Balanced Market Achieved in Calgary

I am happy to report that we have now officially moved into a balanced market. That means that there is a sale occurring for every 2.5 to 4 listings on the market in a given month. This is good news for us but not a reason to become complacent about our price. There are still many new homes on the market which are attractive to buyers and well below our asking price and they are competing with us along with all the other actives.

Listings have come off substantially from last month during the first 2 days of the month as is usual. They are still hovering around 8000 combined Calgary Residential listings which has been fairly consistent since January and we may soon see this number dropping off as sellers take a breather going into the fall.

Sales shot up in May making it the best month of the year. Will it continue?

The median list price is up by $5,000 since May 19th, while the price has dropped for sales during the same period, by almost $20,000 to $361,950. The average days on market for sold properties has nudged up to 60.5 from 52.25.

April 2009 Statistics package

Calgary, May 1, 2009 – MLS® sales activity of single family Calgary metro homes was 1,290 in the month of April 2009, showing an increase of 19 per cent from 1,086 sales in March 2009, according to figures released by the Calgary Real Estate Board (CREB®). This was a decrease of 5 per cent from April 2008, when single family home sales were 1,363. The number of condominium sales for the month of April 2009 was 579, an increase of 30 per cent from the 446 condominium transactions recorded in March 2009, and a decrease of 0.3 per cent from April 2008, when 581 condominiums changed hands.

“Spring is giving new life to the residential real estate market,” said Calgary Real Estate Board President, Bonnie Wegerich. “Affordable pricing and low interest rates are drawing buyers back to the market.”

“In particular we are finding more and more first time home buyers taking advantage of great inventory and very low interest rates. We expect spring sales activity will also get a boost from the federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers’ Plan and the First Time Buyer Tax Credit,” added Wegerich.

The average price of a single family Calgary metro home in April 2009 was $426,311, showing an increase of 1 per cent from March 2009, when the average price was $420,354, and showing a decrease of 10 per cent from April 2008, when the average price was $474,564. The average price of a Calgary metro condominium was $277,953, showing a 2 per cent decrease from March 2009, when the average price was $284,056, and a decrease of 11 per cent over last year, when the average price was $312,586. 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 average price for home sales remains below levels reached one year earlier, but year-over-year declines are contracting,” said Wegerich. “Our inventory also continued to decrease in April, which is helping to firm up the balance of supply and demand,” added Wegerich.

Single family Calgary metro new listings added for the month of April totaled 2,010, down just 1 per cent from the 2,023 new listings added in March 2009, and showing a decrease of 40 per cent from April 2008, when 3,377 new listings came to the market. Calgary metro condominium new listings added in April 2009 were 967, up 7 per cent from March 2009, when the MLS® saw 903 condo listings coming to the market. This is a decrease of 35 per cent from April 2008, when condominium listings were 1,493.

The median price of a single family Calgary metro home in April 2009 was $380,000, showing an increase of 1 per cent from March 2009, when the median price was 375,000, and down 10 per cent from April 2008, when the median price was $420,000. The median price of a condominium in April 2009 was $251,000, down 3 per cent from March 2009, when the median was $260,000, and down 13 per cent from April 2008, when the median price was $290,000. 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.

“Undoubtedly this market has been challenging for both buyers and sellers, but the improvement in recent months is an encouraging sign,” said Wegerich. “There’s more confidence in the housing market today than at the end of 2008. Prices are stabilizing, inventory is declining and the number of new listings is leveling—these are all signs that a balanced market is on the horizon.”

CREB® is a professional body of 5,200 licensed brokers and registered associates, representing 252 member offices. 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 here.

MLS® residential home sales decline in October

The number of properties sold via the MLS® systems of all real estate boards across Canada declined in October 2008, according to statistics released by The Canadian Real Estate Association (CREA). Much of the decline in national sales activity resulted from fewer sales in several major markets, including Toronto.

Seasonally adjusted residential MLS® sales activity in all markets numbered 32,048 units in October 2008, the lowest level for monthly activity since July 2002. This is down 14 per cent from sales levels recorded in September, and the largest month-over-month decline in seasonally adjusted sales activity since June 1994.

In Canada’s major markets, seasonally adjusted residential MLS® sales activity in October totaled 21,091 units, down 15.1 per cent from sales activity in September.


“Many homebuyers across Canada battened down the hatches in October as they were concerned with dire headlines about stock market volatility and a global economic downturn,” said CREA’s Chief Economist Gregory Klump. “Elimination of mortgage default insurance availability for purchases with less than a five per cent down payment and for amortizations beyond thirty-five years also likely played a lesser role in the decline in sales activity.”

