Several MLS(R) housing records were set in the month of March 2004, according to figures released today by the Calgary Real Estate Board. The totals for residential listings and sales in a one month period hit their highest levels ever in March, and the average residential sale price also set a new record.

Residential listings new to the market in March 2004 numbered 4,084 units, compared to 3,397 the previous month and 3,365 units recorded in March last year. The previous record for listings new to the market during a one month period was 4,013 units in May 2003. Broken out, 2,947 single-family units, 1,087 condo units, and 50 mobile homes hit the market in March 2004. It is the first time that new listings for condo properties have surpassed the 1,000 unit mark. Year-to-date, 11,125 residential units have come to market, compared to 9,761 for the same three-month period last year. Total active residential listings numbered 6,175 at the end of March; this compares to 5,903 at the beginning of the month, an increase of about 4.5%.

Combined residential units sold in March 2004 totaled 2,824; an all-time record. The previous record was 2,633 units recorded in April 2002. The March total was up from February's 1,923 units and last March's 2,137 residential properties. Again, breaking out the numbers, 2,058 single-family residences, 749 condominiums (also a new record), and 17 mobile homes changed hands in March 2004 - this compares to 1,567 single-family, 552 condos, and 18 mobile homes sold in March 2003. Year-to-date, 6,242 residential units have sold in Calgary and area, compared to 5,602 units for the same timeframe last year.

The residential sales to new listing ratio in March 2004 was 69.15%, compared to 63.51% last year. The residential sales to active listing ratio in March 2004 was 45.73%, which compares to 40.62% last year. The residential list price to sale price ratio in March 2004 was 97.3%.

The average combined residential sale price in March 2004 reached $221,725; which compares to $219,774 in February 2004 and $206,578 last year. The previous record for the residential average sale price was $221,391 set in November 2003. Year-to-date, the average sale price for combined residential units sits at $220,449; compared to $206,245 last year. Broken out, following is a comparison of year-to-date single-family, condominium, and mobile home average sale prices for 2004 and 2003.

Single Family 2004 $240,926 2003 $225,411

Condominium 2004 $164,900 2003 $155,547

Mobile Home 2004 $50,294 2003 $52,503

Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas. The median price is determined by selecting the middle number of total sale prices; the residential median price for March 2004 was $202,000; down slightly from the $202,500 recorded in February 2004 and up from the $188,000 recorded for March of last year.

One indicator used in evaluating market performance is how many days a property takes to sell. Keeping in mind that the sale of each MLS(R) property is unique and that in order for properties to sell in a timely manner they must be priced competitively, the following gives the AVERAGE days on market for single-family and condominium units for the month of March:

2004 2003

NW Single-family 44 / Condo 44 NW Single-family 43 / Condo 48

NE Single-family 48 / Condo 64 NE Single-family 49 / Condo 70

SW Single-family 44 / Condo 58 SW Single-family 50 / Condo 63

SE Single-family 47 / Condo 47 SE Single-family 51 / Condo 45

-The Calgary Real Estate Board is a professional body of 4,513 licensed brokers and registered agents, representing 246 member offices. The Board does not generate statistics or analysis of any individual member or company's market share. All MLS(R) active listings for Calgary and area may be found on the Calgary Real Estate Board's website at www.creb.com.