Sellers are waiting too long to make a desirable sale



    CALGARY, Sept. 2 /CNW/ - Calgary's MLS(R) market remained steady for the
month of August however, the numbers tell the story of a continuation in
buyers market trend, 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 2,270, a decrease of 19.98 per cent from August 2007, when new listing
added totaled 2,837 and a decrease of 11.29 per cent from last month, when new
listings coming to the market were 2,559. Calgary metro condominium new
listings added in August 2008 were 1,088, showing a decrease of 8.3 per cent
from the 1,186 new condominium listings added in August 2007 and a decrease of
8 per cent from last month's condominium listings of 1,183.
    Single family Calgary metro sales for the month of August came in at
1,170, showing a decrease of 10.9 per cent from the 1,314 sales in August 2007
and showing a decrease of 10.9 per cent from last month's sales of 1,313.
Condominium sales for the month of August were 495, a decrease of
17.2 per cent from the 598 condominium sales recorded in August 2007 and
showing a decrease of 7.5 percent from July 2008 when 535 condominiums changed
hands.
    "The market is different now than it was two years ago, or even one year
ago. Sellers really need to be aware of their price point in this market; that
critical first listing price must be competitive, or the property will remain
on the market longer than expected and may be subject to price reductions. The
median price is under $400,000 for the first time since January of 2007, when
it was $380,000, which may indicate that properties are being reduced in price
and that some sellers have waited too long. The benefits are still in favour
of the buyer at the moment, so if you're looking at buying, you will be
pleased at the selection of homes and reasonable prices," explained,
Ed Jensen, President of the Calgary Real Estate Board.
    The median price of a single family Calgary metro home in August 2008 was
$398,000, showing a decrease of 7.4 per cent from August 2007, when the median
price was $430,000 and down 2.6 per cent from last month when the median price
was $408,500. 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.
    The average price of a single family Calgary metro home in August 2008
was $440,625, showing a decrease of 9.32 per cent from August 2007, when the
average price was $485,914. The average price of a Calgary metro condominium
was $287,832, showing a 10.3 per cent decrease from August 2007 when the
average price 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 5,803 licensed
brokers and registered associates, representing 265 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)
278-6884; Ron Esch, Executive Vice President, at (403) 781-1308

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CALGARY REAL ESTATE BOARD

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