Activity was down from levels recorded in September in more than three quarters of Canadian housing markets, including the five most active major markets: Toronto, Montreal, Vancouver, Calgary, and Edmonton. Fewer sales in Toronto accounted for nearly one third of the decline in national MLS® sales activity.

“The breadth and depth of the drop in MLS® activity suggests a major downshift in consumer psychology” adds Klump. “And that has moved many homebuyers to the sidelines until economic news begins to improve.”

The drop in sales activity resulted in a more balanced national resale housing market than at any other time in over a decade. Markets became more balanced in every province except Newfoundland & Labrador, where sales activity remains near peak levels.

Seasonally adjusted dollar volume for MLS® sales totaled $9.1 billion in October 2008, down 17.7 per cent from the previous month. Fewer transactions in Ontario, British Columbia, and Alberta accounted for more than 90 per cent of the monthly decline in national MLS® dollar value.

“The gap between national sales activity and the number of new listings is at its widest since 1990,” Klump added. “This situation is unlikely to persist for long. New listings will decline, which will stabilize the market.”

Consumer confidence in October of 2008 declined to levels not seen since the mid-‘90s, and that is reflected in the housing market trends, the President of The Canadian Real Estate Association, Calvin Lindberg, points out. “The major drop in consumer confidence and a steady stream of economic bad news from the financial markets is taking its toll on the national housing market.”


“When consumers are not confident about their financial situation, they’re not active in the housing market, and that in turn impacts the economy more,” the CREA President added. According to a study prepared for The Canadian Real Estate Association, the overall economic consumer spending spin-offs from MLS® transactions are $15.3 billion per year, including moving and renovation costs, and purchase of new furniture and appliances.

Canada’s more expensive housing markets continues to weigh on the national MLS® residential average price.

The average sale price of residential properties sold via the MLS® in October 2008 was $281,133, 9.9 per cent below where it stood in the same month last year. The price trend is similar but less dramatic for the weighted national MLS® average price, in which the proportion of privately owned housing stock in each province is taken into account. The weighted national MLS® average price eased by five per cent on a year-over-year basis in October.

October 2008 Statistics

Calgary, November 3, 2008 – MLS® 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®).

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® 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® 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® active listings for Calgary and area may be found on the Board’s website at www.creb.com.

Statistics Released by the Calgary Real Estate Board

Calgary, October 1, 2008 – The buyer’s market trend continues, according to figures released by the Calgary Real Estate Board (CREB®).

In a news release issued yesterday, by the Canadian Real Estate Association (CREA), President, Calvin Lindberg said, “We must remember that all markets go through cycles and remember that the national housing market is actually made up of different communities. Real estate markets are local and every community, and every area, is different in terms of trends and pricing.”

CREB® President Ed Jensen concurred with Lindberg, saying, “We can see these cyclical affects in our own local Calgary market. Some communities in our city are stabilizing, while others are in the midst of a market shift.”

Single family Calgary metro new listings added for the month of September totaled 2,631, a decrease of 15.3 per cent from September 2007, when new listing added totaled 3,106 and an increase of 15.9 per cent from last month, when new listings coming to the market were 2,270. Calgary metro condominium new listings added in September 2008 were 1,186, showing a decrease of 9.8 per cent from the 1,315 new condominium listings added in September 2007 and a decrease of 12.5 per cent from last month’s condominium listings of 1,054. Single family Calgary metro sales for the month of September came in at 1,152, showing an increase of 8.3 per cent from the 1,064 sales in September 2007 and showing a decrease of 1.5 per cent from last month’s sales of 1,170. Condominium sales for the month of September were 465, a decrease of 3.7 per cent from the 483 condominium sales recorded in September 2007 and showing a decrease of 6.1 per cent from August 2008 when 495 condominiums changed hands.

“The number of single family homes selling in the $200,000 to $250,000 price range has increased this month by 50 per cent over last year. And while single family homes selling within the $350,000 to $450,000 price range have remained almost the same as they were in September 2007, another significant change is the price range of 450,000 to 550,000, seeing a 19 per cent decrease in the number of units sold,” explained CREB® President, Ed Jensen. “In short, more homes are selling in the lower price ranges, indicating that the favourable price range has shifted to one lower than that of 2007. Clearly, it’s still a buyer’s market and the opportunity for first time home buyers, to get into the market, is better than it’s ever been,” Jensen concluded.

The median price of a single family Calgary metro home in September 2008 was $395,000, showing a decrease of 6.1 per cent from September 2007, when the median price was $420,500 and down 0.8 per cent from last month when the median price was $398,000. 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.

The average price of a single family Calgary metro home in September 2008 was $444,048, showing a decrease of 5.7 per cent from September 2007, when the average price was $470,888. The average price of a Calgary metro condominium was $287,426, showing a 10.6 per cent decrease from September 2007 when the average price was $321,614. 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 5,692 licensed brokers and registered associates, representing 262 Member offices. The Board does not generate statistics or analysis of any individual member or company’s market share.

