May 2008 Market Review

It’s been a while since the last post, but wanted to give you an update on where the Calgary market place is at!

We have seen some slight growth in the number of showings lately, but it still for sure a buyers market! There is still 1 buyer for every 5 homes (or sales) per week… that we can see. If you are looking to purchase a home, there are some very good ‘deals’ out there currently! As from what I’ve heard, it is like this throughout Alberta… It’s a great time to buy right now.

Here is a link to the Monthly Stats Package!

I also wanted to give you some info on the community sales info on each community through out Calgary… Below is a link to the Single Family info and the Condo info for all of Calgary… Enjoy!

May 2008 Community Stats Single Family
May 2008 Community Stats Condos
Cheers,

Jared

March 2008 Market Review

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 1st quarter, we have seen 9,497 listings new to the market, compared to the 7,661 new listings for the 1st 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 ? 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 ? 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.”

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 ? nding their way to the market in the ? 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 ? rst quarter of 2007.

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 medianprice 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 ? rst quarter median price of 409,900, for 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 ?rst three months 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.

For Graphs and Stats Click Here

February 2008 Market Review

View Graphs

Calgary’s MLS® Sales for the month of February show signs of increased market pace, according to ?gures released by the Calgary Real Estate Board (CREB®).

Single family Calgary metro properties changing hands in February 2008 were 1,252, an increase of 15.6 percent over the 1,083 sales reported in January 2008 but showing a decrease of 35.5 from the same period last year, when the sales were 1,942. Single family Calgary metro new listings added for the month of February totaled, 2,981, a decrease of 1.4 per cent from January’s new listing of 3,023 and an increase of 35.1 per cent over the 2,206 new listings added in February 2007.  The median price of a single family Calgary metro home in February 2008 was $428,000 showing a 4.9 per cent increase over February 2007, when the median price was $408,000 and showing a 4.4 per cent increase from last month when the median price was $410,000.  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.

Calgary metro condominium new listings added in February 2008 were 1,244, showing an increase of 39.9 per cent from the 889 new condominium listings added in February 2007.  This is an 11.5 per cent decrease from last month, when the new listings added were 1,406.
Calgary metro condominium sales in February 2008 were 562; a decrease of 37.2 per cent from February 2007 when 895 condominiums changed hands and an increase of 23.8 per cent from the 454 sales recorded in the month of January 2008.

“It appears as though things are picking up, as we move into the ?nal month of the ?rst quarter.  I don’t anticipate we’ll see the blistering
market that we experienced in the early parts of 2006 and 2007, but I do anticipate stability in this now corrected market,” remarked CREB® President, Ed Jensen.  “Calgary is a very desirable place to live at the moment, with our strong economy, low unemployment rates, strength in the oil and gas industry; people are still moving here and that’s great for real estate.” concluded, Jensen.

The average price of a single family Calgary metro home in February 2008 was $471,696, showing a 5.2 per cent increase over February 2007, when the average price was $448,557. The average price of a metro condominium was $311,812, showing a 3.3 per cent increase over February 2007 when the average price was $301,812.  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.

Source: Calgary Real Estate Board

January 2008 Market Review

“We experienced a slower market toward the end of December, which is expected during the holiday season, however, January has been a relatively good month for the resale market. This is the month when peoples lives are getting back on track, and consumers may be entertaining the idea of listing their home,” remarked CREB® President, Ed Jensen. “I think this ?rst quarter of 2008 will pick up momentum, and I anticipate a more balanced and stabilized spring,” concluded, Jensen.
The average price of a single family Calgary metro home in January 2008 was $455,297, showing a 2.37
per cent increase over December 2007, when the average price was $444,769. The average price of a metro condominium was $311,232, showing a 2.14 per cent increase over December 2007 when the average price was $304,719. 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.

As you can see in the graph, that the inventory is starting to decrease since it hit it’s high in Sept. 07. On a daily basis, we are having 50-60% of total listing number are the number of solds, the same day. This says that the market will continue to be a buyers market, and the inventory will be around for a while.

