Chestermere Housing Market for January ‘09

Chestermere, January 2009 - Now that 2008 is fully in the rearview mirror a new year awaits us.. 

Single family home sales in Chestermere for the month of December 2008 totaled 4, showing a decrease of 45.45 per cent from the 11 sales in December 2007 and showing a dropped of 55.56 per cent from November’s sales of 9 homes.  A total of 211 homes were sold in 2008, a decrease of 35.86 per cent from 2007 or 118 homes less.    

Average price for a single family home in December 2008 was $448,980, showing a decline of 29.77 per cent from December 2007 or $190,338, when the average price was $639,318.  From November 2008, December represents an increase of 7.07 per cent or $29,647.   

The median price of a single family home in December 2008 was $450,000, showing a decrease of 5.06 per cent or $24,000 from December 2007, when the median price then was $474,000.

Year-to-date, the single family Chestermere median price ended at $484,800 for 2008, a 1 per cent higher than 2007 median of $480,000 when viewed on annual basis.   

The median price of $480,000 for 2007 is the half way point between the most expensive and least expensive homes sold for that year.  And $484,800 would represent the midway point between the most and least expensive homes sold in 2008.

A total of 25 new listings of single family homes in Chestermere were added to the inventory in December 2008, a decrease of 2.8 per cent from December 2007, when 36 homes came on the market, and a decline of 39.7 per cent from last month, when there were nearly 60 new homes listed.  When it was all said and done with for 2008, 742 new listings were added.

When we started 2008 the market was straight forward enough but three quarters of the way, it was a completely different thing altogether.  The change of pace in deterioration was just something most of us have not seen before.  For the last three months bad news were plentiful from all sources along with all sorts of forecasts on what to expect in the new year. 

What we see today is a high level of inventory for condos and single family homes which makes it an ideal situation for buyers to cherry pick the best value from.  The low mortgage rates is another plus for would-be home owners who could not obtain a mortgage previously when it was a seller’s market.  To some this may be an excellent chance to look at home ownership again. 

“I look forward to 2009 and seeing what kind of market we’ll be presented with.  I don’t have a crystal ball, but I know one thing for certain, your Realtor® is your best asset in a shifting market.” 

Ed Jensen, CREB President.

Source: CREB