Single-family home sales and average prices dipped in January.

CALGARY — Preliminary, unofficial MLS data shows the average price for both single-family and condo sales in Calgary fell in January compared with a year ago.

According to the website of local realtor Mike Fotiou, of First Place Realty, single-family home sales in January of 773 had an average price of $438,682 and a median of $395,000.

On a year-over-year basis, sales declined by 1.4 per cent while the average price dipped by 3.3 per cent. The median price, however, increased by 1.3 per cent.

Fotiou reported that 15 homes sold for $1 million or more compared with 24 in January 2011.

There were 305 condo transactions in January with an average price of $268,526 and a median price of $245,000.

Year-over-year, sales were up by one per cent but the average price dropped by 6.9 per cent and the median declined by 3.9 per cent.

At first glance, the year-over-year average price drop of nearly $20,000 seems significant, writes Fotiou on his website.

However, in January 2011 there was a record $4.1 million condo sale. If that was taken out, the month-end average price last year would have been $275,627 instead of $288,291.

The Calgary Real Estate Board is expected to release its official MLS data today.

mtoneguzzi@calgaryherald.com

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