MLS sales decreased in January

Seasonally adjusted MLS (Multiple Listing Service) sales decreased by 3.0 per cent to 26,376 units in January 2009, compared to 27,206 units in December 2008.
In 2008, actual MLS sales were down 17.1 per cent to 434,477 units compared to 2007.

MLS new listings decreased in January

Seasonally adjusted MLS new listings in January 2009 decreased by 3.0 per cent to 69,875 units, compared to 72,034 units in December 2008.
Actual new listings for 2008 were up 7.7 per cent compared to 2007.

Sales-to-new-listings ratio declines in January

An indicator of price pressure in the existing home market is the sales-to-new-listings ratio. New listings are a gauge of the supply of existing homes, while MLS sales are a proxy for demand.
Canada’s existing home market has been in sellers’ territory throughout most of this decade notes Marty Lapedus. Lately, a declining sales-to-newlistings ratio and slowing price growth indicate existing home markets have become more balanced. In Canada, the seasonally adjusted sales-tonew- listings ratio has drifted into buyers’ market territory, reaching 37.7 per cent in January 2009.
The January seasonally adjusted average MLS price in Canada. was down 0.65 per cent to $281,749 compared to December 2008, while the unadjusted MLS average price was down 11.2 per cent in January 2009 compared to a year ago.