Despite being buttressed by record low fixed rates, single family home sales in January were unable to match year ago levels. A total of 773 homes were sold, with an average price of $438,683 and a median of $395,000.
Year-over-year this represents a -1.4% decline in sales, -3.3% drop in average price, but a +1.3% increase in the median.
A total of 15 homes sold for $1M or more compared to 24 in January 2011.
Condo sales were able to eke out a year-over-year increase with a total of 305 units changing hands, compared to 302 in January 2011. The average price was $268,526 with a median of $245,000.
Year-over-year sales were up +1%, the average price was down -6.9% and the median declined -3.9%
At first glance, the y/y average price drop of nearly $20,000 seems significant. However if we were to remove the $4.1M transaction from 01/11, the month-end average price would have been $275,627 (instead of $288,291) In either case, the median in January 2011 would remain unchanged at $255,000.