It was disappointing to see prices and home sales slide again last month after a slight increase in September. Home sales in the city of Calgary were down month-over-month in October 2010. The number of single family homes sold in October dropped 7% from September.
Buyers are still remaining cautious, keeping the market soft. The year over year sales continued to decline in October.
The average prices of single family homes in the city of Calgary in October 2010 decreased 3% from September 2010, when the average price was $460,278, and a 4 per cent decrease from October 2009, when the average price was $462,465.
The fact remains that the market is still soft and sellers need to be cognizant of this as it affects what they can reasonably expect to list their homes for if deciding to sell.
On the up side, there were 22% fewer listings of homes in October than September, lowering inventory (number of homes available for sale) which in the long run will help to balance the market.
These stats were released on November 1st by the Calgary Real Board (CREB ®).