Did the Calgary Real Estate Market go Up or Down?

Are Values Increasing or Decreasing in Calgary?

I was reading through the Calgary Real Estate Boards stats and reports from September 2010 and noticed something very interesting…

The report said the following:

The average price of a single family home in the city of Calgary in September 2010 was $460,278, showing a 3 per cent increase from August 2010, when the average price was $445,617 all the while, the median price of a single family home in the city of Calgary for September 2010 was $390,000, showing a 1 per cent decrease from August 2010 when the median price was 395,000.

How is it possible that the market can go up and down at the same time… Let’s dig into this and understand why it’s important to go look at the median prices versus the average prices.

In the month of August there were a total of 25 properties that sold over the $1 Million mark.  Considering August was a slow month, this is great… Out of those 25 homes there were only 2 properties that were above the $2 Million price point, $2.3 Mill and $2.6 Mill.

In the month of September 2010 there were a total of 34 properties over the $1 Million mark.  This is a big jump from August.  Along with the increased number of transactions, the price point was also much higher… There were 4 transactions that were in the $2 Million price point along with one that sold for $3.5 Million.

So, when the report said that the prices in Calgary went up and the media reported the same,  Calgarians were lead to believe that the real estate market in Calgary was on the upswing.  When in reality and when you pull back the curtain, you will see that the prices in Calgary actually declined from the month before.  The median of a range of numbers is determined by ordering all numbers from beginning to end and picking the middle one, or in the case of real estate, the sale prices for that month.  On the other hand, the average sale price, where you’d add all the numbers up (or sale prices) and divide by number of sales, gives us the average price.

When you use the median to look at the real estate market values in Calgary, this will take out the super high values and the low values and give us a true indication of what has happened.

So, in saying all this… Did the market go up or down?  What do you think?

Jared & Rebecca

About The Chamberlain Group:
Jared and Rebecca Chamberlain are Calgary REALTORS® who are changing how real estate is done in Calgary by utilizing online marketing and advanced tools to sell your house in Calgary faster and for far more money. They would be honored to have the chance to work with you and earn your business. ____________________________________________________

Calgary Real Estate Fall Market Trends Report

Calgary Real Estate Fall Trends

After four months of hesitation and month-over-month declines in activity, homebuyers in Calgary are finally showing signs of renewed confidence. While some concerns still exist about sluggish economic growth in Canada and the U.S., buyers who are moving forward have been enticed by lower prices, greater selection, favourable borrowing conditions, and a healthier out- look for the future. Year-to-date sales of single-family and condominium homes in the Calgary Metro area are down 12.6 per cent, with 12,511 properties changing hands vs. 14,317 in 2009. Affordability has kept the condominium segment slightly more buoyant, with sales down just under 10 per cent year-to-date versus almost 14 per cent in the single-family home category, while the average condominium price posted a modest four per cent gain. Average residential price in the Calgary Metro area, (single family and condominiums combined) however, is up a solid six per cent year-to-date to $411,233 compared with the year-ago figure of $388,302. This has been pulled up by the strength of the upper end, as well as the fact that more homes sold at the lower end of the spectrum one year ago.

Our Thoughts :

The upper end of Calgary’s market or the luxury market, there are currently some great deals…

On the front lines, realtors have been noting softer values with reductions relatively common place. This is reflected by the city’s year-to-date median sale prices. The median price for single family homes in the Calgary Metro area is now $387,000 (down six per cent from $412,500 in 2009), while the median price for condominiums now stands at $258,000 (a four per cent decrease from the year-ago figure of $269,000). Currently, nearly 7,500 listings are available for sale, with supply more than adequate.

First-time buyers are most active, driving sales at the $300,000 to $400,000 price point. Move-up buyers are starting to follow suit, albeit with a measure of caution. That growing influx, combined with any positive economic news, should help to kick start momentum going forward. The upper end remains a bright spot in Calgary’s real estate market, with year- to-date sales over $1 million surging 25 per cent ahead of 2009 levels (242 units vs. 194 units), as buyers take advantage of the current window of opportunity. Investors have also recognized their advantage, snapping up condos and half duplexes throughout the city. Multiple offers are still occurring on quality product that is priced precisely at fair market value and in an excellent location. Conditions are firming up in Calgary and buyers are starting to take notice. The market is expected to remain steady going forward, in line with the healthier September momentum, closing some of the gap between year-over-year sales. Ultimately, sales will remain off 2009 figures, but average price will level out and post a modest gain.

Our Thoughts :

I agree with this report and want to add that many buyers are looking and actually purchasing homes right now in Calgary.  The key is that as a seller you need to ensure that you can control the pricing and how your home shows.  Properties that show well combined with a realistic value will sell…

Provided by REMAX Fall Market Trends Report 2010

"Jared and Rebecca Chamberlain are Calgary REALTORS® who are changing how real estate is done in Calgary by utilizing online marketing and advanced tools to sell your house in Calgary faster and for far more money. They are a top real estate team in Calgary that you should consider for your next move in Calgary.

