Calgary Real Estate Market Hitting Some Challenging Times

Posted by Alan Zunec on Wednesday, November 24th, 2010 at 9:00am.

Calgary median prices and selling prices of detached single-family resale homes are falling according to the Calgary Real Estate Board.

Median prices are the middle prices in ranges and are considered more accurate than average prices when measuring resale markets.

October 2010’s median price was $387,900--$2,100 less than September’s median, and $23,000 less than October 2009’s.

According to Gary MacLean of Re/Max Central, the gap in numbers is even larger. MacLean has been tracking prices, listings and sales for years.

MacLean said the median price of homes in northeast Calgary fell $31,000 from its 2010 high of $320,000. In northwest Calgary, median prices fell $35,000 from a high of $440,000 and in southeast Calgary, median prices fell $28,000 from $408,000. However, southwest Calgary saw the biggest drop when the median fell $77,000 from $515,000 earlier in 2010.

Sales, listings and sales-to-listings ratios also fell.

At October 2010’s end, 8,931 condos and detached single-family homes were listed for sale. Only 1,428 of those sold, meaning only one in every 6.25 homes sold for a sales-to-listings ration of 6.25. MacLean said in October 2009, the ratio was 2.92; detached single-family listings this October sold 888 units, a 31 per cent decrease from last October’s 1,285. Condos sold 310 units this October, a 48 per cent drop from last October’s 601 sales.

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