January 2011 Calgary Real Estate Statistics

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.

SFH YoY Comparison (click to enlarge)


SFH Pending (click to enlarge)


SFH Weekly Sales (click to enlarge)


“It was the worst of times…”

Metro-Calgary Condos

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.

Condo January Comparison (click to enlarge)


Condo Pending Sales (click to enlarge)


Condo Weekly Sales (click to enlarge)


4 responses to “January 2011 Calgary Real Estate Statistics

  1. Don Campbell on Twitter today:

    Good decisions based on facts. So why big scare about ‘Canadian Debt Levels’ when we are at lowest levels since 2001 http://bit.ly/dX1e4T

    Good decisions are based on facts. But it doesn’t help when you tweet one thing with a link to the report that states something else entirely.

    What the report actually says is:

    The Bank of Canada continues to warn Canadians about the risk of rapidly rising household debt, but the reality is that slowly, behind the scenes, credit growth is already softening. Inflation adjusted growth in household credit in the third quarter of 2010 was the slowest in more than 9
    years…During the third quarter of the year, debt continued to outpace income with total credit outstandings rising by 1.3% (q/q) while income fell by 1.5% (q/q). As a result, the debt-to-income ratio rose to a new record high of 146%.

    Debt =/= credit growth.

  2. There seems to be a little bit of discrepancy between CREB January 2011 stat package, and the figures I posted. I had a total of 791 SFH sales 302 Condo sales while CREB had 787 & 297.

    But if you were to look at the District Statistics:

    SFH
    And add up the sales in the zones: 269+120+233+169 = 791

    Condos
    Sales in the zones: 74 + 25 + 176 +27 = 302

    They are currently looking into it. No one can accuse them of trying to inflate the numbers – if anything they were shortchanged :)

    (Now I’ll be accused of being a pumper! :P )

    I’ll update the graphs only after I know definitively which figures are correct.

  3. Here’s a brief overview by ATB Financial, Dan Sumner, Feb 2, 2011:

    Buyers Starting to Emerge from their Dens?

    After an exceptionally busy start to 2010, Calgary’s housing market pretty much went to sleep for the latter half of last year. And although the housing statistics for January 2011 are nothing to get excited about, the housing market did start to move in the right direction. There were 1,336 home sales in Calgary in November, up slightly from 1,286 in December.

    But, even though January’s sales numbers were nothing to write home about, it was the first time in nine months that the number of home sales rose. Calgary housing prices also headed higher in January with the overall median sales price rising $6,000 from December (+1.7%) to $350,000.

    The months of December and January are typically the slowest for housing sales, and hence it can be difficult to gain a true pulse of the market during this period. However, activity usually starts to spring to life starting in February or March, when a more accurate reading can be obtained.

    In 2010, the total number of home sales in Calgary fell to its lowest level since 2000 as homebuyers, wary of rising interest rates, held off on purchases. However, prices have held up over this period and other than the odd spike and dip have been pretty flat since the end of 2008.

    Currently, with Alberta’s economy picking up the pace and interest rates still exceptionally low, it is hard to imagine that buying activity won’t see some improvement in 2011. February and March are also liable to receive an added boost from the new (more stringent) mortgage financing rules which take effect on March 18th .

  4. From CREB:

    Due to a database error, the January 2011 CREB® Statistics package released yesterday contained some errors. While this did not result in significant changes to housing trends, some graphs and tables were affected. The database error has since been addressed.

    The new statistics package is available here.
    We apologize for the inconvenience.

    For readers of this blog and Bob’s – you had the correct info all along ;)

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