Inventory hits peak

    CALGARY, Aug. 3 /CNW/ - Calgary's total MLS(R) month end inventory for
the month of July 2007 was 8,972, showing the highest level recorded this
year, according to figures released by the Calgary Real Estate Board
    Single family Calgary metro new listings added for the month of July
totaled, 2,548, a 6.25 per cent decrease over the 2,718 new listings added in
July 2006. This is a decrease of 23.09 per cent over the 3,313 new listings
added in June 2007.
    Single family Calgary metro properties changing hands in July were 1,495,
an increase of 4.91 per cent from the 1,425 recorded in July 2006 and a
decrease of 14.91 per cent from the 1,757 sales recorded last month.
    The median price of a single family Calgary metro home in July 2007 was
$435,000 showing a 13.25 per cent increase over July 2006, when the median
price was $384,100 and showing a 0.91 per cent decrease from last month when
the median price was $439,000. 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 July with
new listings added totaling 1,117, an increase of 7.3 per cent from July 2006,
when the new listings added were 1,041. This is a 10.85 per cent decrease from
last month when new listings added were 1,253. Calgary metro Condominium sales
in July 2007 were 603; a decrease of 13.24 per cent from July 2006, when the
sales were recorded as 695 and a 23.86 per cent decrease form last month's
sales of 792.
    "Our inventory appears to be at a peak and with sales still holding
strong, we expect prices to level off," says Calgary Real Estate Board
President, Ron Stanners. "Early July saw a large number of properties sell
over the million dollar mark and this has caused average prices to climb for
the month, however the median price has declined by 1 per cent, going from
$439,000 in June to $435,000 in July, showing the stability in the market
    The average price of a single family Calgary metro home in July 2007 was
$505,920, and the average price of a metro condominium was $318,582. 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

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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