March figures show single-family homes averaged a price of $462,947, dropping 2% from a year earlier and virtually unchanged from the month before. The average condominium price dropped 5% in March 2011 compared to March 2010.
CREB president Sano Stante said a focus by buyers on affordable properties could explain at least in part explain the drop in average price.
“Average single family home prices remain relatively stable compared to the first quarter of last year, as people continue to purchase more homes at the lower end of the price spectrum,” he said. “The rise in sales has been primarily offset by a corresponding increase in listings, resulting in stable average prices.”
Prices varied greatly depending on the section of Calgary. The southwest sector had a single family average home price of $570,748 in the first quarter, compared to $282,713 in the northeast sector. The northwest and southeast sectors averaged $464,990 and $422,821 respectively.
Inventory remained nearly identical, going from 10,004 in March 2010 to 10,043 last month.
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