[Burninator]

Cutting home prices key to sales success

MLS sales in Calgary metro for condos and single-family homes plunged in October compared with a year ago -- a trend that has continued throughout this year.

Statistics released Monday by the Calgary Real Estate Board show condo sales were down 20.4 per cent to 399 from October 2007, with 501 sales, while single-family home sales dropped by 26.3 per cent to 820 from last year's 1,113.

In the condo market, the average sale price decreased by 12.8 per cent to $289,148 while the median sale price fell by 7.3 per cent to $268,000. The average days on the market to sell a condo increased by 25 per cent to 50 days in October from 40 days in October 2007.

For the single-family home market, the average sale price dropped by 0.7 per cent to $449,100 and the median sale price fell by 5.5 per cent to $390,000. The average days on the market to sell a single-family home rose by 20 per cent to 48 days in October from 40 days in October 2007.

http://www.canada.com/calgaryherald/...9-f69bd4939661