Indeed, the median price in the city held steady year over year at $420,000. The benchmark price, the price of what CREB considers a typical property sold on the market, dropped3.5 per cent to $445,000.”Slow sales and elevated housinginventory has resulted in further pricedeclines,” CREB chief economistAnn Marie Lurie said in a statement.”Given the current economic environment, it is no surprise that consumer confidence and housing demand is being impacted.”Market activity continued a trend of year over year declines, with sales down 6.6 per cent from 2015, at 1,127.Article content continuedHomes remained on the market for an average of 43 days in February 22.9 per cent longer than 2015.”The high volume of inventory thatwe’re seeing has pushed sellers to bemore realistic about their pricingexpectations and the amount of timetheir properties may be on themarket,” CREB president Cliff Stevenson said in a statement.Calgary housing statsIn the city’s surrounding area, total sales were up slightly gaining 1.1 per cent to 274 but the market was otherwise down. New listings declined 2.5 per cent to 729 and average prices were down 10 per cent to $436,602, while inventory grew 8.4 per cent, to 1,927.Share this article in your social network Share via email Share on Facebook Share on Twitter Open more share options CloseShare this Story: Calgary home market continues decline despite February bump in average prices Copy Link Email Facebook Twitter Reddit Pinterest LinkedIn Tumblr.
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