The October 2008 Real Estate Statistics were released by the Calgary Real Estate Board on November 3, 2008. I will give a quick summary for McKenzie Lake below and then I will get into some more detail.
Single Family Homes
Total Inventory was 75 houses
Total Sales for the month of October was 14; 19% of total inventory and 40% of new listings
Total new listings added in October was 35
Average Sales price in McKenzie Lake was $388,457 with a Median Sales Price of $339,900
Average days to sell a home in McKenzie Lake is 52 days with an approximate 96% sales to list price sale figure.
Condominiums
There were a total of 6 condos in McKenzie Lake for October with 3 new listings added. No sales for condominiums.
Comparison to Calgary Market
For the comparison I will concentrate on 5 main points; sales/inventory, sales/new listings, average price, median price and days on market as Market indicators. Real Estate is a localized market so these numbers will vary greatly from one neighborhood to the next. Please take into account that average sales price can often be very skewed by large sales in the data therefore the median price is often considered a more accurate representation of what the average home is selling for in the neighborhood.
Let’s first look at Calgary in comparison to it neighbors in South East Calgary.
The totals for Calgary’s Southeast are as follows;
Sales = 17% of total inventory and 37% of new listings
Average Sales Price was $411,454 with a median sales price of $377,500 and average days on market at 50.
The totals for Calgary are as follows;
Sales = 15% of total inventory and 35% of total new listings
Average sales price was $449,100 with a median sales price of $390,000 and average days on market at 48.
Conclusion
When we look at the data for McKenzie Lake vs Calgary we discover that McKenzie Lake has a higher sales ratio for both the southeast and all of Calgary with days on market slightly higher. McKenzie Lake has a lower average and median sales price than both Calgary and the south east Calgary quadrant. The slightly higher days on market is likely the result of ineffective pricing strategies that end with price reductions and houses remaining on the market. In addition McKenzie Lake is surrounded by new developments that enable people to get newer housing with a similar price tag. If you are considering selling in a with these market conditions it is imperative that you implement a strong pricing strategy along with staging advice where required. In a buyer’s market such as this there are two key points to remember it is a Beauty Contest and a Price War!
If you would like any further information or a consult please contact me anytime at (403) 923-7237. Thank you!
