Market gets spring boost

MLS® sales activity of single family Calgary metro homes was 1,290 in the month of April 2009, showing an increase of 19% from 1,086 sales in March 2009, according to figures released by the Calgary Real Estate Board (CREB®).

This was a decrease of 5% 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% from the 446 condominium transactions recorded in March 2009, and a decrease of 0.3% 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."

She added that particularly, we are finding more and more first time homebuyers 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% from March 2009, when the average price was $420,354, and showing a decrease of 10% from April 2008, when the average price was $474,564.

The average price of a Calgary metro condominium was $277,953, showing a 2% decrease from March 2009, when the average price was $284,056, and a decrease of 11% 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% from the 2,023 new listings added in March 2009, and showing a decrease of 40% 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% 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% from March 2009, when the median price was 375,000, and down 10% from April 2008, when the median price was $420,000.

The median price of a condominium in April 2009 was $251,000, down 3% from March 2009, when the median was $260,000, and down 13% 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.

arriva

Julie Vesuwalla

Julie Vesuwalla

REALTORĀ®
CENTURY 21 Bamber Realty Ltd.
Contact Me

Blog Archives

Tags