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)
Don Campbell on Twitter today:
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:
Debt =/= credit growth.
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!
)
I’ll update the graphs only after I know definitively which figures are correct.
Here’s a brief overview by ATB Financial, Dan Sumner, Feb 2, 2011:
From CREB:
For readers of this blog and Bob’s – you had the correct info all along