INVENTORY HITS PEAK IN CALGARY

Calgary, August 1, 2007 - Calgary's total MLS® month end inventory for the month of July 2007 was 8,972, showing the highest level recorded this year, according to figures released by the Calgary Real Estate Board (CREB®).

Single family Calgary metro new listings added for the month of July totaled, 2,548, a 6.25 per cent decrease over the 2,718 new listings added in July 2006. This is a decrease of 23.09 per cent over the 3,313 new listings added in June 2007.

Single family Calgary metro properties changing hands in July were 1,495, an increase of 4.91 per cent from the 1,425 recorded in July 2006 and a decrease of 14.91 per cent from the 1,757 sales recorded last month.

The median price of a single family Calgary metro home in July 2007 was $435,000 showing a 13.25 per cent increase over July 2006, when the median price was $384,100 and showing a 0.91 per cent decrease from last month when the median price was $439,000. All Calgary Metro MLS® statistics include properties listed and sold only within Calgary's City limits.

The Calgary metro Condominium market showed a slight decline in July with new listings added totaling 1,117, an increase of 7.3 per cent from July 2006, when the new listings added were 1,041. This is a 10.85 per cent decrease from last month when new listings added were 1,253. Calgary metro Condominium sales in July 2007 were 603; a decrease of 13.24 per cent from July 2006, when the sales were recorded as 695 and a 23.86 per cent decrease form last month's sales of792.

"Our inventory appears to be at a peak and with sales still holding strong, we expect prices to level off," says Calgary Real Estate Board President, Ron Stanners. "Early July saw a large number of properties sell over the million dollar mark and this has caused average prices to climb for the month, however the median price has declined by 1 per cent, going from $439,000 in June to $435,000 in July, showing the stability in the market place."

The average price of a single family Calgary metro home in July 2007 was $505,920, and the average price of a metro condominium was $318,582. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centers comprised of widely divergent neighborhoods or account for price differentials between geographical areas.

Source: CREB, Posted by www.JoeSamson.com

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