Calgary Real Estate Board - Calgary MLS® November 2008

Market Shows Seasonal Decline

MLS® sales activity shows typical seasonal slowdown, as the end of 2008 approaches, according to figures released by the Calgary Real Estate Board (CREB®).

Single family Calgary metro sales for the month of November totaled 670, showing a decrease of 39.3% from the 1,103 sales in November 2007 and showing a decrease of 18.3% from last month's sales of 820.

Calgary metro condominium sales in November were 284, a decrease of 42.7% from the 496 condominium sales recorded in November 2007 and showing a decrease of 29.0% from October 2008 when 399 changed hands.

"We're coming into the homestretch, with just one month left in 2008. Market activity typically slows down during the end of the year, however, this isn't a typical market, so the slow down that we are seeing is somewhat magnified. This is due to the uncertainty amongst consumers and it isn't just affecting real estate, it's affecting all consumer spending," commented CREB® President, Ed Jensen. I've said it before and I'll say it again, now is a great time to buy for bargain hunters and buyers who intend to buy long term; it is not a market for flip buyers. Prices have come down and there are excellent deals to be had," Jensen, concluded.

The average price of a single family metro Calgary home in November 2008 was $435,471 showing a decrease of 5.8% from November 2007 when the average price was $462,134, and showing a decrease of 3.0% from October when the average price was $449,100. The average price of a metro Calgary condominium was $285,820 showing a 8.6% decrease from November 2007 when the average price was $312,710, and showing a decrease of 1.2% over last month, when the average price was $289,148.  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 November totaled 1,567 a decrease of 19.6% from November 2007, when new listings added totaled 1,949 and a decrease of 32.5% from last month, when new listings coming to the market were 2,322.

Calgary metro condominium new listings added in November 2008 were 741 showing an decrease of 16.7% from the 890 condominium listings added in November 2007 and a decrease of 30.8% from last month's condominium listings of 1,071.

The median price of a single family Calgary metro home in November 2008 was $387,300 showing a decrease of 5.0% from November 2007 when the median price was $407,500 and down 0.7% from last month when the median price was $390,000.

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 5,498 licensed brokers and registered associates, representing 249 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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