February numbers are in

The EREB announced their monthly tallies for February today, after a little bounce last month prices again took a tumble.

The big stories would probably be the divergence of condo and townhome prices. Condos had actually defied gravity for a couple months, took a huge fall of 4.9% from January. They are also down over $37,347 (14.1%) from a year ago, and $45,054 (16.6%) the peak.

Townhomes were the exception to the rule, actually having it's second straight very strong month, up $9,958 (3.3% from January). They are also up $14,400 (4.9%) from last February, though it should be noted that last February's figure was abnormally low, and townhomes are prone to a bit more pronounced variations because of their smaller sample size (only about 5% of the total marketplace). In any case, their prices are higher then they were at any point last winter.

Here is a look at the rest of the picture. I'm continuing the tweak this presentation as I go along, so the appearance of these has evolved a bit month to month. I've put the three most pertinent numbers (IMNSHO) up top for your viewing pleasure.

Sales = 1,075
Since February '07 = -43.0% (-811)
Since last February = -15.5% (-212)
Since last month = +47.3% (+345)

Active Listings = 7,097
Since February '07 = +234.8% (+4,977)
Since last February = -14.3% (-1,187)
Since last month = +8.0% (+524)

Single Family Homes Median= $335,000
Since peak (May '07) = -16.3% (-$65,000)
Since last February = -9.4% (-$34,900)
Since six months ago = -5.0% (-$17,500)
Since last month = +1.5% (+$5,000)

Residential = $308,970
Since peak (July '07) = -12.9% (-$45,748)
Since last February = -8.7% (-$29,377)
Since six months ago = -6.1% (-$20,237)
Since last month = -2.5% (-$8,079)

Single Family Homes = $347,309
Since peak (May '07) = -18.5% (-$78,719)
Since last February = -9.1% (-$34,656)
Since six months ago = -5.9% (-$21,881)
Since last month = -1.5% (-$5,380)

Condos = $226,857
Since peak (July '07) = -16.6% (-$45,054)
Since last February = -14.1% (-$37,347)
Since six months ago = -9.6% (-$24,191)
Since last month = -4.9% (-$11,678)

Townhouses = $309,180
Since peak (Oct '07) = -16.0% (-$58,784)
Since last February = +4.9% (+$14,400)
Since six months ago = -2.0% (-$6,260)
Since last month = +3.3% (+$9,958)

Other then townhome prices, no other surprises here, averages were down significantly year-over-year for everything else (though SFH median did post a small gain in the face of the decline in average SFH price). The pumpers have been left with little more then month-over-month comparisons to make their headlines... which left them with only sales to tout from February.

Though sales did accomplish, or rather avoid, one rather dubious distinction. After decades worst November's, Decemeber's and January's, they did manage to avoid doing it last month. February '09 was only the second worst February since Y2K, coming in a whole 13 sales above the February '00 tally.

Calgary and Edmonton kind of swapped places from a month ago, as last month prices inched up in Edmonton while falling down South. This month the opposite was true, as prices rose slightly in Calgary, while Edmonton sunk. This is of course in month-over-month figures, as year-over-year both were well into the red.

I guess one thing that could be a light at the end of the tunnel for the real estate bulls out there, is that active listings are down 1,187 units from a year ago. Though it's still well above even the high water mark for pre-boom levels, and with sales being low that still leaves a big glut, and an absorption rate above six.