UPDATED: February 2. The original statistics that I had posted were correct – CREB has corrected their January 2011 stat package.
A tale of two markets crystallized in January as the single family and condo segments showed a distinct deviation in trends.
“It was the best of times…”
Single Family Homes
Maybe not exactly the “best” of times, but single family homes certainly fared better than condos did in January.
The average price recorded was $454,163 – an increase of 2.9% from both last month and the previous January.
Median price inched upwards $1,000 from last month to $390,000 (+0.25%) but was down $8,000 year-over-year (-2%)
It took until the final day of the month, but single family sales surpassed last January’s level with a total of 791 sales, 3.8% increase. It was the first year-over-year increase in Metro-Calgary SFH sales since April 2010. Month-over-month sales were up almost 8%.
Since the second week of January, pending sales have consistently been higher than last year which points towards a stronger month in store for February.
January month-end inventory was 22% higher than last year.
“It was the worst of times…”
Again, not exactly the “worst” month but I’m trying to carry a Charles Dickens theme today.
The average price was $288,291 – a 2% increase from the previous month and year. This however was buoyed by the record $4.1M sale – without which the average price would have been $275,627.
The median price was $255,000 which was down 1.5% from last month and 3.7% from January 2010 when the median was $265,000.
Sales took a beating in January. The 302 transactions was down almost 20% year-over-year, and was even down 5.6% from December. Pending sales are also tracking considerably below last years levels, further separating the path the SFH and Condo markets are trending.
With a month-end inventory of 1634, listings are up 17% from the same time last year.