CALGARY, June 2 /CNW/ - "Now is not the time to wait until the sale is
over and then decide to buy; after you read a headline, the best time to buy
has passed," cautioned, CREB(R) President, Ed Jensen. Home inventories are
high; buyers are reaping the benefits of selection and are able to negotiate
the best sale price and terms. Today's market presents buyers with great
purchasing opportunities, according to information released by the Calgary
Real Estate Board.
Single family Calgary metro new listings added for the month of May
totaled 3,432, a decrease of 6 per cent from May 2007 when new listing added
totaled 3,652 and an increase of 1.6 per cent from last month, when new
listings coming to the market were 3,377. Calgary metro condominium new
listings added in May 2008 were 1,538, showing an increase of 15.5 per cent
from the 1,332 new condominium listings added in May 2007 and an increase of
3.0 per cent from last month's condominium listings of 1,493.
Single family Calgary metro sales for the month of May came in at 1,368,
showing a decrease of 31.4 per cent from the 1,995 sales recorded in May 2007
and showing an increase of 0.4 per cent from last month's sales of 1,363.
Condominium sales for the month of May were 577, a decrease of 35 per cent
from the 887 condominium sales recorded in May 2007 and showing a slight
decrease of 0.7 percent over the 581 condominiums changing hands in April
"The conditions today are perfect for buyers. We have a surplus of homes
on the market, there are many great mortgage products available to fit the
needs of every buyer, and interest rates have never been better," remarked
CREB(R) President, Ed Jensen. Some buyers are waiting and trying to time the
next market shift, which is almost impossible to do, a crystal ball is not a
great forecasting tool. New listing numbers dropped slightly in May, sales
remain steady and our economy remains very solid. Buying real estate is the
best long term investment available to us as consumers; maybe today is the day
to make a buying decision. A professional REALTOR(R) understands what is going
on in the market and can help the buyer make an informed buying decision,"
The median price of a single family Calgary metro home in May 2008 was
$419,000 showing a decrease of 3.7 percent over May 2007, when the median
price was $435,000 and showing a decrease of just 0.2 per cent from last month
when the median price was $420,000. All Calgary Metro MLS(R) statistics
include properties listed and sold only within Calgary's City limits. The
median 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.
The average price of a single family Calgary metro home in May 2008 was
$479,564, showing a very slight decrease of 1.6 per cent from May 2007, when
the average price was $487,523. The average price of a Calgary metro
condominium was $311,816, showing a 6.2 per cent decrease from May 2007 when
the average price was $332,237. 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.
The Calgary Real Estate Board is a professional body of 5,752 licensed
brokers and registered associates, representing 261 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:
For further information: Ed Jensen, CREB(R) President, at (403)