Like I keep saying (half-jokingly but maybe not) is what the folks buying million dollar properties know that the rest don't. A lot of buyers are waiting for the bottom of the market to make a move, but we'll never know the bottom came until after the fact. Consider the cost of losing a locked in rate waiting to predict something that just can't be predicted.
Although sales in June were on a decline, I have noticed an increase in activity from buyers so we'll see what July numbers have in store for us.
June 2010 saw 1,061 single family homes sold in the City of Calgary. This is a decrease of 16 per cent from 1,262 sales in May 2010. In June 2009, single family home sales totaled 1,837. The number of condominium sales for the month of June 2010 was 445. This was a decrease of 14 per cent from the 518 condominium transactions recorded in May 2010. In June 2009, condominium sales were 738.
The average price of a single family home in the City of Calgary in June 2010 was $481,964, showing no significant change from May 2010, when the average price was $483,240, and showing an increase of 8 per cent from June 2009, when the average price was $447,142. The average price of a condominium in the City of Calgary was $292,238, showing a 4 per cent decrease from May 2010, when the average price was $304,662 and a 2 per cent increase over last year, when the average price was $285,595. 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 general statistics are not enough to determine how to price a property for sale or what to offer as a buyer. The above statistics are general and different micro markets in Calgary are seeing independent trends. As usual, please don't hesitate to contact me with any questions or concerns.