Activity in Calgary’s resale housing market picked up last month from a dismal January and average house prices stabilized.

Dean Bicknell, Calgary HeraldFebruary was a busy month for home sales, says Robbie O’Leary, a realtor with Maxwell Westview Realty. TRANSPORT •

MLS statistics on the city’s real estate market, released Monday by the Calgary Real Estate Board, indicate there were 825 single-family home sales in February with an average MLS sale price of $415,568. For January, sales were 550 with an average price of $413,049. A year ago, single-family home sales hit 1,252 for an average price of $471,696.

In the condominium market, figures show 343 sales for the month of February at an average price of $268,971. For January, the average price was $270,940 on 225 sales. A year ago, condo sales were 562 units at an average price of $311,812.

“February has been incredibly busy,” said Robbie O’Leary, a realtor with Maxwell Westview Realty. “In my opinion, the buyers that have been sitting on the fence waiting for the market to drop more have realized that it’s at an all-time low and they want to be in their house to enjoy their summer. So people are buying now, which is strengthening the market somewhat.”

O’Leary said the market has had a reasonable sales-to-listing ratio compared to past months, adding the prices seem to have stabilized. “But it’s starting to get very busy. Buyers are out there buying.” Despite a lot of the doom and gloom these days, O’Leary said people still need homes to live in.
She said mortgage rates are incredibly low and “it’s a perfect time for people to upscale.”

Compared with February 2008, single-family sales dropped by 34 per cent, while condo sales fell by 39 per cent.

Average sale prices for singlefamily homes are down 11.9 per cent from last year and 13.7 per cent in the condo market.

Average MLS sale prices have fallen by more than 18 per cent from their peaks of $505,920 in July 2007 for single-family homes and $332,237 in May 2007 for condos.

“Undoubtedly, the global economic downturn has battered consumer confidence. But there are promising signs were are moving toward a more balanced and stable market,” said Bonnie Wegerich, CREB president. “Sales are making some modest gains this month, prices are stabilizing and our inventory absorption rate is improving.”