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Calgary Market Report - August 2008
Strong Buyer's Market Continues The Calgary real estate market remains in territory that I think is best described as a "very much a buyer's market" according to the July 2008 MLS stats. Total Calgary Metro listings at the end of July was 9217, and properties sold was 1848, yielding an overall Absorption Rate of 5.15. (See Chart A and Chart A2) Although the number of listings continues to come down since the "high water mark" of 10,617 in May 2008, there are still far more properties on the market than there are buyers to absorb them. This continues to bring prices down as sellers who are serious about selling adjust to the facts of the market.Single Family (SF) House sales continue to outpace condos. The absorption rate for SF Houses stands at 4.92 at the end of July and for condos it is 5.72 a difference of 0.8. This is a significant gap and something condo owners need to consider when selling. Overall the market is very slow, and for condos it is even slower. This is not a monthly statistical "blip" - this divergence of the SF house and condo markets began in December 2007 and the gap has grown ... more

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