Calgary, August 1, 2006 – MLS® sales cooled off in the month of July, while new listings hit an all time high, according to figures released by the Calgary Real Estate Board (CREB®).
July combined residential sales totaled 2,586, showing a 5.03 per cent decrease over July 2005 when the sales were recorded as 2,719 and showing a decrease of 23.67 per cent from last month’s high of 3,388. The breakdown of the June combined sales was, 2,354 single-family residences, 1,011 condominium, and 23 mobile homes. July 2006 sales in the same categories were, 1,730; 831; and 25, respectively.
The average combined residential sale price for July 2006 was $357,831, the highest sale price in July on MLS® record, showing a 45.63 per cent increase over July 2005, when the average price was $245,982, and a 2.5 per cent decrease over June 2006’s average price of $367,033. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of July 2006 over 2005: single-family $403,630 / $273,280; condominium $271,641 / $182,489; and mobile home $53,504 / $53,062.
July 2006 residential combined listings totaled 4,469. This is a 41.15 per cent increase from July 2005, when 3,162 listings came to market and showing a two per cent decrease over the 4,555 homes listed in June.
Condominium sales also cooled off with 831 units changing hands. Sales for condominiums for the same period last year were 786 showing a 5.4 per cent increase. The average condominium price in July 2006 was $271,641, the highest July on record, compared to the $182,489 in July 2005; a 46.71 per cent increase and a two per cent decrease over the June average price of $276,955.
“July was another record month but both sellers and buyers need to be paying attention to their REALTORS® advice,” reported CREB® President Kevin Clark. “With the market landing softly we are seeing more overpriced listings in some communities and yet some Buyers are still experiencing tough competition. Sellers that MUST sell should lean on their REALTORS® advice and be very careful with their pricing. In contrast, buyers that remain flexible in their expectations may have some of the best opportunities of the year so far.”
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 July 2006 was $330,000; up 49.32 per cent from July 2005, when the median price was $221,500 and down one per cent from the median price in June of $334,500.
The Calgary Real Estate Board is a professional body of 5,347 licensed brokers and registered agents, representing 259 Member offices. | SINGLE FAMILY | 2006 | 2005 | 2006 YTD | 2005 YTD | %Change | | Average Sale Price | 403,630 | 273,280 | 374,683 | 272,807 | 37.34% | | Listings | 3,203 | 2,282 | 19,452 | 19,034 | 2.20% | | Sales | 1,730 | 1,920 | 15,426 | 13,750 | 12.19% | | Dollar Volume | 698,279,746 | 524,697,623 | 5,779,863,151 | 3,751,090,521 | 54.08% | | Sales to Listing Ratio | 54.01% | 84.14% | 79.30% | 72.24% | 9.78% | | Median Price | 374,900 | 247,000 | 341,000 | 242,000 | 40.91% | | | | CONDOMINIUM | | | | | | | Average Sale Price | 271,641 | 182,489 | 249,113 | 181,490 | 37.26% | | Listings | 1,241 | 858 | 7,274 | 7,040 | 3.32% | | Sales | 831 | 786 | 6,259 | 5,155 | 21.42% | | Dollar Volume | 225,733,912 | 143,436,311 | 1,559,199,377 | 935,578,912 | 66.66% | | Sales to Listing Ratio | 66.96% | 91.61% | 86.05% | 73.22% | 17.51% | | Median Price | 257,000 | 162,500 | 231,000 | 162,000 | 42.59% | | | | MOBILE | | | | | | | Average Sale Price (incl. in Residential) | 53,504 | 53,062 | 44,789 | 38,973 | 14.92% | | Listings (incl. in Residential) | 25 | 22 | 157 | 237 | -33.76% | | Sales (incl. in Residential) | 25 | 13 | 133 | 96 | 38.54% | | Dollar Volume (incl. in Residential) | 1,337,600 | 689,800 | 5,956,888 | 3,741,396 | 59.22% | | Sales to Listing Ratio (incl. in Residential) | 100.00% | 59.09% | 84.71% | 59.09% | 43.36% | | Median Price | 48,000 | 55,000 | 40,900 | 33,000 | 23.94% | | | | RURAL w/HOME | | | | | | | Average Sale Price | 620,693 | 479,645 | 677,789 | 501,934 | 35.04% | | Listings | 200 | 175 | 1,158 | 1,215 | -4.69% | | Sales | 98 | 106 | 733 | 608 | 20.56% | | Dollar Volume | 60,827,953 | 50,842,374 | 496,819,099 | 305,175,998 | 62.80% | | Sales to Listing Ratio | 49.00% | 60.57% | 63.30% | 50.04% | 26.49% | | Median Price | 565,000 | 422,500 | 584,000 | 440,000 | 32.73% | | | | RURAL LAND | | | | | | | Average Sale Price | 641,794 | 449,867 | 469,727 | 310,369 | 51.34% | | Listings | 45 | 57 | 473 | 413 | 14.53% | | Sales | 43 | 30 | 292 | 186 | 56.99% | | Dollar Volume | 27,597,133 | 13,496,000 | 137,160,421 | 57,728,669 | 137.59% | | Sales to Listing Ratio | 95.56% | 52.63% | 61.73% | 45.04% | 37.08% | | Median Price | 299,000 | 199,500 | 275,000 | 182,500 | 50.68% | | | | RESIDENTIAL COMBINED (Single Family, Condo, Mobile) | | | | | | | Average Sale Price | 357,831 | 245,982 | 336,650 | 246,851 | 36.38% | | Listings | 4,469 | 3,162 | 26,883 | 26,311 | 2.17% | | Sales | 2,586 | 2,719 | 21,818 | 19,001 | 14.83% | | Dollar Volume | 925,351,258 | 668,823,734 | 7,345,019,416 | 4,690,410,829 | 56.60% | | Sales to Listing Ratio | 57.87% | 85.99% | 81.16% | 72.22% | 12.38% | | Median Price | 330,000 | 221,500 | 305,000 | 220,000 | 38.64% | | | | TOTAL MLS® | | | | | | | Average Sale Price | 371,755 | 256,799 | 349,297 | 255,282 | 36.83% | | Listings | 4,714 | 3,394 | 28,514 | 27,939 | 2.06% | | Sales | 2,727 | 2,855 | 22,843 | 19,795 | 15.40% | | Dollar Volume | 1,013,776,344 | 733,162,108 | 7,978,998,936 | 5,053,315,496 | 57.90% | | Sales to Listing Ratio | 57.85% | 84.12% | 80.11% | 70.85% | 13.07% | | |
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