Sales of single family homes were up 5% in December compared to last December. The average sales price declined by 4%. The number of new listings dropped 25% bring down the number of active listing by 23%. We now have a 5.1 months supply of homes for sale. Pending sales were up by 4%.
Sales numbers for the year of 2011 show sales to be flat as were the average and median sales prices.
The condo and townhouse markets were down by 8% in December and the average sales price fell by 8%. The number of active listings continued there decline off by 28%. For 2011 condo and townhouse sales were down by 1% and the average sales price declined by 5%.
The rental market remained strong with rentals up by 5% in December and the average rental rate was up by 3%. For the year rentals were up by 12% with an average rental rate up by 6%. The demand for rental units remains very strong.
The single family market remains fragmented with most of the sales below $80,000 or above $200,000. The in between price ranges that represent most of the first time homes buyers continue to show declining sales and average sales prices.