
20.87 |
|
New Listings Added |
1,719 |
1,880 |
-8.56 |
|
Sales |
806 |
1,508 |
-46.55 |
|
Average Sale Price |
373,761 |
413,200 |
-9.54 |
|
Median Price |
340,000 |
368,500 |
-7.73 |
|
Sales $ / List $ % |
95.15 |
96.74 |
-1.64 |
* Total MLS includes Mobile
Listings
Calgary, Alberta, Canada -
December
2008
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