Home sales and average prices in Calgary and its surrounding area dropped in January as the real estate market continues to struggle.

The Calgary Real Estate Board reported Monday that 763 homes were sold in Calgary, down 13 per cent from January 2015.

Calgary home sales and average prices dropped in January, as the real estate market’s struggles continued.  The average price dropped about 0.2 per cent to $459,874, while the median price slipped to $409,000 — a 3.1 per cent decline.

“The recent slide in energy prices has raised concerns about near-term recovery prospects from the city,” CREB chief economist Anne-Marie Lurie said in a release.

“The recent price retraction has not erased all the gains recorded in recent years, as the benchmark price remains 4.4 per cent above the January 2014 price of $428,400.”

CREB’s numbers appear to show a market continuing to shift in favour of buyers. While prices are down, the number of homes on the market was up 4.8 per cent year over year, with 5,022 active listings.

Homes are also spending more time on the market, with the average home listed for 50 days — an increase of nearly 22 per cent from January 2015.

“Selection for buyers in all product types and price ranges has improved,” said CREB president Cliff Stevenson.

In Calgary’s surrounding area, 192 homes were sold in January, down 12.7 per cent from 2015. Average prices fell 13.3 per cent to $411,830, while the median price dropped 2.7 per cent to $389,000.
(Calgary Herald)