“Indeed
it is a tough market, but I am pleased to see sales picking up
this month over December. Although our numbers are down from
January 2008, we are seeing increased activity and more
interest from buyers,” said Calgary Real Estate Board
President, Bonnie Wegerich. “Buyers will continue to have
choice and affordability in this slower market,” adds
Wegerich.
The
average price of a single-family Calgary metro home in January
2009 was $413,049, showing a decrease of one per cent from
December 2008, when the average price was $417,398, and
showing a decrease of nine per cent from January 2008 when the
average price was $455,297. The average price of a Calgary
metro condominium was $270,940, showing a 1.4 per cent
decrease from December 2008 when the average price was
$274,919 and showing a decrease of 13 per cent over
last
year, when the average price was $311,232.
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 January
totaled 2,068, compared to 836 new listings added in December
2008. This is a decrease of 32 per cent from January 2008,
when new listings coming to the market were 3,023. Calgary
metro condominium new listings added in January 2009 were 941,
compared to 431 new condominium listings added in December
2008. This is a decrease of 33 per cent from January 2008 when
condominium listings were 1,406.
“While
there’s still a good selection of homes to choose from, we are
seeing a slow but steady decrease in our inventory,” remarked
Wegerich. “As the inventory is reduced we will see a return to
a more stable market.”
The
median price of a single-family Calgary metro home in January
2009 was $374,700, showing a decrease of 1.4 per cent from
December 2008, when the median price was $380,000 and down 8.6
per cent from January 2008 when the median price was $410,000.
The median price of a condominium in January 2009 was $243,000
down 4.3 per cent from December 2008 when the median was
$254,000 and down 16 per cent from January 2008 when the
median price was $290,000. 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.
“It
is definitely challenging times out there. Sellers need to
price their homes competitively. But in talking to a number of
REALTORS®, I am hearing that activity
is picking up and there are buyers out there looking for homes
once again,” said
Wegerich.
The
Calgary Real Estate Board is a professional body of 5,488
licensed brokers and registered associates, representing 252
Member offices. The Board does not generate statistics or
analysis of any individual member or company’s market share.
All MLS® active listings for Calgary and area may be found on
the Board’s website at www.creb.com.