Market Remains Steady During the Month of June

Calgary’s MLS® market remains steady with a slight increase in metro single family and condominium sales over last month, which may indicate that more homes are being priced to fit the current market conditions.

Single family Calgary metro new listings added for the month of June totaled 2,787, a decrease of 15.9 per cent from June 2007 when new listing added totaled 3,313 and a decrease of 18.8 per cent from last month, when new listings coming to the market were 3,432. Calgary metro condominium new listings added in June 2008 were 1,234, showing a slight decrease of 1.5 per cent from the 1,253 new condominium listings added in June 2007 and a decrease of 19.8 per cent from last month’s condominium listings of 1,538.

Single family Calgary metro sales for the month of June came in at 1,439, showing a decrease of 18.1 per cent from the 1,757 sales in June 2007 but showing an increase of 5.2 per cent from last month’s sales of 1,368. Condominium sales for the month of June were 556, a decrease of 29.8 per cent from the 792 condominium sales recorded in June 2007 and showing a slight decrease of 3.6 percent over the 577 condominiums changing hands in May 2008.

At this mid-point in the year, Calgary metro single family new listings added year-todate were 19,086, an increase of 7.7 per cent from the 17,723 new listings added during the first half of 2007. Respectively, Condominium new listings added were 8,473 an increase of 23.1 per cent over the 6,884 new condominium listings added at the mid-point in 2007.

Sales year-to-date for Single family Calgary metro were recorded as 7,902, a decrease of 31.4 per cent from the 11,526 sales recorded in 2007. Calgary metro Condominiums changing hands during the fi rst half of 2008 totaled 3,286 a decrease of 36.4 per cent over the 5,170 sales recorded in 2007. If we look at the average price year-to-date, there is very little change in single family and condominium Calgary metro. The Single family average price for the first half of 2008 was $472,163 and in 2007 for the same period, it was $471,218, a difference of just 0.2 per cent. Respectively, the condominium average price was $312,460 this year and $314,851 last year, down just 0.8 per cent.

The Calgary metro month end inventory number has decreased slightly and the Calgary metro sales numbers have increased over last month. That tells me that perhaps sellers are listening to their REALTORS® and pricing their homes with today’s market in mind. We’re seeing the sales numbers reflect that more buyers are finding a home that fi ts their family’s needs. As we move into the summer months, it’s an excellent time for buyers to capitalize on the wide selection of homes, rather than waiting for the fall when things start to pick up again”, remarked CREB® President, Ed Jensen.

The median price of a single family Calgary metro home in June 2008 was $408,000 showing a decrease of 7.1 percent over June 2007, when the median price was $439,000 and showing a decrease of 2.6 per cent from last month when the median price was $419,000. 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.

The average price of a single family Calgary metro home in June 2008 was $473,774, showing a decrease of 4.7 per cent from June 2007, when the average price was $496,890. The average price of a Calgary metro condominium was $315,042, showing a 2.5 per cent decrease from June 2007 when the average price was $323,269. 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 5,767 licensed brokers and registered associates, representing 262 Member offices. 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.

Buyers Take Heed - Homes are on Sale!

Calgary, June 2, 2008 – “Now is not the time to wait until the sale is over and then decide to buy; after you read a headline, the best time to buy has passed,” cautioned, CREB® President, Ed Jensen. Home inventories are high; buyers are reaping the benefits of selection and are able to negotiate the best sale price and terms. Today’s market presents buyers with great purchasing opportunities, according to information released by the Calgary Real Estate Board.

Single family Calgary metro new listings added for the month of May totaled 3,432, a decrease of 6 per cent from May 2007 when new listing added totaled 3,652 and an increase of 1.6 per cent from last month, when new listings coming to the market were 3,377. Calgary metro condominium new listings added in May 2008 were 1,538, showing an increase of 15.5 per cent from the 1,332 new condominium listings added in May 2007 and an increase of 3.0 per cent from last month’s condominium listings of 1,493.

Single family Calgary metro sales for the month of May came in at 1,368, showing a decrease of 31.4 per cent from the 1,995 sales recorded in May 2007 and showing an increase of 0.4 per cent from last month’s sales of 1,363. Condominium sales for the month of May were 577, a decrease of 35 per cent from the 887 condominium sales recorded in May 2007 and showing a slight decrease of 0.7 percent over the 581 condominiums changing hands in April 2008.

