Home sales plunge from last year's levels - Calgary

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Market cools, but prices remain stable
Mario Toneguzzi, Calgary Herald
# k/ X+ b0 d8 `+ d9 s6 n, T. _" KPublished: Tuesday, June 03, 2008
Calgary's resale housing market again showed dramatic cooling signs in May with monthly sales and average prices dropping for both single-family homes and condominiums compared with a year ago, according to Calgary Real Estate Board data released Monday.

. E/ N5 o( C  F8 j! y* P- uMLS sales during the month fell by more than 31 per cent for single-family homes and by almost 35 per cent for condos compared with May 2007.
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In the single-family market, the average sale price in May was $479,564, a decline of nearly two per cent from a year ago, while the median sale price dropped by nearly four per cent to $419,000.

+ P9 \2 O5 ~) P3 m7 t: OIn the condo market, the average sale price last month was $311,816, off just over six per cent from a year ago, while the median sale price dropped by over seven per cent to $285,000.

& H7 I- D1 X: BDespite the declining sales from 2007, CREB president Ed Jensen said the real estate market in the city is steady.

2 B5 n' c; b% W+ i; j2 Y"I've heard that some buyers are sitting there waiting, trying to time the marketplace . . . Why wait until the sale is over and then decide to buy? . . . We've got a good inventory out there. All the (economic) factors speak well -- interest rates. The buyer factors are there with a good underlying strong economy. Our sales statistics have normalized. They've been steady right from January 1st and they remain steady," said Jensen.
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The month-end inventories of residential properties in both markets have skyrocketed compared with a year ago -- single-family homes up by 390 per cent to 7,099 listings and condos up by 182 per cent to 3,308 listings.

"Today we have selection. I can find what I want. I can negotiate. I can find the exact house almost to the paint colour," said Jensen.
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"We just have a surplus of inventory and that won't last forever. I think it's a matter of months not years to turn this around."
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& j. e7 Q. A& I7 Z1 J/ b# FThe May MLS numbers point to a trend continuing through this year with prices "stabilizing" in both the single-family and condo markets, said Lai Sing Louie, senior market analyst in Calgary for Canada Mortgage and Housing Corp.
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"For single-family homes, July last year was the highest average ever ($505,920)," said Louie. "The price is down compared to last year but it has been rising through the year."
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! a  b5 p' Y& C& v6 Z8 T* P$ OThe average price for single-family homes has risen from January when it was $455,297. Louie said average condo prices have remained stable throughout the first five months of this year.

"There's still a lot of supply in the marketplace -- a record level of supply," he said. "That will continue to stop any real large price growth, but the data appears to be indicating that prices are starting to come back up. The condos are stable. The single-family is starting to move up a bit."
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He said average prices will likely remain stable until the supply comes down.

"Buyers are taking their time. They're looking around, looking for deals, and that's really forcing the sellers, who have lots of other sellers to compete with, not to be able to ask for more and get it. Usually they likely have to negotiate it with the buyer in these conditions," said Louie.
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In the towns just outside Calgary, total MLS residential sales (single-family and condo combined) dropped by almost 32 per cent last month compared with May 2007 and the average sale price fell by almost five per cent to $375,831. The month-end inventory was up by 132 per cent on a yearly basis to 2,971 listings.

The country residential (acreages) market saw sales drop by almost 22 per cent compared with May 2007, but the average sale price increased by almost 12 per cent to $941,086. The month-end inventory was also up by 74 per cent to 954 listings.

Year-to-date for the first five months of 2008, sales compared with a year ago are down in all residential property categories in the Calgary area MLS market: 33.83 per cent, single-family homes Calgary metro; 37.59 per cent, condos Calgary metro; 30.64 per cent, towns outside Calgary; 20.32 per cent, country residential (acreages); and 41.76 per cent, rural land.

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Calgary Metro MLS Sales
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(May)

Single-Family Homes - 2008 - 2007 - % Change

# ]5 M) c- \; B, CMonth-end inventory - 7,099 - 1,450 - 389.59
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New listings - 3,432 - 3,652, -6

! l3 v. g8 y6 zSales - 1,368 - 1,995, -31

Average sale price - $480,000 - $488K, -1.6
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Median sale price - $419K - $435K, -3.7

Condominiums - 2008 - 2007 - % Change
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Month-end inventory - 3,308 - 1,173 - 182
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7 V1 D: w7 |  U9 \8 D9 C: LNew listings - 1,538 - 1,332 - 15.5

! Y! R' [+ |. x: }Sales - 577 - 887, -34.9

Average sale price - $312K - $332K, -6.1

. M' X' \' Y( f' B# e9 fMedian sale price - $285K - $308K, -7.5
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8 y; W2 F$ `: w( r" @Source: Calgary Real Estate Board

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