Sales of resale homes in Calgary Metro at 825
CALGARY, March 2 /CNW/ - MLS(R) sales activity of single family Calgary
metro homes was 825 in the month of February 2009 showing an increase of 50
per cent from 550 sales in January 2009, according to figures released by the
Calgary Real Estate Board (CREB(R)). This was a decrease of 34 per cent 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
per cent from the 225 condominium transactions recorded in January 2009 and a
decrease of 39 per cent from February 2008 when 562 condominiums changed
hands.
"Undoubtedly the global economic 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 per cent from January 2009, when the
average price was $413,049 and showing a decrease of 12 per cent 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 per cent decrease from January 2009
when the average price was $270,940 and showing a decrease of about 13 per
cent over last year, when the average price was $311,812. 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.
"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," said Wegerich.
"And this is good news particularly for first-time homebuyers who may
have felt pushed out of the market," adds Wegerich.
"First time homebuyers can take advantage of improved affordability along
with the federal government's First-Time Home Buyers Tax Credit and new
increases to the Home Buyers' Plan.
Single family Calgary metro new listings added for the month of February
totaled 2,057, down just 0.5 per cent from the 2,068 new listings added in
January 2009 and showing a decrease of 31 per cent from February 2008, when
new listings coming to the market were 2,981. Calgary metro condominium new
listings added in February 2009 were 892 down 5.2 per cent from January 2009
when the MLS(R) saw 941 condo listings coming to the market. This is a
decrease of 28 per cent 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 per cent from January 2009, when the
median price was $374,700 and down 12 per cent from February 2008 when the
median price was $428,000. The median price of a condominium in February 2009
was $249,900 up 3 per cent from January when the median was $243,000 and down
15 per cent from February 2008 when the median price was $295,000. All Calgary
Metro MLS(R) statistics include properties listed and sold only within
Calgary's City limits. The median price is the price that is midway between
the least expensive and 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(R) active listings for Calgary and area may be found on
the Board's website at www.creb.com.
For further information: Jason Martin, Manager, Communications, (403)
781-1345
