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November 2008
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Calgary Real Estate News
GREAT DEALS FOR REAL ESTATE BARGAIN HUNTERS
November 3, 2008
MLS® sales activity slowed in Calgary during
the month of October, but continued to
present excellent buying opportunities,
according to fi gures released by the
Calgary Real Estate Board (CREB®).
Single family Calgary metro sales for
the month of October came in at 820,
showing a decrease of 26.3 per cent
from the 1,113 sales in October 2007
and showing a decrease of 28.8 per
cent from last month’s sales of 1,152.
Condominium sales for the month of
October were 399, a decrease of 20.4
per cent from the 501 condominium
sales recorded in October 2007 and
showing a decrease of 14.2 per cent
from September 2008 when 465
condominiums changed hands.
“Sales have slowed during October;
partly due to normal seasonal third
quarter adjustments. Other factors may
be that consumers are feeling a sense
of uncertainty at the moment with the
volatility of the stock market and the
global economy. People are being
careful, but being too careful may mean
missed opportunities,” said CREB®
President, Ed Jensen. In a recent Calgary
Herald article, Jensen said, “We may
be in for some continued slower times
for this quarter, but I believe this is the
kind of market where real estate bargain
hunters can fi nd those great deals, but if
you’re not out there looking you can’t
fi nd the best deal. And it’s hard to
negotiate the best deal when the market
has turned the corner and everybody’s
buying.”
The average price of a single family
Calgary metro home in October 2008
was $449,100, showing a decrease
of 0.7 per cent from October 2007,
when the average price was $452,254,
but showing an increase of 1.1 per
cent from September’s average price
of $444,048. The average price of
a Calgary metro condominium was
$289,148, showing a 12.8 per cent
decrease from October 2007 when the
average price was $331,617, but again
showing a slight increase of 0.6 per cent
over last month, when the average price
was 287,426. 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.
Single family Calgary metro new listings
added for the month of October totaled
2,322, a decrease of 10.2 per cent from
October 2007, when new listing added
totaled 2,586 and a decrease of 11.7 per
cent from last month, when new listings
coming to the market were 2,631. Calgary
metro condominium new listings added
in October 2008 were 1,071, showing a
decrease of 11 per cent from the 1,203
new condominium listings added in
October 2007 and a decrease of 9.7 per
cent from last month’s condominium
listings of 1,186.
The median price of a single family
Calgary metro home in October 2008
was $390,000, showing a decrease of 5.5
per cent from October 2007, when the
median price was $412,500 and down
1.3 per cent from last month when the
median price was $395,000. All Calgary
Metro MLS® 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.
For more information, please visit creb.com.
Previous Real Estate News
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