Average and median prices of Calgary SFHs & Condos barely fluctuated between March & April despite the continuing growth in inventory.   How long can prices continue to be unaffected by this surge of supply and decreased demand?

 The average price/sq ft stayed exactly put at $314 for SFHs, while it dropped to $314 from $319 for condos (click here for sq ft stats) 

The Calgary real estate market is clearly in a “Buyers Market” as indicated by the graph below, with over 5 months supply of SFHs & condos for sale.

The last 2 tables show how the first few months of this year compared to previous years.   April 2008 saw the highest level of new listings and the lowest sales amounts compared to previous Aprils going back to 2004.  April year over year  had the average price for SFHs remain unchanged while the median was down $12k.  

If you were to look at the astronomical median price rise between 2005-2007,  it’s understandable why “based on the historical analysis of all measures, Calgary was at one of its most affordable positions between 2000 and 2005…and in 2007 Calgarians had the least amount of discretionary income available after purchasing and adequate living standard.”   View the entire Calgary Chamber of Commerce Housing Affordability Report here, with data going back to 1980