“The conditions today are perfect for buyers. We have a surplus of homes on the market, there are many great mortgage products available to fit the needs of every buyer, and interest rates have never been better,” remarked CREB® President, Ed Jensen. Some buyers are waiting and trying to time the next market shift, which is almost impossible to do, a crystal ball is not a great forecasting tool. New listing numbers dropped slightly in May, sales remain steady and our economy remains very solid. Buying real estate is the best long term investment available to us as REALTORS® are educated, licensed professionals trained to guide you through the real estate transaction. Total MLS® Sales and Listings consumers; maybe today is the day to make a buying decision. A professional REALTOR® understands what is going on in the market and can help the buyer make an informed buying decision,” Jensen concluded.

The median price of a single family Calgary metro home in May 2008 was $419,000 showing a decrease of 3.7 percent over May 2007, when the median price was $435,000 and showing a decrease of just 0.2 per cent from last month when the median price was $420,000. All Calgary Metro MLS® statistics include properties listed and sold only within Calgary’s City limits. The median 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 average price of a single family Calgary metro home in May 2008 was $479,564, showing a very slight decrease of 1.6 per cent from May 2007, when the average price was $487,523. The average price of a Calgary metro condominium was $311,816, showing a 6.2 per cent decrease from May 2007 when the average price was $332,237. 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 5,752 licensed brokers and registered associates, representing 261 Member offices. 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.

April Stats

Calgary, May 1, 2008 – Calgary’s MLS® listings are taking twice as long to sell over last year, according to fi gures released by the Calgary Real Estate Board (CREB®). Calgary’s MLS® listings remain elevated for April indicating two things: Calgary is in a buyer’s market, and secondly, sellers need to pay attention and price their homes appropriately for today’s market and ensure that their homes are well staged and well kept in order to encourage buyers.

Single family Calgary metro new listings added for the month of April totaled 3,377, an increase of 8.9 per cent from April 2007 when new listing added totaled 3,100 and a decrease of 3.3 per cent from last month, when new listings coming to the market were 3,493.

Calgary metro condominium new listings added in April 2008 were 1,493, showing an increase of 29 per cent from the 1,157 new condominium listings added in April 2007 and a decrease of 4.4 per cent from last month’s condominium listings of 1,561. Single family Calgary metro sales for the month of April came in at 1,363, showing a decrease of 34.7 per cent from the 2,086 sales in April 2007 and showing a decrease of 3.9 per cent from last month’s sales of 1,418.

Condominium sales for the month of April were 581, a decrease of 30.8 per cent from the 839 condominium sales recorded in April 2007 and showing a slight increase of 2.8 percent over the 565 condominiums changing hands in March 2008. “Given the hectic pace of the resale market in the last few years, many buyers are breathing a sigh of relief. There are more listings on the market, which means more choice for the buyers, with more inventory, buyers are taking their time to fi nd the home that is right for them at the price that is right for them.

What that means however, for a seller; you now need to pay more attention to how you price your home. The market is no longer bearing the prices that it did a year ago. A professional REALTOR® who understands what is REALTORS® are educated, licensed professionals trained to guide you through the real estate transaction. SELLERS NEED TO PAY ATTENTION TO THE CURRENT MARKET No MLS® information can be reprinted without sourcing the Calgary Real Estate Board. The Monthly Trend Absorbtion Rate REALTOR® SOLD PROPERTIES APRIL 2008

Total MLS® Sale Information going on in the market can help the seller with all of these issues in order to more effectively sell a home”, said Calgary Real Estate Board President, Ed Jensen. The median price of a single family Calgary metro home in April 2008 was $420,000 showing a decrease of 2.8 percent over April 2007, when the median price was $432,000 and showing no change from last month when the median price was also $420,000.

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.

The average price of a single family Calgary metro home in April 2008 was $474,564, showing almost no change from last year, up just 0.1 per cent from April 2007, when the average price was $474,250. The average price of a Calgary metro condominium was $312,586, showing a 5.1 per cent decrease from April 2007 when the average price was $329,429.

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 5,651 licensed brokers and registered associates, representing 256 Member offices.

March Market Report

Calgary, April 1,2008 - Calgary's MLS listings for the month and for the first quarter, indicate a wide variety of housing for potential buyers, according to figures released by the Calgary Real Estate Board.

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 first quarter, we have seen 9,497 listings new to the market compared to the 7.661 new listings for the first 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 first quarter sales for single family Calgary metro, we sec that 3,747 homes have changed hands. compared to the 5,709 sales recorded in the first 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 find 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 five homes arc selling in todays market, this is a great time tor 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 carne in at $420,000. an increase of 2.5 percent over the first 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 finding their way to the market in the first three months of 2008 totaled 4,208, an increase of 33.9 percent over the 3,143 new listing brought to market in the first 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 III 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 first 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 lime. but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differentials between geographical areas.

Data provided by the Calgary Real Estate Board - Click on Headline for detailed statistics.