Quote:
Originally Posted by Nancy
November Home Sales Drop Significantly In Calgary
CHQR Newsroom
12/1/2008
Home sales in Calgary dropped 39 percent in November when compared to the same month one year ago.
670 homes changed handed in Calgary last month, down from 1,100 in November 2007.
It's also down 18 percent from the month before, when 820 homes were sold.condo sales were also down significantly - nearly 43 per cent from November 2007, and 29 percent from October's sales.
Calgary Real Estate Board President Ed Jensen says market activity typically slows down close to the end of the year, but that's magnified this year due to the uncertain economic situation.
Prices have also dropped, with the average price of a single family home in Calgary now sitting at $435,000 - down 5.8 percent from one year ago.
Average price in October was $449,100, FYI. |
And as I warned earlier in this thread, Ed Jensen is more than happy to use November-2007 numbers because while year-over-year is a valid stat, it leaves out how far they actually are down from peak - about 6 months before that. SFH prices (I believe, without looking it up) peaked at $505,000. So they would be down about 15% from peak, which is more than double the 5.8% he is happy to pretend it is down.
And there will not be a spring bump -- although few people have ever lost money betting on the stupidity of consumers so maybe there are enough people out there that don't see the fundamentals of the market and that are willing to lock themselves into (soon after buying) upside down mortgages worth many hundreds of thousands of dollars?
Claeren.