Home sales in the city of Calgary were down month-over-month in October 2010, showing signs that buyers still remain cautious, despite signs of economic recovery. Year-over-year sales also continued to trend lower in the month of October, according to figures released today by the Calgary Real Estate Board.
Buyers remain cautious and the market overall appears to remain subdued, especially in condo sales where the inventory levels are relatively high have more potential to remain high. On the bright side, we are seeing a gradual reduction is new listings which is expected seasonally and this will help to regain more balance in the market. Overall the average price has been buoyed by sales in the in the million dollars plus category. Despite a slowdown in certain market segments, homes sold in the city of Calgary at a million dollars or more have actually seen an increase of more than 15 per cent when compared to the same time one year ago. For the full report see creb.com.