Inventory hits highest number for 2007



    CALGARY, Sept. 6 /CNW/ - Calgary's total MLS(R) month end inventory for
the month of August 2007 was 9,634, showing the highest level recorded this
year, according to figures released by the Calgary Real Estate Board
(CREB(R)).
    Single family Calgary metro new listings added for the month of August
totaled, 2,837, a 9.75 per cent increase over the 2,585 new listings added in
August 2006. This is an increase of 11.34 per cent over the 2,548 new listings
added in July 2007.
    Single family Calgary metro properties changing hands in August were
1,314, a decrease of 2.01 per cent from the 1,341 recorded in August 2006 and
a decrease of 12.10 per cent from the 1,495 sales recorded last month.
    The median price of a single family Calgary metro home in August 2007 was
$430,000 showing an 11.40 per cent increase over August 2006, when the median
price was $386,000 and showing a 1.15 per cent decrease from last month when
the median price was $435,000. All Calgary Metro MLS(R) statistics include
properties listed and sold only within Calgary's City limits.
    The Calgary metro condominium market showed a slight decline in August
with new listings added totaling 1,186, an increase of 22.65 per cent from
August 2006, when the new listings added were 967. This is a 6.18 per cent
increase from last month when new listings added were 1,117. Calgary metro
condominium sales in August 2007 were 598; a decrease of 11.93 per cent from
August 2006, when the sales were recorded as 679 and a 0.83 per cent decrease
form last month's sales of 603.
    "Our inventory has remained high through August; however, total MLS(R)
sales have stayed fairly constant with a drop of only 4.2% from July. The
market has shifted slightly to out of town properties and although the average
sale price of single family homes in Calgary has dropped by about 3.9% from
July, the median price has eased only 1.1% from July. Together it's an
excellent market for buyers and sellers, with sellers getting good prices for
their homes and buyers having an excellent selection to choose from", says Ron
Stanners, President of the Calgary Real Estate Board.
    The average price of a single family Calgary metro home in August 2007
was $485,914, and the average price of a metro condominium was $320,790. 
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 5,732 licensed
brokers and registered associates, representing 257 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: Ron Stanners, CREB(R) President, at (403)
253-5678; Ron Esch, Executive Vice President, at (403) 781-1308

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CALGARY REAL ESTATE BOARD

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