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Old 11-19-2008, 04:47 PM
nhanson nhanson is offline
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Join Date: Mar 2008
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Default Calgary Real estate Market in Crisis

CALGARY, Nov. 3 /CNW/ - MLS(R) sales activity slowed in Calgary during
the month of October, but continued to present excellent buying opportunities,
according to figures released by the Calgary Real Estate Board (CREB(R)).
Single family Calgary metro sales for the month of October came in at
820, showing a decrease of 26.3 per cent from the 1,113 sales in October 2007
and showing a decrease of 28.8 per cent from last month's sales of 1,152.
Condominium sales for the month of October were 399, a decrease of 20.4 per
cent from the 501 condominium sales recorded in October 2007 and showing a
decrease of 14.2 per cent from September 2008 when 465 condominiums changed
hands.
"Sales have slowed during October; partly due to normal seasonal third
quarter adjustments. Other factors may be that consumers are feeling a sense
of uncertainty at the moment with the volatility of the stock market and the
global economy. People are being careful, but being too careful may mean
missed opportunities," said CREB(R) President, Ed Jensen. In a recent Calgary
Herald article, Jensen said, "We may be in for some continued slower times for
this quarter, but I believe this is the kind of market where real estate
bargain hunters can find those great deals, but if you're not out there
looking you can't find the best deal. And it's hard to negotiate the best deal
when the market has turned the corner and everybody's buying."
The average price of a single family Calgary metro home in October 2008
was $449,100, showing a decrease of 0.7 per cent from October 2007, when the
average price was $452,254, but showing an increase of 1.1 per cent from
September's average price of $444,048. The average price of a Calgary metro
condominium was $289,148, showing a 12.8 per cent decrease from October 2007
when the average price was $331,617, but again showing a slight increase of
0.6 per cent over last month, when the average price was 287,426. 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.
Single family Calgary metro new listings added for the month of October
totaled 2,322, a decrease of 10.2 per cent from October 2007, when new listing
added totaled 2,586 and a decrease of 11.7 per cent from last month, when new
listings coming to the market were 2,631. Calgary metro condominium new
listings added in October 2008 were 1,071, showing a decrease of 11 per cent
from the 1,203 new condominium listings added in October 2007 and a decrease
of 9.7 per cent from last month's condominium listings of 1,186.
The median price of a single family Calgary metro home in October 2008
was $390,000, showing a decrease of 5.5 per cent from October 2007, when the
median price was $412,500 and down 1.3 per cent from last month when the
median price was $395,000. All Calgary Metro MLS(R) 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.

The Calgary Real Estate Board is a professional body of 5,474 licensed
brokers and registered associates, representing 250 Member offices. The Board
does not generate statistics or analysis of any individual member or company's
market share. All MLS(R) active listings for Calgary and area may be found on
the Board's website at www.creb.com.



For further information: Bonnie Wegerich, President Elect, at (403)
862-7174
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