CALGARY- Residential MLS sales in Calgary took a sharp downturn in October compared with a year ago and average sale prices also dipped in the past 12 months.
According to data released by the Calgary Real Estate Board today, there were only 888 single-family MLS transactions last month for an average sale price of $444,744.
In October 2009, there were 1,285 sales for an average price of $462,465.
October sales were the second lowest level for the month in the past decade – behind 2008’s 820 transactions.
“Buyers remain cautious, perhaps waiting to feel a little more confidence in Calgary’s economic growth and their own job security,” said Diane Scott, CREB’s president.
“We believe economic recovery will build momentum into 2011 as the outlook for oil and gas and other sectors continues to improve. This, coupled with low interest rates and improved affordability, should eventually help to stimulate Calgary’s housing market.”
The condominium market experienced weak sales in October with only 310 transactions – the lowest level for the month since 1999 when only 308 condos sold. The average sale price was $287,793 which was down slightly from October 2009’s $289,155 average on 601 sales.
In September, there were 958 single-family MLS sales for an average price of $460,278 while there were 366 condo sales for an average price of $284,028.
Read more: http://www.calgaryherald.com/business/real-estate/Calgary+October+sales+tumble/3760304/story.html#ixzz14YnSeNyw