Calgary, April 1, 2009 – MLS® sales activity
of single family Calgary metro homes was
1,086 in the month of March 2009 showing
an increase of 32 per cent from 825 sales in
February 2009, according to fi gures released
by the Calgary Real Estate Board (CREB®).
This was a decrease of 23 per cent from
March 2008 when single family home sales
were 1,418. The number of condominium
sales for the month of March 2009 was
446, an increase of 30 per cent from the
343 condominium transactions recorded in
February 2009 and a decrease of 21 per cent
from March 2008 when 565 condominiums
changed hands.
“The Calgary market is slowly shaking off
its winter blues,” said Calgary Real Estate
Board President, Bonnie Wegerich. “Spring
has brought a nice uptick in sales this month
and the supply of homes has been trending
lower. It is also the fi rst time that the yearover-
year decline in average price has started
to decelerate—a sign that we are moving into
a more balanced market.”
The president of the Calgary Real Estate
Board said sales typically pick up after
January and to gradually increase until June
and the start of the summer holiday season.
“As we enter the spring market sellers seem
to be serious about pricing their homes
competitively,” added Wegerich. “Record
low mortgage rates and affordable prices also
help explain the increase in sales.”
The average price of a single family Calgary
metro home in March 2009 was $420,354,
showing an increase of just over 1 per cent
from February 2009, when the average price
was $415,568 and showing a decrease of 11
per cent from March 2008 when the average
price was $474,513. The average price of a
Calgary metro condominium was $284,056,
showing a 6 per cent increase from February
2009 when the average price was $268,971
and showing a decrease of 9 per cent over last
year, when the average price was $312,620.
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.
“Buyers will continue to have choice and
affordability in this market,” said Wegerich.
“Competitive pricing will remain a reality of
this market, but I think pricing is now showing
some signs of stability,” added Wegerich.
REALTORS® are educated, licensed professionals trained to guide you through the real estate transaction.
CALGARY REAL ESTATE MARKET SLOWLY SHAKING OFF ITS WINTER BLUES
Commence of spring sees home re-sales in Calgary Metro at 1,086
No MLS® information can be reprinted without sourcing the Calgary Real Estate Board.
Total MLS® Inventory to Sales
Total MLS®
REALTOR® SOLD PROPERTIES
MARCH 2009
Absorption Rate
Single family Calgary metro new listings
added for the month of March totaled 2,023,
down just 2 per cent from the 2,057 new
listings added in February 2009 and showing
a decrease of 42 per cent from March 2008,
when new listings coming to the market
were 3,493. Calgary metro condominium
new listings added in March 2009 were 903
up 1 per cent from February 2009 when the
MLS® saw 892 condo listings coming to the
market. This is a decrease of 42 per cent from
March 2008 when condominium listings
were 1,561.
“It is very encouraging to see the return of
a more balanced market. Our inventory has
come down dramatically— more than 20 per
cent from the same time last year. If sales
continue at current levels we are looking at
about a four months supply of single family
homes currently on the re-sale market,” noted
Wegerich.
The median price of a single family Calgary
metro home in March 2009 was $375,000,
showing no change from February 2009, and
down 11 per cent from March 2008 when
the median price was $420,000. The median
price of a condominium in March 2009 was
$260,000 up 4 per cent from February when
the median was $249,900 and down 11 per
cent from March 2008 when the median price
was $293,000. 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.
“Undoubtedly job insecurity might keep
some potential homebuyers on the fence.
But we should keep in mind that nearly 96%
of Calgarians are still working—one of the
lowest jobless rates in Canada. Those who
are confi dent in their job security can benefi t
from great affordability and record low
mortgage rates,” said Wegerich.
The Calgary Real Estate Board is a
professional body of 5,156 licensed brokers
and registered associates, representing 253
member offi ces. The Board does not generate
statistics or analysis of any individual member
or company’s market share.