Calgary Real Estate Board - Calgary MLS® January 2009

Buyers Continue to Have Choice and Affordability

Calgary MLS sales activity of single family homes was 550 in the month of January 2009 showing an increase of 22% from 449 sales in December 2008, according to figures released by the Calgary Real Estate Board (CREB®). This was a decrease of 49% from January 2008 when single family home sales were 1,083. The number of condominium sales for the month of January 2009 was 225, an increase of 9.8% from the 205 condominium transactions recorded in December 2008. This was a decrease of 50% from January 2008 when 454 condominiums changed hands.

"Indeed it is a tough market, but I am pleased to see sales picking up this month over December. Although our numbers are down from January 2008, we are seeing increased activity and more interest from buyers," said Calgary Real Estate Board President Bonnie Wegerich. "Buyers will continue to have choice and affordability in this slower market," adds Wegerich.

The average price of a single family Calgary metro home in January 2009 was $413,049 showing a decrease of 1.0% from December 2008 when the average price was $417,398, and showing a decrease of 9.0% from January 2008 when the average price was $455,297. The average price of a Calgary metro condominium was $270,940 showing a 1.4% decrease from December 2008 when the average price was $274,919 and showing a decrease of 13% over last year when the average price was $311,232.

Single family Calgary metro new listings added for the month of January totaled 2,068, compared to 836 new listings added in December 2008. This is a decrease of 32% from January 2008, when new from January 2008, when the listings coming to market were 3,023.

Calgary metro condominium new listings added in January 2009 were 941, compared to 431 condominium listings added in December 2008.This is a decrease pf 33% from January 2008 when condominium listings were 1,406.

"While there's still a good selection of homes to choose from, we are seeing a slow but steady decrease in our inventory," remarked Wegerich. "As the inventory is reduced we will see a return to a more stable market."

The median price of a single family Calgary metro home in January 2009 was $374,000 showing a decrease of 1.4% from December 2008 when the median price was $380,000 and down 8.6% from January 2008 when the median price was $410,000. The median price of a condominium in January 2009 was $243,000 down 4.3% from December 2008 when the median was $254,000 and down 16% from January 2008 when the median price was $290,000. 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.

"It is definitely challenging times out there. Sellers need to price their homes competitively. But in talking to a number of REALTORS®, I am hearing that activity is picking up and there are buyers out there looking for homes once again," said Wegerich.

The Calgary Real Estate Board is a professional body of 5,488 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

Jim English

Your Calgary Real Estate Specialist
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