SINGLE FAMILY HOMES – CALGARY

SFH Calgary sales for the past two months have remained even – 1368 for May compared to 1363 for April.  However, this is still down over 30% from the 1,995 sales recorded in May 2007.

Compared to a year ago, the SFH median has dropped from $435k to $419k.   It is down $1,000 from April’s median of $420k.  The highest median on record was for June 2007 at $439k.

Buoyed by 50 homes that sold over the $1M mark, the average for May 2008 was $479,564 – down from the $487,523 from May of last year, but up $5k (exactly) from last month.

Inventory continued to climb, ending the month with 7099 active listings – up 218 from April’s month end level.   For comparisons sake, at the end of May 2007 there were only 3716 active listings.

Single-family homes need to be priced agressively to stand out in the midst of a 5-month supply of homes on the market (7099 active listings/1368 sales for May)

The Condo Market in CALGARY

Condos are approaching a 6-month supply, putting it well past a “balanced” market and firmly into buyer’s territory.

From April, the median has dropped $5k to $285,000 and is off year-over-year by 7.5%.  The average price is also down $20k from this time last year.

It will be interesting to take note how this market will handle the influx of new condominium projects to be finished in the next few years:

• Waterfront, with its one million square feet of residential development, is the largest condo development in Calgary history.  Calgary Herald April 5, 2008
• Concord to build 14-floor condominium in Calgary’s downtown core at First Avenue and Sixth Street SW. The building will contain about 185 grand luxury suites with a projected selling price of $1-million to $5-million.  Financial Post, April 24 2008
• According to research by Barclay Street Real Estate Ltd., in Calgary, there are currently 2,841 residential condominium units under construction in the Beltline compared with 848 in the downtown core. Another 2,187 units have been approved for construction in the Beltline compared with 1,422 units in the downtown, and more than 11,000 units are being proposed in the Beltline and nearby neighbourhoods for the future, far outpacing the downtown proposals of about 300 residential condo units down the road. Calgary Herald, November 11, 2007

For more Condo & SFH stats, including Average Price / Sq ft, median & average prices, & more: MLS STATS ARCHIVE CLICK HERE