MLS® sales activity of single family Calgary metro homes was 1,086 in the month of March 2009 showing an increase of 32% from 825 sales in February 2009, according to figures released by the Calgary Real Estate Board (CREB®).
This was a decrease of 23% from March 2008 when single family home sales were 1,418.
The number of condominium sales for the month of March 2009 was 446, an increase of 30% from the 343 condominium transactions recorded in February 2009 and a decrease of 21% from March 2008 when 565 condominiums changed hands.
"The Calgary market is slowly shaking off its winter blues," said Calgary Real Estate Board President Bonnie Wegerich.
"Spring has brought a nice uptick in sales this month and the supply of homes has been trending lower. It is also the first time that the year-over-year decline in average price has started to decelerate--a sign that we are moving into a more balanced market."
The president of the Calgary Real Estate Board said sales typically pick up after January and gradually increase until June and the start of the summer holiday season.
"As we enter the spring market sellers seem to be serious about pricing their homes competitively," added Wegerich. "Record low mortgage rates and affordable prices also help explain the increase in sales."
The average price of a single family Calgary metro home in March 2009 was $420,354, showing an increase of just over 1% from February 2009, when the average price was $415,568 and showing a decrease of 11% from March 2008 when the average price was $474,513.
The average price of a Calgary metro condominium was $284,056, showing a 6% increase from February 2009 when the average price was $268,971 and showing a decrease of 9% over last year, when the average price was $312,620.
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.
"Buyers will continue to have choice and affordability in this market," said Wegerich. "Competitive pricing will remain a reality of this market, but I think pricing is now showing some signs of stability," added Wegerich.
Single family Calgary metro new listings added for the month of March totaled 2,023, down just 2% from the 2,057 new listings added in February 2009 and showing a decrease of 42% from March 2008, when new listings coming to the market were 3,493.
Calgary metro condominium new listings added in March 2009 were 903, up 1% from February 2009 when the MLS® saw 892 condo listings coming to the market. This is a decrease of 42% from March 2008 when condominium listings were 1,561.
"It is very encouraging to see the return of a more balanced market. Our inventory has come down dramatically--more than 20% from the same time last year. If sales continue at current levels we are looking at about a four months supply of single family homes currently on the resale market," noted Wegerich.
The median price of a single family Calgary metro home in March 2009 was $375,000, showing no change from February 2009, and down 11% from March 2008 when the median price was $420,000.
The median price of a condominium in March 2009 was $260,000 up 4% from February when the median was $249,900 and down 11% from March 2008 when the median price was $293,000.
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 job insecurity might keep some potential homebuyers on the fence. But we should keep in mind that nearly 96% of Calgarians are still working--one of the lowest jobless rates in Canada. Those who are confident in their job security can benefit from great affordability and record low mortgage rates," said Wegerich.
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