Regards,

Jared Chamberlain
jared@tcgroup.ca
www.ChamberlainGroup.ca

December 2007 Market Review

Year end sales for residential and condominium held steady in 2007, showing very slight decreases in both categories, according to figures released by the Calgary Real Estate Board (CREB®).

Year-to-date Calgary single family metro sales as of December 31, 2007 were 18,438, a decrease of 3.53 per cent from the year-end 2006 sales figure of 19,113. Single family Calgary metro sales for December 2007 were 846, a decrease of 28.91 per cent from the 1,190 sales recorded in December 2006. Single family Calgary metro new listings added for the month of December totaled, 984, a 1.55 per cent increase over the 969 new listings added in December 2006. New listings coming to the market year-to-date were 31,722, an increase of 17.44 over the 27,011 new listings brought to market in 2006.

The median price of a single family Calgary metro home in December 2007 was $406,788 showing a 10.54 per cent increase over December 2006, when the median price was $368,000. The year-to-date median price was $421,000, an increase of 16.62 per cent from the 2006 year-to-date median price of $361,000.

“As we can see from the final numbers in 2007, sales have definitely held steady. In my opinion this can only point to two things; consumer confidence and stability in the market place. Calgarians continue to have confidence in our economy and real estate market”, remarked CREB® President, Ron Stanners. “The spring of 2007 was an unpredictable market, with multiple offers and relatively low inventory. As we moved into the summer months we saw a slow down in the sales activity and an increase in the amount of inventory on the market. This was a correction in the market, which was inevitable.” concluded, Stanners.

As we move into 2008, it will be very interesting to see where the market will go. As I stated in a post yesterday with the number of listings that went off over the last month, and what could happen this spring, could make our market flooded with properties again.

Jared Chamberlain

Source: Calgary Real Estate Board Stats December 2007

Today’s Current Listing Count

Hey Everyone,

I just wanted to make aware that over the holiday season, there has been a good change in the listing count. Right now there are 3,351 Single Family homes listed in the Calgary market place and 1,527 Condo properties (including townhomes, apartments etc.) listed. These numbers have dropped considerably over the last couple months. At the end of November 2007 there were 4,984 Single Family and 2,196 Condos on the market.

I wish I knew if this means that the market has settled and we are back to a balanced market, but I can’t. The reason I say that, is that over the last month (December 2007) there has been 1240 properties (single family and condos) that have gone off the market by them actually selling. But there has actually been more properties over the same time period, 1,711, that have been taken off the market via being terminated, withdrawn or the listing has expired. This says to me, that these sellers may be delaying the sale/listing of their property. Historically speaking, spring is usually a good time of the year to have your property listed, but it will be interesting to see what happens this coming spring and summer with the listing count, and if many of these home owners will try to list their homes all at the same time again, and yet again, create an overflow in the listing numbers. But then again on the flip side, we could actually be out of the high listing months, and back to a bit of normality…

Only time will tell!

But there is another side to this all as well… We have listed some homes over the last couple months and have had great success in selling them with various listing strategies, even with a very high number of competing properties. If you are in need of selling your home, please give us a call or contact us and put us to work for you!

Thank you for making us your Real Estate Team!

Calgary Stats November 2007

November is usually a slower month in the yearly cycle. Please see below for CREB President Ed Jensen’s response to this months stats…

“November is typically a slower month for MLS® sales and listings, due to the approaching holiday season. However, November Single Family Calgary Metro sales are only down by 10 sales from October, so there is still asubstantial amount of product selling,” remarked, CREB® President Elect, Ed Jensen. “If you are in the market to purchase, there is a healthy selection of product available at the moment, giving buyers many choices. Also, sellers need to be listing their properties with a professionally licensed REALTOR®, who will help them achieve that all important competitive price point, and give them exposure to the MLS® system, and a network of over 5,600+ other REALTORS®,” concluded Jensen.

Click here to view the stats of this month or pasts months!

Regards

Jared & Rebecca Chamberlain
www.ChamberlainGroup.ca

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