The number of new residential listings coming to market in February 2003 was down compared to the previous month, but residential sales were up in relation to January's total, according to figures released by the Calgary Real Estate Board.

Combined residential listings new to the market in February 2003 numbered 3,042 units, down from January's 3,354, but up about 8% over February of last year, when new listings numbered 2,828 units. Broken out, 2,221 single-family units, 789 condominiums, and 32 mobile homes hit the market in February 2003. Year to date, 6,396 residential units have come to market, this compares with 5,778 for the same period last year. Total active residential listings numbered 4,886 at the end of February - this compares to 4,412 active residential units at the beginning of the month; an increase of almost 11%.

Combined residential units sold in February 2003 totaled 1,825; up from January's 1,640 units, but down from last February's total of 2,303; which was an all-time record February and the fifth best month ever on record (April 2002 holds the title with 2,633 residential units changing hands during the month, followed by May 2002 at 2,462 units, May 2001 at 2,399 units, and March 2002 at 2,344 units sold). Again, breaking out the numbers, 1,331 single-family residences, 482 condominiums, and 12 mobile homes changed hands in February 2003, compared to 1,760; 534; and 9 respectively in February 2002. Year to date, 3,465 homes have sold through the MLS(R) in Calgary and area, compared to 4,130 for the first two months of 2002, a decrease of about 16%.

The average combined residential sale price in February 2003 was $203,380; down from January's $208,999; but up about 8% over February 2002's $188,328. Broken out, following is a comparison of single-family, condominium, and mobile home average sale prices for 2003 over 2002: single-family $221,901 / $201,676; condominium $156,205 / $146,704; and mobile home $43,904 / $47,744. The residential list price to sale price ratio in February 2003 was 97.5%. Year to date, the average residential selling price sits at $206,039 compared to $188,768 for the same timeframe last year, an increase of about 9%.

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 for February 2003 was $186,500; down from January 2003's $188,000, and up from last February's $176,000.

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, the following gives the days on market for single-family and condominium units for the month of February in 2003 and 2002:

Single Family Condominiums

AREA A, NW 2003 = 46 / 2002 = 51 AREA A, NW 2003 = 54 / 2002 = 53

AREA B, NE 2003 = 47 / 2002 = 38 AREA B, NE 2003 = 60 / 2002 = 53

AREA C, SW 2003 = 61 / 2002 = 60 AREA C, SW 2003 = 58 / 2002 = 58

AREA D, SE 2003 = 51 / 2002 = 51 AREA D, SE 2003 = 34 / 2002 = 65

-The Calgary Real Estate Board is a professional body of 4,225 licensed brokers and registered agents, representing 250 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 Board's website at www.creb.com.