Jared & Rebecca

39 Millpark Way, SW

This home is situated in the south-west area of Millrise, a mature and safe location near many schools, shopping, public transportation, and near many parks and recreational areas. The open concept layout is characterized by the beautiful vaulted ceilings on the main floor. With ceramic tile, hardwood and carpet throughout, you are sure to feel right at home. The main floor which includes the living room, dining room, kitchen with an eating area and family room is bright and sunny with many windows facing the backyard. Upstairs you will find the master bedroom with a four-piece ensuite, and two additional bedrooms. The finished basement has a large recreational room and a secondary room without a window. In the backyard there is a two leveled deck, which is perfect to enjoy the mature surroundings.

VIEW VIRTUAL TOUR OF THIS HOME!

303-1821 11 Avenue, SW Calgary, AB

Here is a rare opportunity to own a great priced loft unit in the desired area of Sunalta. This unit has a good sized living space, which includes a living room, kitchen, bathroom and a loft that boasts a bedroom along with an area that could be used as a den. There is a rooftop terrace where you can enjoy the warm fall evenings that Calgarians are currently experiencing. With great curb appeal, amazing location and a great price, this is a property that you will love to call home.

VIEW VIRTUAL TOUR OF THIS HOME!

How Fast Can An Room Catch Fire?

Jared Chamberlain a Calgary REALTOR® watches as the Calgary Fire Department demonstrates how quickly a room can catch on fire. They demonstrate with two separate rooms one with a sprinkler system and one without. For any comments or questions, please contact Jared at Jared @ tcgroup.ca

See more articles over at The Calgary Real Estate Blog.com
Email Me @ Jared @ tcgroup dot ca

Jared & Rebecca

Showing Homes in Evergreen Calgary

I was showing homes in Evergreen in SW Calgary tonight and take a look at this sky…  WOW… I’m hoping we have a warm fall.

See more articles over at The Calgary Real Estate Blog.com
Email Me @ Jared @ tcgroup dot ca

Jared & Rebecca

Calgary Real Estate – Home Staging Tip – Master Bedroom

Jared Chamberlain a Calgary REALTOR® talks with his stager Janet Voth of Designing Spacez about how a Master Bedroom should be staged and the importance of creating the proper atmosphere. If you have questions about this email Jared at jared@tcgroup.ca or call 403-366-3130

See more articles over at The Calgary Real Estate Blog.com
Email Me @ Jared @ tcgroup dot ca

Jared & Rebecca

1012 Riddell Place, SE Calgary, AB

This is a home you don’t want to miss! Situated in south east Calgary, this charming 1000+ sq. ft bungalow has a fully landscaped yard as well as a double detached garage with roughed in heating and a paved back-lane. With redone hardwood floors almost entirely throughout the main floor, this open feel home is perfect for your family. There are a total of 3 bedrooms on the main floor with 2 in the basement. Two bathrooms and a two-piece ensuite have been recently upgraded with new cabinets, countertops, tiling and light fixtures. The kitchen is home to brand-new appliances, countertops and a tile backsplash. All light fixtures have been recently replaced and the entire home has been re-painted. You are sure to enjoy viewing this home!

VIEW VIRTUAL TOUR OF THIS HOME!

245 Evermeadow Ave. SW Calgary, AB

You are sure to enjoy this two-storey home in south west Calgary. With over 1300 sq ft of living space, you will love the functional layout and curb appeal that this home has to offer. The main floor has a living room, half bath and a friendly open-layout kitchen. Upstairs there are three bedrooms, a four-piece bathroom and 4-piece ensuite. The back yard is fully landscaped and well-maintained with perennial gardens, a large tiered deck and a back lane entry, double detached garage. Situated in Evergreen, this home is close to schools, shopping and beautiful Fish Creek Park, a prime southwest location.

VIEW VIRTUAL TOUR OF THIS HOME!

#FF This Week’s #YYC Tweeps to Follow

So here are my #FF for this week on twitter… These are some great people that have a superb talent that you should check out…

@lnicholsphoto

Lindsay Nichols has a great eye and a great passion for family photography… Follow her on twitter and check out her website at http://www.lindsaynicholsphotography.com

@w_chris_davies

Chris Davies is a talented Social Media marketing individual along with a true talent in real estate investing.  He is going to be joining the ranks of a REALTOR® up in Edmonton very soon.  Follow him and you will have a lot of knowledge on both subjects… Ok… he’s not in Calgary, but he deserves to be on this list…

@lonnietaylor

If you are looking to find out what is happening in Calgary and see this amazing city through the lens of someone who’s living in it, Lonnie is your guy… Follow him and see what Calgary, an amazing city may I add, has to offer!

So those are this week’s #FF (Follow Friday) individuals on Twitter…

Who are you following that we should all know about?

See more articles over at The Calgary Real Estate Blog.com
Email Me @ Jared @ tcgroup dot ca

Jared & Rebecca

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