Calgary Real Estate Market Overview

SALES REMAIN STRONG IN THE FIRST MONTH OF 2006

Calgary, February 6, 2006 – MLS® sales came in strong for the month of January 2006, according to figures released by the Calgary Real Estate Board.

January combined residential sales totaled 2,408, a 49.38 per cent increase over January 2005’s sales of 1,612, and a 28.29 per cent increase from December 2005’s sales of 1,877. The breakdown of the January 2005 combined sales was, 1,759 single family residences, 634 condominium, and 15 mobile homes. January 2005 sales in the same categories were; 1,171, 429, and 12, respectively.

The average combined residential sale price for January 2006 was $289,130 a 20.19 per cent increase over January 2005, when the average price was $240,565, and a 5.63 percent increase over December 2005’s average price of $273,716. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of January 2006 over 2005: single-family $322,693 / $265,924; condominium $202,065 / $177,209; mobile home $33,259 / $30,885.

Condominium sales in January maintained a steady pace with 634 condominiums changing hands. This is a 47.79 per cent increase over January 2005, when the condominium sales were 429 and a 19.62 per cent increase over last month’s sales of 530. The average price of a condominium in January 2006 was $202,065, an increase of 14.03 per cent from the same period last year, when the average price was $177,209, and a 5.02 per cent increase over last month’s average price of $192,412.

January 2006 residential combined listings totaled 2,981, a decrease of 14.12 per cent from January 2005’s listings of 3,471, however, showing a 90.72 per cent increase from last month’s 1,563 listings.

“Although much of Calgary is experiencing a Seller’s market, it is important to understand that many communities have only seen moderate price increases. In this unusual market it is even more important today, to seek professional advice from your REALTOR, to carefully prepare a property for sale. Reflective preparation, detailed presentation, and accurate pricing will all be rewarded by increased Buyer interest and a more successful sale – everybody wins,” explained CREB® President, Kevin Clark.

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 for January 2006 was $254,900; up 18.56 per cent from January 2005, when the median price was $215,000 and up 7.10 per cent from last month’s median of $238,000.

The Calgary Real Estate Board is a professional body of 5,084 licensed brokers and registered agents.