Home sales tumble 11 per cent - Calgary

水管工

Average price remains 10% above Sept. '06
Mario Toneguzzi, Calgary Herald
Published: Tuesday, October 02, 2007
! O- F; P9 N# d- h% y6 ?' l: LSales of single-family homes in Calgary have decreased in September by almost 11 per cent compared to a year ago, according to the Calgary Real Estate Board.

In releasing its monthly MLS data late Monday afternoon, the real estate board said single-family metro sales for September were 1,064 -- down 10.81 per cent from the 1,193 sales recorded in September 2006, and a decrease of 19.03 per cent from the 1,314 sales recorded in August.

; |- {* K' P. o1 ]The average price of a single-family Calgary metro home in September was $470,888. In August, it was $485,914. It has fallen more than $35,000 from the record high of $505,920 recorded in July. Last year in September, the average sale price was $426,622 -- a 10.38 per cent year-over-year increase.

The median price of a single-family Calgary metro home in September was $420,500 -- a 9.68 per cent increase over September 2006, when the median price was $383,388, but a 2.21 per cent decrease from August, when it was $430,000. The median price had reached a high of $439,000 in June.

Most of the price growth expected this year basically occurred in the first few months of the year, said Lai Sing Louie, senior market analyst in Calgary for the Canada Mortgage and Housing Corporation.

"The high level of supply will keep prices moderating until demand can eat through it and lower the level of supply," said Louie. "Prices will likely stay around where they are until that level of supply is eroded."

Single-family Calgary metro new listings for September totalled 3,106, a 5.15 per cent hike from September 2006's 2,954 new listings. It is also an increase of 9.48 per cent over the 2,837 new listings added in August. Total inventory at the end of September was 5,562 listings.

  s' x4 x7 T9 x0 H. JThe Calgary residential real estate market "has slowed down a little bit more," but year-to-date sales are still "marginally" ahead of last year, said Ron Stanners, CREB's president.
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"It's become a golden opportunity for buyers to buy property," he said. "From the end of May until now we're only off about five per cent (in the median sale price), which is not that much, and considering from the first of the year until the end of May we were up about 11 per cent. When you look at that, I think we're still in excellent shape."
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2 I# t, N' z1 t7 gThe average price of a metro condominium in September was $321,614, up slightly from $320,790 at the end of August. In September 2006, it was $292,796 -- making a 9.84 per cent year-over-year increase. The median sale price for a condo in September was $300,000, up 11.32 per cent from $269,500 a year ago.
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Sales in September were 483, a decrease of 12.66 per cent from September 2006 (553) and 19.23 per cent down from the 598 condominium sales recorded in August.
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In the condo market, there were 1,315 new listings in September, an increase of 10.88 per cent from the 1,186 new listings added in August. This is a 16.47 per cent increase from the 1,129 new listings coming to market in September 2006. Total inventory at the end of September was 2,235 listings.
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, a TD Bank Financial Group report said a substantial erosion in housing affordability over the past few years combined with a surge in new listings has started to bring the Calgary housing market back down to earth.
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& Q; z" m9 M# Z# h1 f" LStanners said the city is becoming more attractive for people because of current real estate market conditions with more listings and a drop in prices.
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mtoneguzzi@theherald.canwest.com
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  }! s, e4 W& X) Y! W* [( U' YEmail to a friend

- i2 m4 a9 I+ \& \% }. U3 q6 aTotal MLS for September 2007

2007 2006 Mth Chg

Single Family (Calgary Metro)
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& h$ q) Y- c$ K. A# f/ [! s8 YMonth End Inventory 5,562 n/a n/a
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# E) d! D; i6 v+ h: X. p, Y* E# a( dSales 1,064 1,193 -10.81%
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) C6 [) B# b/ ~0 x! D2 m1 KAverage Sale Price $470,888 $426,622 10.38%
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Condominium (Calgary Metro)

, C% d+ ?) ~- OMonth End Inventory 2,235 n/a n/a
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$ [  Z+ w: g6 _% vSales 483 553 -12.66%
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* D" t& W) D5 a/ ^: {! C: T0 xAverage Sale Price $321,614 $292,796 9.84%
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Source: Calgary Real Estate Board

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