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The September Calgary real estate statistics published today by CREB show a positive change to recent trends in our market.  Inventory is down and sales are up.  Whether this is a temporary event or an indicator of a general market trend, only time will tell.  It is notable, however, that we have been hearing more positive than negative news lately and I look forward to a busy fall.
Some notable quotes:
 
The number of single family home sales in the month of September 2010 grew by 10 per cent at 958, compared with August 2010, when sales were 867.  The number of condominium sales for the month of September 2010 was 366. This was an increase of 1 per cent from the 364 condominium transactions recorded in August 2010.
 
“There are signs that September may mark a gradual, if not slight, uptick for Calgary’s housing market—we are seeing a modest improvement since the market’s decline, that really started in April of this year,” says Diane Scott, president of CREB®.
 
The average price of a single family home in the city of Calgary in September 2010 was $460,278, showing a 3 per cent increase from August 2010, when the average price was $445,617, and no significant change from September 2009, when the average price was $459,085. The average price of a condominium in the city of Calgary in September 2010 was $284,028, showing a 1 per cent decrease from August 2010, when the average price was $286,384 and a 2 per cent decrease over last year, when the average price was $290,253. 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 median price of a single family home in the city of Calgary for September 2010 was $390,000, showing a 1 per cent decrease from August 2010 when the median price was 395,000. This was a 2 per cent decrease from September 2009, when the median price was $399,900. The median price of a condominium in September 2010 was $265,000, showing a 2 per cent increase from August 2010, when the median price was $260,000, and no change from September 2009, when it was the same – $265,000.
 
“Clearly there is a shift in the types of buyers entering the market. It was first-time home buyers who drove the late market recovery last fall and this spring.  While lower priced home sales have declined, home sales over $1 million have actually increased by 2% this year, as compared to the same period last year,” says Scott.
 
“While consumer confidence and job growth has improved, economic jitters will continue to impact Calgary’s housing marketing into the fall. More and more homebuyers will eventually return to the marketplace, but for the moment they remain moderately cautious.  Fall sales should improve slightly, reflecting improved job creation—but in-migration will be needed to fuel a sustained recovery in Calgary’s housing market,” says Scott.
 
As always, feel free to contact me anytime regarding the of your current home or purchase of a new home.
 

Cheers,
Monika

 

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Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
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