Condo sales continue to remain strong; prices steady

    CALGARY, March 2 /CNW/ - MLS(R) sales and new listings came in strong for
the month of February 2007, according to figures released by the Calgary Real
Estate Board.
    February combined residential sales totaled 3,348, a 9.66 per cent
increase over February 2006 when sales were recorded as 3,053, and a 27.25 per
cent increase from January 2007, when the sales were 2,631. The breakdown of
the February 2007 combined sales was, 2,319 single-family residences, 1,011
condominium, and 18 mobile homes. February 2006 sales in the same categories
were, 2,152; 895; and 6, respectively.
    February 2007 saw 3,731 new listings coming to the market, an increase of
15.62 per cent from February 2006, when the new listings were 3,227, and
showing a decrease of 6.96 per cent from last month's 4,010 new listings.
    The average combined residential sale price for February 2007 was
$393,307 a 29.14 per cent increase over February 2006, when the average price
was $304,550, and a 4.7 percent increase over the January 2007 average price
of $375,646. Broken out, the following is a comparison of single-family,
condominium, and mobile home average sale prices for the month of February
2007 over 2006: single-family $435,802 / $342,412; condominium $301,777 /
$215,301; mobile home $59,556 / $37,417.
    Condominium sales in February maintained a steady pace with 1,011
condominiums changing hands. This is a 12.96 per cent increase over February
2006, when the condominium sales were 895 and a 21.22 per cent increase over
last month's sales of 834. The average price of a condominium in February 2007
was $301,777, an increase of 40.17 per cent from the same period last year,
when the average price was $215,301 and a 5.55 per cent increase over
January's average price of $285,918.
    "With February statistics now on record, it is clear that our strong
balanced market is going to continue," explained CREB(R) President, Ron
Stanners. "With sales 9% above February 2006 numbers, it would appear that we
are heading into a stronger market than last year. Our saving grace is that we
have almost twice as many residential listings at the end of February this
year as compared to February 2006. This should keep our market balanced, but
anticipate prices moving up through March. This is where the true value of a
REALTOR(R) can help you whether you are buying or selling. Contact your
REALTOR(R) for professional assistance," concluded Stanners.
    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 median price is determined by selecting the middle number of total sale
prices - the combined residential median for February 2007 was $363,000; up
35.45 per cent from February 2006, when the median price was $268,000 and up
7.72 per cent from last month's median of $337,000.

    The Calgary Real Estate Board is a professional body of 5,506 licensed
brokers and registered associates, representing 256 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

For further information:

For further information: Ron Esch, Executive Vice President, at (403)
781-1308; Ron Stanners, President, at (403) 253-5678

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