Housing Sales Decline in Calgary
Housing Sales Decline in Calgary. The Month of August has seen a One Third Drop in Sales
The increase of active real estate listings together with the cooling demand of houses has started pushing the housing prices downward in the Calgary real estate market. According to the most recent data published by the Calgary Real Estate Board, the single family house sales in that dropped almost 32% from a year ago. Condominium dealings in the city fell by over 42%from the previous year. Again the average price of MLS sales in real estate market dropped compared to the July statistics.
According to the president of CREB, Diane Scott, this is the right time to buy real estate property. She again revealed that the open house traffic in the Calgary real estate market has increased in the last few weeks. CREB has been monitoring the traffic closely and Scott pointed out that vigilant sentiment to downbeat economic reports have raised doubts amongst people regarding the actual status of the real estate market.
As stated by the recent August report of CREB, the single- family house sales in Calgary were 867. This statistic is down compared to the August 2009's report where the sales were reported to be 1,277 and also slightly down to the last month stats where it was about 915. The average price of MLS sales for a single-family house has gone down to $445,617, which is about 4.1 percent down from the previous month and also 1.9 percent off compared to last year. The single family house prices recorded in July 2009 has declined compared to previous year's report. The condo market in the entire area has plunged as compared to the previous year. The report says that 364 Calgary real estate homes sold in the city for an average value of $286,384. This average cost declined by 1.6% from July and it was up about 1.1 percent compared to August 2009. Senior market analyst for Calgary who works for Canada Mortgage and Housing Corp., Richard Cho has blamed high mortgage rates and weaker migration for this deterioration of the Calgary real estate market situation.
The month-end record statistics of single family houses for auction was 5,046 in the month of August, which is 3,296 more than the 2009, August report. The month end record listing of condo market for August, 2010 is 2,255 and this statistics has increased about 1,479 from previous years.
In May this year, the highest value of MLS sales of single family houses average were $483,240 and condominium average were $304,662. According to the Multiple Listing Service market report of the towns that are outside of the city Calgary, sales of real estate properties had dropped by over 23 percent to 312 from 406 as compared to the same period last year.