Calgary, April 1, 2008 – Calgary’s MLS®
listings for the month and for the fi rst quarter,
indicate a wide variety of housing for potential
buyers, according to fi gures released by the
Calgary Real Estate Board (CREB®).
Single family Calgary metro new listings
added for the month of March totaled 3,493, an
increase of 11.6 per cent from March 2007 when
new listing added totaled 3,131 an increase of
17.2 per cent over last month, when new listings
coming to the market were 2,981. At the end
of the fi rst quarter, we have seen 9,497 listings
new to the market, compared to the 7,661 new
listings for the fi rst quarter of 2007, indicating a
24 per cent increase.
“We have moved into a market that is currently
providing a great variety and choices for the
buyer. Not only does the buyer have much better
supply to choose from, they can also customize
their wants and needs in a home, making for
a dream home purchase,” remarked CREB®
President, Ed Jensen.
Single family Calgary metro sales for the month
of March came in at 1,418, showing a decrease
of 37.6 per cent from the 2,272 sales in March
2007 but showing an increase of 13.3 per cent
over last month’s sales of 1,252. Looking at
the fi rst quarter sales for single family Calgary
metro, we see that 3,747 homes have changed
hands, compared to the 5,709 sales recorded in
the fi rst quarter of 2007, indicating a 34.3 per
cent decrease.
“Gone are the days of sellers naming their
price; sellers have to pay much more attention
to what their asking price will be and how they
present their home to experience a quick sale,”
explained Jensen. “Sellers should rely on their
REALTOR® for help while deciding on a list
price, your REALTOR® has an arsenal of tools
at their disposal to analyze the market and fi nd
a fair and reasonable price point for the seller.”
“The average time a home is remaining on the
market prior to selling is 40 days, but some
are remaining on the market much longer and
that may be due to overpricing and the extra
inventory we are currently experiencing, one in
fi ve homes are selling in today’s market, this is a
great time for buyers to buy a home,” continued,
Jensen. Buyers need to know, that in today’s complex
market, it is more important than ever that they
call a realtor to assist them through the details
of a purchase.
The median price of a single family Calgary
metro home in March 2008 was $420,000
showing a very slight decrease of 1.6 percent
over March 2007, when the median price was
$427,000 and showing a 1.9 per cent decrease
from last month when the median price was
$428,000. Quarterly, the 2008 single family
Calgary metro home median price also came in
at $420,000, an increase of 2.5 per cent over the
fi rst quarter median price of 409,900, for 2007.
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.
Calgary metro condominium new listings added
in March 2008 were 1,561, showing an increase
of 24.9 per cent from the 1,250 new condominium
listings added in March 2007 and a 25.5 per
cent increase over the 1,244 new condominium
listings brought to market last month. New
Condominium listings fi nding their way to the
market in the fi rst three months of 2008 totaled
4,208, an increase of 33.9 percent over the 3,143
new listing brought to market in the fi rst quarter
of 2007.
Condominium sales for the month of March
were 565, a decrease of 44.9 per cent over the
1,026 condominium sales in March 2007 and
an increase of just 0.5 percent over the 562
condominium sales changing hands in February.
Quarterly, condominium sales were 1,577 for
this year, a decrease of 40.6 per cent from the
2,656 condominium sales recorded in the fi rst
three month of 2007.
The average price of a single family Calgary
metro home in March 2008 was $474,513,
showing a 1.1 per cent decrease from March
2007, when the average price was $479,914. The
average price of a Calgary metro condominium
was $312,620, showing a 0.1 per cent decrease
from March 2007 when the average price was
$312,280.
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.
The Calgary Real Estate Board is a professional
body of 0,000 licensed brokers and registered
associates, representing 000 Member offi ces.
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.
