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Calgary Real Estate Board -
Calgary MLS®
February 2009
Calgary Residential Real
Estate Market Restoring Balance
Calgary MLS® sales
activity of single family Calgary homes was 825 in the month of
February
2009 showing an increase of 50% from 550 sales in January 2009, according to figures
released by the Calgary Real Estate Board (CREB®). This was a
decrease of 34% 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 52.0% from the 225
condominium transactions recorded in January 2009. This was a decrease of
39.0%
from February 2008 when 562 condominiums changed hands.
"Undoubtedly the
global economy 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% from January 2009 when the average price
was $413,049 and showing a decrease of 12.0% 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% decrease
from January 2009 when the average price was $270,940 and showing
a decrease of 13% over last year when the average price was
$311,812.
"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," says Wegerich.
"And this is good news
particularly for first-time home buyers who may have felt pushed
out of the market," adds Wegerich. "First-time homebuyers can take
advantage of improve affordability along with the federal
government's First-Time Home Buyers Tax Credit and new increases
to the Home Buyer's Plan."
Single family Calgary
metro new listings added for the month of February totaled 2,057,
down just 0.5% from the 2,068 new listings added in January 2009
and showing a decrease of 31% from February 2008 when new listings
coming to market were 2,981.
Calgary metro
condominium new listings added in February 2009 were 892, down
5.2% from January 2009 when the MLS® saw 941 condo listings coming
to market. This is a decrease of 28% 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% from January 2009 when the median price was
$374,700 and down 12.0% from February 2008 when the median price was
$428,000. The median price of a condominium in February 2009 was
$249,900 up 3.0% from January when the median was $243,000
and down 15% 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 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.
"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. 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):
|
February |
2009 |
2008 |
% |
|
Month End Inventory |
4,352 |
4,985 |
-12.70 |
|
New Listings Added |
2,057 |
2,981 |
-31.00 |
|
Sales |
825 |
1,252 |
-34.11 |
|
Average Sale Price |
415,568 |
471,696 |
-11.90 |
|
Median Price |
375,000 |
428,000 |
-12.38 |
|
Sales $ / List $ % |
95.66 |
97.44 |
-1.82 |
Calgary Condominiums (Calgary
Metro):
|
February |
2009 |
2008 |
% |
|
Month End Inventory |
2,065 |
2,301 |
-10.26 |
|
New Listings Added |
892 |
1,244 |
-28.30 |
|
Sales |
343 |
562 |
-38.97 |
|
Average Sale Price |
268,971 |
311,812 |
-13.74 |
|
Median Price |
249,900 |
295,000 |
-15.29 |
|
Sales $ / List $ % |
95.38 |
97.35 |
-2.03 |
Calgary Towns (Outside Calgary):
|
February |
2009 |
2008 |
% |
|
Month End Inventory |
2,327 |
2,214 |
5.10 |
|
New Listings Added |
690 |
921 |
-25.08 |
|
Sales |
215 |
342 |
-37.13 |
|
Average Sale Price |
371,829 |
382,545 |
-2.80 |
|
Median Price |
335,500 |
355,000 |
-5.49 |
|
Sales $ / List $ % |
95.57 |
97.29 |
-1.77 |
Calgary Country Residential
(Acreages):
|
February |
2009 |
2008 |
% |
|
Month End Inventory |
722 |
639 |
12.99 |
|
New Listings Added |
198 |
228 |
-13.16 |
|
Sales |
32 |
57 |
-43.86 |
|
Average Sale Price |
748,516 |
816,982 |
-8.38 |
|
Median Price |
650,000 |
769,000 |
-15.47 |
|
Sales $ / List $ % |
92.08 |
94.25 |
-2.31 |
Calgary Rural Land:
|
February |
2009 |
2008 |
% |
|
Month End Inventory |
414 |
430 |
-3.72 |
|
New Listings Added |
87 |
110 |
-20.91 |
|
Sales |
7 |
17 |
-58.82 |
|
Average Sale Price |
452,429 |
451,559 |
0.19 |
|
Median Price |
370,000 |
325,000 |
13.85 |
|
Sales $ / List $ % |
83.39 |
92.72 |
-10.06 |
Total Calgary MLS*:
|
February |
2009 |
2008 |
% |
|
Month End Inventory |
9,947 |
10,652 |
-6.62 |
|
New Listings Added |
3,947 |
5,520 |
-28.50 |
|
Sales |
1,431 |
2,236 |
-36.00 |
|
Average Sale Price |
379,060 |
425,542 |
-10.92 |
|
Median Price |
342,000 |
385,000 |
-11.17 |
|
Sales $ / List $ % |
95.35 |
97.20 |
-1.90 |
* Total MLS includes Mobile
Listings
Calgary, Alberta, Canada - February
2009
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