Calgary real estate market slowly shaking off its winter blues



    Spring sees home re-sales in Calgary Metro at 1,086

    CALGARY, April 1 /CNW/ - MLS(R) sales activity of single family Calgary
metro homes was 1,086 in the month of March 2009 showing an increase of 32 per
cent from 825 sales in February 2009, according to figures released by the
Calgary Real Estate Board (CREB(R)). This was a decrease of 23 per cent from
March 2008 when single family home sales were 1,418. The number of condominium
sales for the month of March 2009 was 446, an increase of 30 per cent from the
343 condominium transactions recorded in February 2009 and a decrease of 21
per cent from March 2008 when 565 condominiums changed hands.
    "The Calgary market is slowly shaking off its winter blues," said Calgary
Real Estate Board President, Bonnie Wegerich. "Spring has brought a nice
uptick in sales this month and the supply of homes has been trending lower. It
is also the first time that the year-over-year decline in average price has
started to decelerate-a sign that we are moving into a more balanced market."
    The president of the Calgary Real Estate Board said sales typically pick
up after January and to gradually increase until June and the start of the
summer holiday season.
    "As we enter the spring market sellers seem to be serious about pricing
their homes competitively," added Wegerich. "Record low mortgage rates and
affordable prices also help explain the increase in sales."
    The average price of a single family Calgary metro home in March 2009 was
$420,354, showing an increase of just over 1 per cent from February 2009, when
the average price was $415,568 and showing a decrease of 11 per cent from
March 2008 when the average price was $474,513. The average price of a Calgary
metro condominium was $284,056, showing a 6 per cent increase from February
2009 when the average price was $268,971 and showing a decrease of 9 per cent
over last year, when the average price was $312,620. 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.
    "Buyers will continue to have choice and affordability in this market,"
said Wegerich. "Competitive pricing will remain a reality of this market, but
I think pricing is now showing some signs of stability," added Wegerich.
    Single family Calgary metro new listings added for the month of March
totaled 2,023, down just 2 per cent from the 2,057 new listings added in
February 2009 and showing a decrease of 42 per cent from March 2008, when new
listings coming to the market were 3,493. Calgary metro condominium new
listings added in March 2009 were 903 up 1 per cent from February 2009 when
the MLS(R) saw 892 condo listings coming to the market. This is a decrease of
42 per cent from March 2008 when condominium listings were 1,561.
    "It is very encouraging to see the return of a more balanced market. Our
inventory has come down dramatically- more than 20 per cent from the same time
last year. If sales continue at current levels we are looking at about a four
months supply of single family homes currently on the re-sale market," noted
Wegerich.
    The median price of a single family Calgary metro home in March 2009 was
$375,000, showing no change from February 2009, and down 11 per cent from
March 2008 when the median price was $420,000. The median price of a
condominium in March 2009 was $260,000 up 4 per cent from February when the
median was $249,900 and down 11 per cent from March 2008 when the median price
was $293,000. 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.
    "Undoubtedly job insecurity might keep some potential homebuyers on the
fence. But we should keep in mind that nearly 96% of Calgarians are still
working-one of the lowest jobless rates in Canada. Those who are confident in
their job security can benefit from great affordability and record low
mortgage rates," said Wegerich.

    The Calgary Real Estate Board is a professional body of 5,156 licensed
brokers and registered associates, representing 253 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: Jason Martin, Manager Communications at (403)
781-1345

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