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Calgary MLS sales plunged in May

CALGARY - Calgary MLS sales in May plunged compared with a year ago, according to data released today by the Calgary Real Estate Board.

The board said single-family home and condo sales were down just over 20 per cent from the level registered in May 2009.

At the same time new listings for the month rose by nearly 33 per cent in the single-family home market and by just over 22 per cent in the condo market.

Average prices, however, rose by nearly 11 per cent for both single-family homes and condos.

“We believe there are a number of factors contributing to this marked slowdown including a declining number of first-time homebuyers in the market, a rise in monthly carrying costs as mortgage rates rise and to some extent market jitters in the wake of Greece’s financial crisis,” said Diane Scott, CREB president.

In May, there were 1,262 single-family MLS sales for an average price of $483,240 and a median price of $420,000. A year ago, the single-family market had 1,584 sales for an average of $436,427 and a median of $390,000. In April of this year, there were 1,352 sales for an average price of $460,378 and a median price of $417,000.

The condominium market showed a similar story in May with 518 sales for an average of $304,662 and a median of $279,900. In May 2009, there were 653 condos sales with an average price of $275,212 and a median price of $255,000. In April of this year, sales in the condo market were 639 with the average price at $289,588 and the median price at $267,500.

In the towns outside of Calgary market, there were 338 MLS sales in May for an average price of $363,231 and a median price of $354,000. Last year there were 374 MLS sales for an average price of $353,384 and a median price of $336,000.

In the country residential market, which includes acreages, there were 74 transactions with an average price of $864,084 and a median price of $820,000. Last year, the average price was $823,631 and the median price was $750,000 on 71 transactions.

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