Home sales in the City of Calgary were down month-over-month in October 2010. Year-over-year sales continued to trend lower in the month of October, according to figures released today by the Calgary Real Estate Board. Buyers remain cautious, perhaps waiting to feel a little more confidence in Calgary's economic growth and their own job security.
The median price of a single family home in the City of Calgary for October 2010 was $387,900, showing a 1% decrease from September 2010 when the median price was $390,000. This was a 5% decrease from October 2009, when the median price was $410,000. The median price of a condominium in October 2010 was $255,000, showing a 4% decrease from September 2010, when the median price was $265,000, and a 3% decrease from October 2009, when it was $263,500.
Our average price of $444,744, is being buoyed by more sales in the million dollar plus category. Despite a slowdown in certain market segments, homes sold in the City of Calgary at one million dollars or more have actually seen an increase of more than 15% when compared to the same time one year ago. This boost in sales is, indeed, a bright spot in our current market.
We are seeing some decline in the number of new listings coming on to the market. A continuing decline in supply will help bring the market into balance.
Source: CREB(R)
