Calgary Real Estate Market Overview

SALES DOWN SLIGHTLY FROM MARCH BUT PRICES MAINTAIN POSITIVE INCREASE

Calgary, May 2, 2006 – MLS® sales continued to show a steady and strong pace in the month of April, while average prices hit an all time high, according to figures released by the Calgary Real Estate Board.

April combined residential sales totaled 3,389, the highest April on record, showing a 5.68 per cent increase over April 2005, when the sales were recorded as 3,207 and showing a very slight decrease of 3.09 per cent from last months all time high of 3,497. The breakdown of the April combined sales was, 2,445 single-family residences, 922 condominium, and 22 mobile homes. April 2005 sales in the same categories were, 2,351; 842; and 14, respectively.

The average combined residential sale price for April 2006 was $341,838, the highest sale price on MLS® record, showing a 37.18 per cent increase over April 2005, when the average price was $249,195, and a 5.03 per cent increase over March 2006’s average price of $325,481. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of April 2006 over 2005: single-family $376,725 / $273,953; condominium $256,455 / $183,541; and mobile home $42,968 / $40,157.

Condominium sales also kept a steady pace with 922 sales changing hands. Sales for condominiums for the same period last year were 842 showing a 9.50 per cent increase. The average condominium price in April 2006 was $256,455, the highest ever in MLS® history, compared to the $183,541 in April 2005; a 39.73 per cent increase and an 8.93 per cent increase over the March average price of $235,427.

April 2006 residential combined listings totaled 3,572, a 15.42 per cent decrease from April 2005, when 4,223 listings came to market and showing a 9.55 per cent decrease over the 3,949 homes listed in March.

“The April sales numbers confirm our anticipated gradual stabilization in the spring real estate market”, reported CREB® President, Kevin Clark. “Unit sales in April were down slightly from March but with 374 sales over $500,000 the average sale price has again increased to an all time high”, he continued. “Markets rarely stay on a straight line course and this one is no different”, warned Clark, “Talk with your REALTOR about market changes, the significance of right pricing and preparation – it is going to be important as we head into summer”.

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 is determined by selecting the middle number of total sale prices – the combined residential median price for April 2006 was $312,000; up 41.05 per cent from April 2005, when the median price was $221,200 and up 9.47 per cent from the median price in March of $285,000.

The Calgary Real Estate Board is a professional body of 5,166 licensed brokers and registered agents, representing 254 member offices. The Board does not generate statistics or analysis of any individual member or company's market share. All MLS® active listings for Calgary and area may be found on the Board’s website at www.creb.com.