...And the news is good! The average price of a single family home in the city for October 2009 was $462,465 , up 1% from last month when the average was $459,085. Compared to the same time last year in October 2008, we are up 3% when the average was $449,100.
Inventory is down with just 3,003 listings of single family homes. Last year at this time there were 5,522 comparable properties available for sale.
Given the rising sales and decreasing supply it's evident that the real estate market in Calgary is on the rebound. Public perception is slow to change however, with many still believing we are in a slump from the hot market of 2006/2007 which is in fact not the case at all. If we compare last month to October 2007, we have in fact had an increase in the average sales price by 2%.
For a complete statistics package from the Calgary Real Estate Board for October 2009, please visit their website: http://www.creb.com/public/seller-resources/housing-statistics.php
OR stop by the Willow Creek Sales Centre where we would be happy to provide you with a hard copy.