Calgary Market Update – July 2008

Calgary residential sales in July increased over last year by 21%. Following a strong June market, July results were seasonally lower by 14% as people focused on summer-time activities.

1585 single-family properties sold in the month of July at an average price of $436,782, down by 2% compared to June’s average price. July’s median sale price was $390,000, a 5% decrease from the median price recorded last July. An equal number of properties sold above and below this median price. Listings of single-family properties declined by 7% compared to June’s new listings and were down a full 18% compared to last July.

In the condo market, 702 units found new owners this July, an increase over last year’s sales by 31%. 36 fewer units sold in July compared to June condo sales. The average sale price of a condominium ($285,032) was on par with June’s average price and declined 4% below the average sale price last year at this same time.

“We are continuing to see market improvement in Calgary home sales,” said the President of the Calgary Real Estate Board. “These are healthy sales numbers in a month when we typically expect a summer slowdown. Confidence has definitely returned to the housing market. Buyers’ moods have been buoyed by news that an economic recovery, albeit gradual, seems to be underway.”